“Weak meat protein market dynamics have prompted Tyson Foods, Inc. to revise its fiscal 2023 guidance down and seek ways to reduce costs… ‘This is the first time I’ve seen chicken, beef and pork all challenged at the same time,’ he said. “And based on everybody I talked to, no one remembers a time when that’s happened since we’ve had chicken, beef and pork.”

Analyst Comment: Most remarkable is beef. Beef cow herds were reduced last year due to high feed costs and drought. Beef demand headed lower is very surprising. The good news is, protein prices are coming down.