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Shares of meat and poultry processors fell after analysts at Mizuho cut near-term estimates on higher feed costs. Wet Midwest weather and flooding are seen limiting harvested acreage and tightening U.S. grain supply.
USDA had recently cut its U.S. corn crop forecast by 1 billion bushels.
Expected feed cost inflation can push marginal poultry production out and pressure livestock margins, which tends to support protein prices over time. Higher corn prices from the tighter crop raise feed costs for all livestock buyers.
meatingplace.comRita Jane GabbettJun 18, 2019Not enough comparable past events yet for a historical read.
Not 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.
