Livestock Producers Spike on Falling Grain Prices -Bloomberg (PPC, SFD, TSN)
Up)
Bloomberg reports that stocks in the food processing industry, such as Pilgrim's Pride (NYSE: PPC), Smithfield Foods (NYSE: SFD) and Tyson Foods (NYSE: TSN), are seeing upside today on the back of sharply lower corn and soybean prices.
Amid a recent sell-off in the broader commodities, grain prices are sinking, making it cheaper to feed poultry, hogs and cattle. Bloomberg points out that corn prices have fallen four days in a row, down 12% over this period, while soybean prices were down 8.3% in the last several days of trading. These downside moves are just a drop in the bucket, however, as corn has risen more than 59% in the last year, at the same time soybean prices were up about 56%.
Shares of Pilgrim's Pride are currently up about 17%, or $2.15, to $14.50, shares of Smithfield are up 12%, or $2.68, to $24.96, and Tyson's stock is up 9.2%, or $1.38, to $16.38.
Amid a recent sell-off in the broader commodities, grain prices are sinking, making it cheaper to feed poultry, hogs and cattle. Bloomberg points out that corn prices have fallen four days in a row, down 12% over this period, while soybean prices were down 8.3% in the last several days of trading. These downside moves are just a drop in the bucket, however, as corn has risen more than 59% in the last year, at the same time soybean prices were up about 56%.
Shares of Pilgrim's Pride are currently up about 17%, or $2.15, to $14.50, shares of Smithfield are up 12%, or $2.68, to $24.96, and Tyson's stock is up 9.2%, or $1.38, to $16.38.
You May Also Be Interested In
- Apple's (AAPL) New iPad Shows Rapid Adoption in U.S.
- Morgan Stanley (MS) Shares Pressured on Questionable Facebook (FB) Tactics; Hits Fresh 6-Month Low
- Syngenta (SYT) settles atrazine litigation; will pay $105M in deal
Create E-mail Alert Related Categories
Corporate News, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
