I am beginning to think I should rename my blog Chicken Leg. Buy your chicken before the price skyrockets. Evidently my dogs are eating many more chickens than I realized.
ANALYST SEES CHICKEN PRICES MOVING HIGHER
The year 2009 will enter the annals as the year of protein pricing, if Credit Suisse is proved right. The firm said that it expected to see chicken prices increase by more than 25% next year over current levels, with breast-meat pricing getting up to $2 a pound, versus current prices of about $1.40. That should help some of the bigger poultry processors, such as Pilgrim’s Pride (PPC). Pilgrim shares already made a pretty impressive move off the lows installed earlier this month, gaining nearly 40% the last three weeks alone. But before the company gets to scarf down those gaudy price increases, it’s going to suffer some steeper-than-expected losses in 2008, as it works to offset the rise in grain prices.
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