Grain prices down, poultry processor stocks up
Traders have reacted positively to the prospect of lower feed prices as a result of falling prices of grains and soybeans.
As a result, shares of major publicly-traded poultry and meat processors soared.
Pilgrim’s Pride shares rose 18% ($14.59/share), Smithfield Foods shares went up nearly 11% ($24.66/share), and Tyson Foods shares were up over 7% ($16.13/share).
Corn futures prices, which have surged, have fell 12% over the past four sessions at the Chicago Board of Trade, after having surged 59% in the past year. Soybeans, which rose 56% in the past year, fell by over 8%.
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