Tyson Foods says meat prices to rise
14th Nov 2006, 17:21 GMT
Tyson Foods Inc., the world's largest meat processor, warned Monday that rising corn prices could mean U.S. consumers will have to pay more for chicken, beef and pork next year. Richard Bond, Tyson's president and CEO, said the price of corn, which is used as animal feed, is going up because of demand from ethanol plants that are springing up to provide alternative fuel sources to oil. He said meat producers, processors and retailers will have to pass the higher grain price on to consumers because they cannot absorb it in their profit margins. Also Monday, Tyson reported a loss for the quarter ended Sept. 30 of $56 million, or 17 cents a share, compared with a profit of $117 million, or 33 cents, during the same period a year earlier. Fourth-quarter revenue was flat at about $6.5 billion.
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