Ricochet! Trump's trade wars are hitting the poultry industry
The domestic demand for US red meat have saved by now the pork and beef sector from the retaliatory measures adopted by Mexico and China but there is another victim in this trade war, US poultry industry.
Lower prices for pork and beef have impacted the sales on poultry, especially chicken meat, with chicken producers losing money or break even in the fourth quarter of 2018, according to Reuters.
Tyson reported last week that quarterly sales missed Wall Street estimates, sending shares lower, even as the company posted a profit. Operating income from chicken fell nearly 34% from a year earlier, while beef operating income was up about 14%.
"All that pork on the market it has spilled over to affecting consumers' demand for chicken", explains Bill Roenigk, an agricultural economist and consultant for the National Chicken Council trade group.
USDA projection for next year indicates only a growth of 1.2% for chicken, while beef and pork are expected to rise by 2.6% and 4.3% respectively.
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