Tyson Foods Inc., the world’s largest meat processor, warned Monday that rising corn prices could mean U.S. consumers will have to pay more for chicken, beef and pork next year as it ended its fiscal year with a third straight quarterly loss.
The Springdale, Ark.-based company forecast a return to profitability in the new fiscal year, which started Oct. 1, as it gets a grip on costs and focuses on more efficient operations. Its shares rose 4 percent.
“The best thing I can say about fiscal 2006 is, it’s over,” Richard L. Bond, president and chief executive officer, said in a statement.
Bond said the price of corn, which is used as animal feed, is going up because of demand from ethanol plants that are springing up to provide alternative fuel sources to oil.
Please don’t let my beloved bird go the route of oil and gas with ridiculously high mark-ups. It’s been so cheap for all these years. I’ll still pay for it, no matter what it costs. It’s my addiction, after all. But chicken is supposed to be cheap. It’s the food of the people.