Pilgrim's Pride announced a chicken production cutback of 5% to be instituted by June in an effort to cut costs and prevent a surplus in the domestic chicken market. Shares rose as analysts forecast demand to outpace supply in the key summer grilling season.
Pilgrim's Pride, hurt by rapidly rising corn and feed costs, shut down a chicken plant and six distribution centers to cut costs. Stock prices fell further upon speculation of a decreased margin and lower earnings.
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