Chicken prices at U.S. grocery stores have hit record highs and should stay elevated as Tyson Foods and other companies dial back poultry production to boost margins while inflation-weary shoppers buy chicken instead of beef and pork.
Higher chicken prices should improve earnings at top producers Tyson (TSN.N) and Pilgrim’s Pride (PPC.O), but will pinch consumers’ pockets as they try to save money by turning away from higher-end proteins. One index shows chicken producer profit margins at their highest in a year.
U.S. consumption of chicken is expected to exceed 100 pounds per person this year for the first time ever, data from the U.S. Department of Agriculture shows.
Beef consumption is forecast to drop to its lowest since 2018, as prices climb due to dwindling cattle supplies. Meanwhile, consumer spending cuts have knocked pork consumption to the lowest since 2015.
Arkansas-based Tyson, which sells all three types of meat, had to deal with a glut of chicken after earning massive profits when meat prices soared during the COVID-19 pandemic.
Baked tofu is really good. I will press it and cut it into cubes, combine with potato starch, extra virgin olive oil, salt and pepper, and a pinch of MSG and bake that on parchment paper. It’s quick and easy to add some nice protein to bean and cheese burritos (rice, cabbage, salsa, lime, whatever else you have), or throw it in a store bought salad for extra calories.
The cut raw cubes will keep in a container in the refrigerator for at least a few days so I’ll cut it all up on Monday and maybe prep a sauce or two and use the tofu and the sauce in different dishes in the week.