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Grapefruit Prices Expected To Rise As Texas Citrus Industry Faces $300 Million Loss
Image Source: Dale Murden
In the aftermath of an unusual winter storm, Texas faces crop losses of at least $300 million, according to industry association Texas Citrus Mutual. "It was turning fruit on the trees into slush," said association president Dale Murden. Texas is the No. 2 producer of US grapefruit, and market analysts expect prices to jump 10% over the course of the next month. Grapefruit prices were already up 7.7% from this time last year, according to research firm Nielsen.
Tyson And Pilgrim's Pride To Pay Nearly $300 Million To Settle Chicken Price Fixing Claims
Image Source: Richard B. Levine/Sipa
Tyson Foods and Pilgrim's Pride Corporation have settled price-fixing litigation over alleged collusion in the $65 billion chicken industry. Tyson will pay $221.5 million and Pilgrim's $75 million to so-called “end-user” consumers, commercial purchasers, and purchasers that bought chickens directly from the companies. While the payments will resolve all class claims against Tyson, the company still faces price-fixing claims by restaurant chains, supermarkets, and food distributors, including Chick-fil-A, Kroger, Walmart, and Sysco Corp. Meanwhile, US chicken wing supplies remain strained and prices will be high again this season according to a Food Market report due to increased demand throughout the Super Bowl and March Madness.
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Millions Of Hungry Americans Turn To Food Banks For First Time
Image Source: AP Photo
During the worst of the pandemic, U.S. unemployment skyrocketed to 14.7%, a rate not seen in almost a century. Millions turned to food banks to feed their families, and in late March, 20% of the country's food banks almost ran out of food, according to Feeding America, the nation’s largest anti-hunger organization. The supply problem has since subsided but demand has not. The organization handed out 4.2 billion meals from March through October, more than ever in its 40-year history. It also found that 4 in 10 visitors are first timers. The Food Research & Action Center, another an anti-hunger organization, also found that 40% of visitors had annual incomes above $50,000 before the outbreak. Many relatively well-off Americans have sought hunger relief this year. As the pandemic continues, Feeding America anticipates the number of those going hungry to swell to at least 50 million Americans.
Image Source: Whole Foods Market
Back in April, the USDA tested a pilot program making it easier for food stamp recipients to buy groceries online during the pandemic. Now 1.1 million households use the service each month, a boon to everyone adhering to social distancing guidelines. It's also been a huge payday for e-commerce giants Amazon and Walmart, the only two grocery retailers to participate in the program in most states. Given that food stamp recipients spent a whopping $55 billion on groceries in 2019, the USDA's pilot program has taken a big bite out of revenue at regional and local grocery stores. Some market analysts say that's a solid reason to end the program when the pandemic ends.
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Pilgrim’s Pride To Pay $110.5 Million Fine For Chicken Price Fixing In Justice Department Plea Deal
Chicken processing giant Pilgrim’s Pride agreed to pay a $110.5 million penalty for curtailing competition in the poultry market. The agreement is among the first results in a long-running government investigation, as nearly 40 lawsuits have been filed by grocers, restaurants and others. Colorado-based Pilgrim's Pride is a division of meatpacker JBS USA and processes about one out of every five chickens in the US market.
