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Covid-19 is ripping through America’s heartland and causing shutdowns and slowdowns of plants that process much of the nation’s pork and beef. Prices are already surging.
Chicken’s a different story. It’s still fairly cheap.
While there have been cuts to production at poultry plants, which are mainly located in the southern U.S., and reports of sick workers, the industry hasn’t seen major closures.
Pilgrim’s Pride Corp., owned by Brazilian meat giant JBS SA, is the second-biggest chicken producer in the U.S., and it has only cut output by a few percentage points in two of its businesses that target the restaurant industry. Pilgrim’s is also ramping up to meet a surge in online grocery sales — those saw a six-fold jump in the past four weeks, it said Thursday.
27,327 in U.S.Most new cases today
-14% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.136 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-0.5% Global GDP Tracker (annualized), March