Consumer meat prices will rise to record highs because livestock production has fallen dramatically after ranchers culled animals during this year's drought.
The USDA reported last week that there about 91 million head of cattle in the United States, a decrease of 2 percent from a year ago and the smallest cattle herd since 1952.
A turkey industry representative told a House Agriculture Subcommittee the federally mandated use of ethanol has created an immediate and legitimate concern about the availability and cost of feed ingredients for poultry and livestock.
Sara Lee Corp will raise overall prices in the high single-digit percentages this fiscal year, with increases on everything from Jimmy Dean sausage to frozen pies, an executive said at the Reuters Global Food and Agriculture Summit on Monday.
The year 2009 is behind us, probably to the great relief of many in the industry. Economic struggles, food safety concerns and supply-and- demand imbalances caused many companies to restructure their operations or lower their expectations.
