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Sunday, March 3, 2024

Shares of Tyson Foods climb after it wins approval to export poultry to China

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Tyson Foods received approval to sell U.S. poultry products to China, according to Reuters.

The Springdale, Arkansas-based company expects to start taking orders early next year and can start shipping from all 36 of its processing plants, Reuters reported.

China banned American poultry in 2015 due to a U.S. outbreak of avian flu, and the country lifted the ban last month because it need pork alternatives.

The approval came after the U.S. and China reached a phase one trade deal last week that includes more farm goods buying from China.

A bag of Tyson Foods Inc. frozen chicken is arranged for a photograph in Tiskilwa, Illinois, U.S., on Thursday, May 5, 2016. Tyson is scheduled to release earnings figured on May 9. Shares of Tyson Foods rose more than 2% on Monday after Reuters reported the meat processor received approval to sell U.S. poultry products to China.

The Springdale, Arkansas-based company expects to start taking orders early next year and can start shipping from all 36 of its processing plants, Reuters reported , citing Bernie Adcock, Tyson Foods’ chief supply chain officer for poultry.

China banned American poultry in 2015 due to a U.S. outbreak of avian flu, and the country lifted the ban last month as a recent hog disease forced the Chinese to seek pork alternatives. The approval came after the U.S. and China reached a phase one trade deal last week that includes more buying of farm goods from China.

Tyson Foods and other U.S. meat companies have been caught in the U.S.-China trade war as Beijing imposed tariffs of up to 72% on American pork as a retaliation measure. The international food company had cited “changing global trade policies here and abroad” as a challenge in its previous earnings call.

The final step is to get approval for labels from U.S. authorities before the end of 2019, Tyson Foods said, according to Reuters.

Tyson Foods didn’t immediately return calls from CNBC seeking comment.

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  • Tyson Foods received approval to sell U.S. poultry products to China, according to Reuters.
  • The Springdale, Arkansas-based company expects to start taking orders early next year and can start shipping from all 36 of its processing plants, Reuters reported.
  • China banned American poultry in 2015 due to a U.S. outbreak of avian flu, and the country lifted the ban last month because it need pork alternatives.
  • The approval came after the U.S. and China reached a phase one trade deal last week that includes more farm goods buying from China.
image
A bag of Tyson Foods Inc. frozen chicken is arranged for a photograph in Tiskilwa, Illinois, U.S., on Thursday, May 5, 2016. Tyson is scheduled to release earnings figured on May 9.

Shares of Tyson Foods rose more than 2% on Monday after Reuters reported the meat processor received approval to sell U.S. poultry products to China.

The Springdale, Arkansas-based company expects to start taking orders early next year and can start shipping from all 36 of its processing plants, Reuters reported, citing Bernie Adcock, Tyson Foods' chief supply chain officer for poultry.

China banned American poultry in 2015 due to a U.S. outbreak of avian flu, and the country lifted the ban last month as a recent hog disease forced the Chinese to seek pork alternatives. The approval came after the U.S. and China reached a phase one trade deal last week that includes more buying of farm goods from China.

Tyson Foods and other U.S. meat companies have been caught in the U.S.-China trade war as Beijing imposed tariffs of up to 72% on American pork as a retaliation measure. The international food company had cited "changing global trade policies here and abroad" as a challenge in its previous earnings call.

The final step is to get approval for labels from U.S. authorities before the end of 2019, Tyson Foods said, according to Reuters.

Tyson Foods didn't immediately return calls from CNBC seeking comment.

Faruq Hunter
Faruq Hunterhttp://www.freedomnation.me
Faruq Hunter is the founder of the Freedom Nation, an aspiring real-estate community development company providing development, financial tools, programs and services to streamline the development of environments of peace and prosperity for underserved communities on a global scale, Uniquely, the company is dedicated to embodying practices of fairness, equality, transparency and communal involvement as a part of its everyday operations and cultural DNA.

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