High Beef Costs Hurt Tyson Foods
Tyson Foods cautioned that tariffs and economic uncertainty are cutting into Americans' appetite for steaks and high-price beef cuts.
Tyson said its beef prices rose 8% in its most recent quarter, while its sales volumes slipped 1%. Rising costs are turning more Americans toward cheaper options, including ground beef, chicken and precooked meals, executives for the Arkansas meat company said Monday.
"Beef is experiencing the most challenging market conditions we have ever seen," Tyson Chief Executive Donnie King said on a conference call.
Large meatpackers such as Tyson are contending with the lowest cattle supply since 1951. The livestock shortage has driven up the...
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