(Reuters) – Tyson Foods Inc reported better-than-expected quarterly earnings on Monday and reaffirmed expectations it will profit from the spread of a fatal hog disease in China, sending shares to a record high.
Tyson has not yet reaped major financial gains from the deaths of millions of pigs in China’s outbreak of African swine fever, Chief Executive Noel White said. China is still working its way through frozen meat supplies, but could begin to increase imports of U.S. pork to fill a shortfall as soon as October, he said.
Shares - Record - High
Shares hit a record high of $87.27.
African swine fever is fatal to pigs but harmless to humans and has not been found in the United States.
China - Imports - Beef - Poultry - Meat
China could also ramp up total imports of beef and poultry meat as Chinese consumers look for other sources of protein. That could help Tyson, which produces beef and chicken as well as pork.
“I think that all of the proteins will benefit,” White told analysts on a conference call.
Tyson - Discussions - Meat - Buyers - China
Tyson has already held discussions with meat buyers in China, the world’s largest hog producer and pork consumer, White said.
But China’s purchases so far have fallen short of industry expectations so far after Beijing last year imposed retaliatory duties on imports of American farm products including pork as part of the escalating U.S.-China trade war.
China - Inventory - Pork - Supply - Way
“As China depletes its frozen inventory and starts tapping into the global pork supply in a more meaningful way,...
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