Tyson Foods is slashing wholesale prices for beef in an effort to get back on track after the disruptions of the coronavirus pandemic.
Tyson Foods is slashing wholesale prices for beef in an effort to get back on track after the disruptions of the coronavirus pandemic.
CEO Noel White told the Wall Street Journal that Tyson plans to cut beef prices up to 30% to grocery stores and restaurants for sales made this week. Beef made up more than one-third the company’s sales last year.
Beef supplies have been interrupted due to plant closures related to coronavirus infection. The USDA estimates that beef production in the second quarter of this year will fall 20% or more behind the first quarter. Meat prices have gone up as a result, with ground beef tripling in price since March and some kinds of steak doubling.
Tyson and other meatpackers have also come under criticism because, while the retail price of meat is soaring, prices paid to cattle raisers have been dropping. Tyson says it has to cope with coronavirus-related expenses besides plant closings.
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