The US chicken industry is in its most precarious position for 20 years, according to the CME Daily Livestock Report.
It’s largest producer, Pilgrim’s Pride, is operating in bankruptcy mode while the countries second largest producer, Tyson Foods has warned of significant losses in its fourth quarter.
The price of chicken, the most consumed meat in the US, has fallen drastically. Chicken breast prices are some 18% below year ago levels.
Total production for 2009 is currently expected to be 36.3 billion pounds, 1.1% lower than a year ago.
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