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Pilgrim's Pride expects chicken sales to rebound as constrained beef and pork supplies make poultry more affordable to consumers. Adjusted earnings beat expectations, though second-quarter net income fell 83%.
The USDA raised its 2023 broiler production outlook by 2%, and beef and pork output is expected to fall next year.
Tighter red meat supply favors chicken demand, which supports broiler prices, while a larger broiler crop caps the upside and supports feed use.
agriculturedive.comNathan OwensJul 28, 2023Not enough comparable past events yet for a historical read.
Not 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.
