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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.
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Spanish Police Seize Shipment Of Barbecue Charcoal Containing 2 Tons Of Cocaine
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Grocers Test Robotic Grocery Pickup Kiosks
More Than 760,000 Pounds Of Hot Pockets Recalled Due To Potential Glass And Plastic Contamination
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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.
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.
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Hershey Upends Cocoa Market By Sourcing Beans From Futures Market Instead Of From Traders
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.
