Rising Corn Prices Threaten Meat Profits, Seaboard Says
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Meat-industry profits are threatened by rising feed expenses, according to Seaboard Foods LLC, the third-biggest U.S. hog producer, which said higher corn prices will cost the company an additional $85 million this year.
Government policies that promote corn use for ethanol are the “paramount” reason for the increased expense, Rod Brenneman, the chief executive officer of Merriam, Kansas-based Seaboard, said today at a hearing of the House Agriculture Committee panel that oversees livestock.