Pilgrim's Pride nearing deal to import corn from Brazil to offset rise in feed costs due to widening U.S. drought, CFO says

LOS ANGELES , July 30, 2012 () – Pilgrim’s Pride Corp. CEO Fabio Sandri said the company is nearing a deal to import corn from Brazil to offset the rise in costs for feed due to the widening U.S. drought, The Wall Street Journal reported July 27.

It’s become more affordable for companies to ship in grain from another continent as corn prices have risen substantially over the last six weeks. Earlier in July, for example, Smithfield Foods Inc. said it would ship in Brazilian corn for use in its hog-raising operations.

Pilgrim’s officials said that the company uses 4.5 million bushels of corn each week.

The primary source of this article is Dow Jones Newswires, New York, New York, on July 27, 2012.

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