Tyson Foods Inc. has seen sales of chicken, beef and pork improve in the past two weeks as prices rise and supply goes down, said Donnie Smith, Tyson's president and chief executive officer, and Noel White, senior group vice president of Tyson Fresh Meats.
According to White, who spoke with Smith at the BMO Capital Markets 2011 Farm to Market Conference, a key factor driving price is the amount of protein available to consumers. U.S. Department of Agriculture figures show that protein supply has declined the past three years and is projected to decline again in 2011, and that strong exports have contributed to this trend. "Exports, along with production efficiencies and value-added programs, are driving our earnings," said White.
