- Video: Piers Morgan Says Obama is Borderline Tyrannical: ‘Now I See U.S. Government Tyranny’Posted 16 hours ago
- FAMILIES OF DECEASED SEAL TEAM 6 MEMBERS ARE MAKING SERIOUS ALLEGATIONS AGAINST THE GOVERNMENTPosted 11 days ago
- European Commission to Criminalize Nearly all Seeds and Plants not Registered with GovernmentPosted 13 days ago
- After the Tragedy in Boston, More Government Surveillance is Not the AnswerPosted 14 days ago
- Video: Obama To Ohio State Grads-Reject Voices That Warn About Government TyrannyPosted 14 days ago
- AMERICANS FEAR GOVERNMENT MORE THAN TERRORPosted 21 days ago
- The Art of Catching Government False Flags in Real TimePosted 22 days ago
- SECRET GOVERNMENT DOCUMENTS REVEAL VACCINES TO BE A TOTAL HOAXPosted 27 days ago
- WIKILEAKS: THE GOVERNMENT IS SPYING ON YOU THROUGH YOUR IPHONEPosted 37 days ago
- Poll: Close to 1 in 3 Americans Believe in World Government and a New World OrderPosted 47 days ago
… And Now The Meat Producers Are Going Down
The next shoe is dropping in the drought crisis.
Higher corn prices are crushing the companies that make chicken, eggs, and other meats.
Big time poultry player Sanderson Farms fell 5% just today.
Over the past month, shares of chicken producer Pilgrim’s Pride (US:PPC) have tumbled 24%, while rival Sanderson Farms (US:SAFM) is down 20%. Tyson (US:TSN), which also sells beef and pork, is off 11% over the same period.
Corn shortages aside, higher prices are a margin killer.
With forecasters including AccuWeather Inc. predicting worsening conditions in the next month, corn traded in Chicago surged by $ 2.6525 a bushel since mid-June, or 52 percent. The rally is adding to pressure on the livestock industry because cattle feedlots are already losing as much as $ 200 an animal. Sanderson Farms Inc. (SAFM), the third-largest U.S. poultry producer, said every 10-cent corn increase boosts costs by $ 2.21 million.