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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...
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