Tyson Foods last week reported that it expects added costs of about $500 million for its grain and animal feed this year, as federal mandates for ethanol production continue to pressure corn prices higher, and soybeans continue to cede acreage to corn, resulting in lower yields. “Because of these unanticipated and extraordinarily high corn and soybean meal costs, we have no choice but to raise prices substantially,” Richard L. Bond, Tyson Foods president and chief executive officer, told ...
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