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National & World Ag News Headlines |
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Tyson Foods Expects Costs to Impact Profits
USAgNet - 05/12/2021
Tyson Foods warned that rising costs will hit profits later this year even though the U.S. meatpacker raised its full-year revenue forecast on higher meat prices and improving demand from restaurants.
Increased costs for labor, transportation and raw materials like grain and packaging are squeezing a range of companies including Tyson, the biggest U.S. meat company by sales.
Tyson's costs for feed ingredients rose $135 million from a year ago in the second quarter as corn and soybean prices soared on supply concerns.
The company also spent $60 million more buying chicken from other producers due to raw materials shortages, said Donnie King, president of the poultry unit.
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