Tyson Foods CEO: Beef Prices Driven by Strong Demand, Constrained Production and Record Inflation

“It’s a question of basic supply and demand,” says King.

A combination of market forces, including consistently strong demand for finished beef, constrained production due to labor shortages caused by the global pandemic, and record inflation, have been driving current beef prices, Tyson Foods President & CEO Donnie King says in prepared testimony delivered to the U.S. House Agriculture Committee. The testimony was presented in advance of a hearing on Wednesday.

King makes the following points in his testimony:

- As with nearly...

Beef Quarterly Q1 2022: Strong Demand but Cost Headwinds Prevail

Global beef markets remain tight. Ongoing strong demand and more limited supplies have kept global beef prices high. But cost pressures are flowing into the supply chain.

Over the past two years, retail beef price movements have been phenomenal, driven largely by strong consumer demand and some supply shocks. In many cases, this increase in prices was caused by demand pull. With supply unable to keep up, the increase in demand has created an imbalance in the market and as a result beef prices have lifted...

CattleFax Forecasts Record Beef Demand; Prospects for Tighter Supplies

The beef cattle industry is bouncing back from the pandemic, and continued progress is expected in 2022. Beef prices are near record high, and consumer and wholesale beef demand are both at 30-year highs as the U.S. and global economy recover. While drought remains a significant concern with weather threatening pasture conditions in the Northern Plains and West, strong demand, combined with higher cattle prices, signal an optimistic future for the beef industry, according to CattleFax. The popular CattleFax Outlook Seminar, held as part of the 2021 Cattle Industry Convention...

PODCAST: UK Beef Chats Episode 24

This week on UK Beef Chats, Market Report Mike Nesbitt discusses the rise of dead weight prices, shortage of cattle influencing the UK beef market, and plans to remove social distancing restrictions in the UK.

ANALYSIS: Flap Meat Correcting Just as Swiftly as the Rise

During the record run in beef prices throughout 2021, gains were led by grilling items as peak demand for...

PODCAST: Seeing Green: High Imported Beef Prices, Cyber Attacks, and More

This week on Market Digest, Host Laura Zinger and CEO Joe Muldowney talk high prices for imported beef, Australia emerging from their drought, China searching for product, cyber attacks, supply chain issues, return to live events, and much more.

ANALYSIS: Beef All-Fresh Retail Continues to Climb with Wholesale Gains

We have continued to talk about food price inflation across wholesale levels as many items in the Urner Barry price quotation universe are...