Sanderson Farms CEO: Chicken industry needs to cut production
"The industry cannot sustain losses like they are sustaining for a long period of time," Sanderson said, adding that a recovery in June seems unlikely. "Typically in my experience, the first cut is not enough.”
Sanderson Farms recently posted a second-quarter loss due in part to feed costs and soft chicken prices. Sanderson said that the majority of chicken producers are losing money, and he personally knows of three smaller companies that are currently looking to be acquired.