Tyson Foods is reporting a net third quarter loss of $417 million. That compares to a profit of $750 million one year ago. Tyson has already shut down two chicken processing plants to reduce costs and four additional plants are scheduled to close next year. Profit margins in the beef sector have been squeezed by the tight cattle numbers and the pressure to bid up to secure supplies. With inflation and higher interest rates, Tyson said consumers are also moving to lower-cost proteins.
