Food Giant CEO Unsure When Nation's Collapsing Beef Herd Will Reverse

 HEALTH U.S.

FEARS OF THE FUTURE

Ranches pressured to offload cattle due to high grain costs, drought

By Around the Web
Published May 16, 2024 at 5:00pm

(ZEROHEDGE) – Tyson Foods CEO Donnie King spoke at the BMO Global Farm to Market Conference in Toronto on Wednesday, expressing much uncertainty about when U.S. ranchers will rebuild tight cattle herds meaningfully.

Reuters was the first to report King's comments at BMO's farm conference. 

He stated ranchers had been pressured in recent years to offload cattle due to high grain costs and drought, which, in return, sent the nation's beef cattle herd plunging to the lowest in more than half a century.

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King provided some encouraging news, citing slightly lower grain costs and improved grazing conditions in the Midwest as factors in increasing the US herd. 

However, he noted that a high-interest rate environment is a significant headwind.

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