Analysis-Record chicken prices squeeze US shoppers, benefit Tyson Foods
© Reuters. FILE PHOTO:Tyson Chicken Nuggets, owned by Tyson Foods, are seen for sale in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly/File Photo) and other companies dial back poultry production to boost margins while inflation-weary shoppers buy chicken instead of beef and pork.) , but will pinch consumers' pockets as they try to save money by turning away from higher-end proteins. One index shows chicken producer profit margins at their highest in a year.
Arkansas-based Tyson, which sells all three types of meat, had to deal with a glut of chicken after earning massive profits when meat prices soared during the COVID-19 pandemic. "They cut back," said Bob Brown, an independent livestock market analyst."That seems to have buoyed the chicken market." In August, retail prices for whole fresh chickens and bone-in legs reached nominal records, the latest monthly U.S. Department of Agriculture data show. Drumstick prices climbed 10% from a nearly one-year low reached in February.The U.S. government last month trimmed its estimate for 2023 chicken production from August due in part to expectations for lower chick placements. Production is still expected to surpass 2022.
Companies still have large supplies in freezers. U.S. inventories of frozen chicken breasts were a record high for August. Tyson also said this week that layoffs will expand to the second shift at a chicken facility in Wilkesboro, North Carolina,"in response to customer demand," signaling ongoing hurdles.
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