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Poultry Falls on High Feed Costs
SOUTH AFRICA - Poultry producers, said to be in an industry with long-term growth potential, stumbled on higher maize feed costs and some oversupply, Country Bird and Sovereign Foods have said.While the higher maize price has been a factor since the drought of 2006/07 and was exacerbated by a higher global price because of biofuel demand, both companies have now said there was oversupply of chicken in the market, contributing to less-than-rosy results.
Sovereign Food said in a trading update last month that selling prices from December to last month had been lower than forecast “due to significant import volumes over this period”.
In its interim results last month, Country Bird said that while the poultry industry had achieved sustained levels of growth and high margins for a considerable period, high feed input costs together with oversupply had resulted in margins being reduced across the board.
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Source: BusinessReport
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