JBS: “Worst is over for meat producers”

01-10-2012 | | |
JBS: "Worst is over for meat producers"
JBS: "Worst is over for meat producers"

The chief executive of Brazilian meat giant JBS, Wesley Batista expects that the worst of the impact caused by recent spikes in grain prices for meat producers has passed.

Prices for corn and soybeans, key grains for animal feed bought by poultry, pork and beef producers, surged to record highs this year as a severe drought hit the US Midwest around July. In a highly unusual development, some US companies found it cheaper to import corn from Brazil than buy it from domestic producers.

Batista also stated that JBS does not expect any new acquisitions for this year.

Source: Marketwatch