Prices for pork and beef have fallen over the past year as demand has softened, one of the largest U.S. meat producers says.
All four of the company’s major protein businesses are experiencing “unusual challenges,” said Donnie King, president and CEO, in an investor call. Beef prices fell 5.4 percent in the second quarter because of lower demand in the United States, while pork prices sank 10.3 percent on softer global demand. At the same time, supply chain costs kept rising, as the company paid more for cattle than last year.
“The first half was challenging, and many of the head winds we are experiencing are likely to persist through the fiscal year,” said Tyson Foods chief executive John R. Tyson. In late April, the company announced plans to lay off 10 percent of its corporate workforce and 15 percent of its senior management positions.
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