Pork and Chicken Next on List of Luxury Items
July 27th, 2012
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Get ready for pork and chicken to become luxury items.
Pork and chicken will join beef on the menu of expensive meats as drought and US ethanol policy combine in a corn âdisasterâ, the head of the worldâs largest pork producer has said,Â FT reports.
The cost of the main ingredients in animal feed, corn and soyameal, have set records this month as the worst drought in half a century and extreme heat damages crops in the US, the worldâs main surplus producer.
âBeef is simply going to be too expensive to eat. Pork is not going to be too far behind. Chicken is catching up fast,â said Larry Pope, chief executive of Smithfield Foods.
âIâll use the word catastrophe â thatâs my definition,â Pope told FT in an interview.
Pope warned US meat prices will rise by âsignificant double digits,â
Making matters worse is US government regulations. The US Department of Agriculture estimates almost 40 per cent of the US corn crop is consumed by ethanol refineries.
âItâs almost a government-mandated disaster here, which is distressing,â Pope said.
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Contributed by Robert Wenzel of EPJ.
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