With the Consumer Price Index showing meat prices up 2% already in April, which is expected to increase as the rise plays out across the meat industry.
“It seems to be a perfect storm as far as ingredients, labor and every other element we’re looking at,” says Joe Grendys, the billionaire owner of Koch Foods, the fifth-largest chicken producer in the country. “The inputs going into producing these products have gone up at a pace we haven't seen in quite some time.”
Some larger companies can soften the blow through futures trading. Tyson reported Monday that its quarterly costs for feed ingredients rose $135 million from a year ago, which it offset with a $40 million gain from its hedging interests. Others, like Koch Foods, which focus on its primary business of slaughtering chickens, do not trade futures.
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