Foodservice giant Sysco Corp. has filed a federal lawsuit alleging that Tyson Foods, JBS USA, Cargill and National Beef Packing have been coordinating to fix the price of beef.
With increasing demand for lean beef and shrinking supply driving growth at Beef Products Inc. (BPI), the company has continued to invest in making its processes even more sustainable.
As the drought in Texas worsens, more and more ranchers are sending their cattle to slaughterhouses earlier than normal, due to the rising costs of trucking in hay from other states. As a result, the increase in beef supplies may lead to decreased costs for retail beef in the fall and winter, says the USDA.
Beef prices around the world will steady in the midterm, though a further significant price increase could trigger substitution with other meats, according to Rabobank's Q2 2011 Beef Quarterly Food & Agribusiness Research and Advisory (FAR) report.
Tyson Foods said Monday that its second-quarter earnings were flat compared to last year, as higher feed costs offset improving demand and higher meat prices.