In Meat Wagon, we round up the latest outrages from the meat and livestock industries.
The industrial meat giants have entered a crisis phase.
As I've reported before, the world's biggest chicken packer, Pilgrim's Pride, is languishing in bankruptcy, squeezed by high feed costs, its own addiction to cheap capital from Wall Street, now dried up, and ruthless competition from rival Tyson. Facing a similar situation, Smithfield Foods, the globe's biggest pork packer and hog producer, announced it's shuttering six plants and hacking away 1,800 jobs.
Pilgrim's Pride has deftly used its bankruptcy to shunt much if the pain onto the backs of its farmer-suppliers, The Wall Street Journal reports (see extremely interesting related video). The article shows the massive risks required of the farmers who supply the nation with meat. Get this:
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