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Astral Foods, South Africa's largest poultry producer, warned that South Africa faces chicken meat shortages in the coming months as a bird flu outbreak and electricity cuts hit the industry. Astral expects a headline loss of 18.02 to 18.08 rand per share for the year to September 30, versus a profit of 27.62 rand a year earlier.
The company said power cuts add about $100 million in costs, including more than $2 million per month on diesel for generators.
Lower domestic chicken output tightens local poultry supply and supports higher chicken meat prices, which raises demand for imported chicken and feed-based alternatives in South Africa.
reuters.comNelson BanyaSep 21, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
