Latest news with #meatindustry
CTV News
5 days ago
- Business
- CTV News
‘A luxury item': Canadians may need to budget for barbecue season as meat prices soar
Since the beginning of the year, beef prices in Canada have surged by more than 30 per cent. As summer approaches, Canadians will be wanting to fire up the barbecue, but the reality of rising meat prices might mean fewer backyard cookouts this year. The 'shockingly high prices' are a case study in supply-side economics and market dysfunction, said Sylvain Charlebois, the director of the Agri-Food Analytics Lab at Dalhousie University, in a news release. 'In Canada, beef is no longer just food—it's a financial decision,' Charlebois said. 'What was once a staple of the summer grill is now a luxury item, priced out of reach for many families.' Statistics Canada said meat prices have risen by the following amounts since January: striploin is up 34.2 per cent top sirloin 33.7 per cent rib cuts nearly 12 per cent pork rib cuts and chicken breasts have each risen 5.9 per cent The 6.8 per cent increase in the price of meatless burger patties suggests the trend extends into other grocery aisles. Charlebois said there are several factors causing the surge. Canada's beef cow inventory decreased by 1.2 per cent from last year to 3.38 million head – the lowest number since 1989. This signals more than just a cyclical decline, Charlebois said. Cattle producers are leaving the industry while prices are good and investing in less volatile sectors or changing to crop production. 'In short, the Canadian beef industry is retreating and becoming increasingly risk-averse,' said the release. The U.S. is experiencing a similar but less severe trend. Their beef herd declined by 0.5 per cent to 27.9 million head and their prices rose but not like in Canada. Boneless sirloin rose 5.7 per cent in the U.S. compared to 22 per cent in Canada. Ground beef rose by 10.8 per cent in the U.S. compared with 23 per cent. Canada's expansive geography, transportation costs, limited number of federally licensed producers, carbon pricing and higher labour costs all contribute to the problem, but Charlebois said we cannot rule out industry collusion. The Canadian Competition Bureau has been less active in quelling anti-competitive behaviour than the U.S., where a 2022 investigation led to several large payouts from major meat packers. Beef consumption fell by 7.1 per cent per capita in 2023 and 2.1 per cent in 2024 in Canada. Charlebois said this is a 'structural shift in consumer behaviour.' 'Beef is increasingly seen as a luxury item, with ground beef becoming the primary choice for budget-conscious households still committed to red meat,' he said. Charlebois said the trend is unfortunate since beef is one of the most natural and sustainable sources of protein that's available to Canadians. 'Canadian ranchers and processors have made significant strides in improving environmental stewardship and animal welfare, often without fanfare,' he said. 'As a whole, beef delivers exceptional nutritional value, supports rural economies, and offers a level of traceability and food safety few protein alternatives can match.'
The Herald
6 days ago
- Business
- The Herald
SA meat processors body urges swift action to lift Brazil poultry ban as job losses mount
Sampa member Sky Country Meats has already laid off nearly 100 workers. 'With more retrenchments to follow next week if imports of mechanically deboned meat (MDM) are not restored as a matter of absolute urgency,' it said. MDM is used in the manufacture of polony, viennas, russians, braai wors, bangers, frozen burgers, meat pies and corned meat. South Africa does not produce MDM in any significant quantity and is forced to import the commodity. Brazil is the largest producer of MDM in the world, with 95% of MDM imported in the past 12 years coming from the South American powerhouse. 'Sampa has been engaging the agriculture department for more than two years about the threat posed by HPAI and we call on the government to have a more proactive policy framework in place to better deal with future outbreaks.' Sampa reiterated its readiness to partner with government and other stakeholders to design and implement a framework which will better insulate South Africa's food value chain and protect jobs. TimesLIVE
Wall Street Journal
23-05-2025
- Business
- Wall Street Journal
Undeterred by Tariffs, Meat Giant JBS Secures NYSE Listing Plan
Trade upheaval hasn't stopped the world's biggest meat company from pursuing a long-sought public listing. JBS shareholders on Friday approved a plan that would restructure the company, which is publicly traded in Brazil, and allow it to list its shares on the New York Stock Exchange next month. President Trump's trade war has injected turbulence into the global meat market. In the U.S., where JBS is one of the biggest beef and pork processors, retaliatory tariffs from China are hurting meatpackers' ability to ship beef, hog heads and chicken feet overseas.
Washington Post
23-05-2025
- Business
- Washington Post
Brazil's JBS asks shareholders to overlook opposition and approve a US stock listing
Making meat is a messy business. But for Brazilian meat giant JBS, getting approval to trade its shares on the New York Stock Exchange has been even messier. Environmentalists, animal rights groups, U.S. lawmakers and even some of its own investors have tried to stop a U.S. listing for JBS, noting the company's long record of corruption, monopolistic behavior and environmental destruction .
Yahoo
23-05-2025
- Business
- Yahoo
Brazil's JBS asks shareholders to overlook opposition and approve a US stock listing
Making meat is a messy business. But for Brazilian meat giant JBS, getting approval to trade its shares on the New York Stock Exchange has been even messier. Environmentalists, animal rights groups, U.S. lawmakers and even some of its own investors have tried to stop a U.S. listing for JBS, noting the company's long record of corruption, monopolistic behavior and environmental destruction. But JBS has persevered, saying dual listings in Sao Paulo and New York would attract new investors and better reflect its global portfolio. Late last month, the U.S. Securities and Exchange Commission granted the company's request to list its shares on the New York Stock Exchange. JBS is one of the world's largest food companies, with more than 250 production facilities in 17 countries. Half of its annual revenue comes from the U.S., where it has more than 72,000 employees. It's America's top beef producer and it's second-largest producer of poultry and pork. On Friday, JBS' minority shareholders – who hold 30% of its shares – are scheduled to vote on the dual-listing plan. If they approve it, the company could list its shares in New York as early as next month. Early vote totals, which JBS released Thursday in a filing in Brazil, showed that 52% of shareholders opposed the plan. But there were many more votes to be counted, so the outcome was far from clear. Last fall, 20 environmental organizations — including Mighty Earth, Greenpeace and Rainforest Action Network — signed an open letter to JBS investors opposing the listing, saying it would put the climate at greater risk. Glass Lewis, an influential independent investor advisory firm, was also among those recommending that shareholders reject the plan. In its report, Glass Lewis said the recent return of brothers Joesley and Wesley Batista to the JBS board should concern investors. The brothers, who are the sons of JBS' founder, were briefly jailed in Brazil in 2017 on bribery and corruption charges. 'In our view, the involvement of the company and of Joesley and Wesley Batista in multiple high-profile scandals has tarnished the company's reputation, undermining stakeholder trust and posing a significant risk to its competitive position,' Glass Lewis said. Glass Lewis also objected to the company's plan for dual share classes, which would give the Batistas and other controlling shareholders more voting power. In its response to Glass Lewis' report, JBS said it has established more stringent controls and anti-corruption training at the company in recent years. It also said a U.S. listing would ensure more oversight from U.S. authorities. 'We believe this transaction will increase our visibility in global markets, attract new investors and further strengthen our position as a global food industry leader,' JBS Global CEO Gilberto Tomazoni said in a statement last month when the company announced Friday's vote. But many U.S. lawmakers also aren't convinced JBS belongs on the New York Stock Exchange. In a letter sent last week to JBS, U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, noted that Pilgrim's Pride — a U.S. company owned by JBS — was the largest single donor to President Donald Trump's inaugural committee, with a $5 million gift. The SEC's approval came just weeks after that donation, Warren said. 'I am concerned Pilgrim's Pride may have made its contribution to the inaugural fund to curry favor with the Trump administration,' Warren wrote in the letter, which asked the company why the donation was made. In a statement, JBS said it has a 'long bipartisan history of participating in the civic process.' Warren was also among a bipartisan group of 15 U.S. senators who sent a letter to the SEC in January 2024 urging the agency to reject a U.S. listing for JBS. The senators, a diverse group that rarely agrees on policy, included Republicans Marco Rubio of Florida and Josh Hawley of Missouri, Democrat Cory Booker of New Jersey and Independent Bernie Sanders of Vermont. The letter noted that in 2020, J&F Investments, a controlling shareholder of JBS that is owned by the Batista family, pleaded guilty to bribery charges in U.S. federal court and agreed to pay fines of $256 million. It also said Pilgrim's Pride pleaded guilty to price-fixing charges in 2021. And it said U.S. Senate investigations found that JBS is 'turning a blind eye' to rainforest destruction in the Amazon by its suppliers. 'Approval of JBS' proposed listing would subject U.S. investors to risk from a company with a history of blatant, systemic corruption, and further entrench its monopoly power and embolden its monopoly practices,' the letter said. Dee-ann Durbin, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
