The CEO of Pilgrim’s Pride Corp. said that the company does not expect any liquidity problems this year. Bill Lovette said the company's banks are "comfortable" with its strategy and added that JBS SA , the Brazilian meat company that holds two thirds of Pilgrim's Pride, can, if needed, lend up to $100 million that could serve as a "backstop" for the company, reports Market Watch.
Lovette noted that the poultry industry hasn’t been profitable any week this year, due in part to rising feed costs. He said that Pilgrim’s has already purchased all the corn it will need this year.