Current Cattle Market Daily Headlines for Thursday, June 4, 2020
Mackenzie Johnston
Newspapers and Laptop. Different Concepts for News - Network or Traditional Tabloid Journals. Data Sources - Electronic Screen of Computer or Paper Pages of Magazines, Internet or Papers
Plant-based foods outpacing total food sales during Covid-19
Last week the San Francisco-based Plant Based Foods Association (PBFA) and SPINS, a provider of wellness-focused data and market analytics, reported that U.S. retail sales of plant-based foods have considerably outpaced total food sales during the coronavirus pandemic.
Plant-based meat sales are also showing strong growth while animal meat sales are declining.
Julie Emmett, senior director of retail partnerships at the Plant Based Foods Association, said that it is clear that this industry has staying power, as growth remains strong even through the highest panic-buying period.
“Since the beginning of the pandemic, there has been a continued shift in consumer purchasing toward natural and organic products that enhance health and immunity,” said Tony Olson, owner and CEO of SPINS.
Olson also stated that plant-based meat continues to gain traction as animal-based meat deals with increased shortages.
Pilgrim’s Pride CEO and other chicken industry executives indicted for price fixing;
Four current and former chicken industry executives, including Pilgrim’s Pride CEO Jayson Penn, have been indicted for price fixing.
Shares of Pilgrim’s Pride plunged as much as 13% during yesterday’s afternoon trading.
Even though Tyson Foods was not named in the indictment, their shares also fell when the news broke.
Other executives allegedly involved in the scheme include former Pilgrim’s Pride vice president, Roger Austin, Claxton Poultry Farm’s President Mikell Fries and Scott Brady, a former Pilgrim’s Pride executive who joined Claxton in 2012.
Pilgrim’s Pride supplies chicken for Costco and Yum Brands’ KFC. Claxton is a supplier for Chick-fil-A.
The four chicken industry executives were indicted with one count of conspiring to fix prices for broiler chickens from at least 2012 through 2017.
The indictment says that executives from both Pilgrim’s Pride and Claxton communicated behind closed doors about negotiations with fast-food chains and grocery stores. They then submitted similar bids.
