North American meat processors said on Monday they would pay extra money to farm...
CHICAGO - North American meat processors said on Monday they would pay extra money to farmers and slaughterhouse workers as the companies scramble to meet surging demand from consumers unnerved by the spread of the new coronavirus.Companies like Tyson Foods Inc and Cargill Inc want to ensure their slaughterhouses remain supplied with cattle to chop into beef and employees to perform the sometimes grueling work.
“This is an unprecedented time and the intent of our response is to show our support in an effort to help our supply partners weather this extraordinary situation,” Tyson said. Margins for U.S. beef processors like Tyson hit a record high of about $580 per head of cattle on Monday, up from about $170 a week ago, according to livestock marketing advisory service HedgersEdge.com.
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