Tyson Foods To Cut Retail Beef Prices

Tyson Discounting Meat Products 051520
Tyson Foods ( Tyson )

Tyson Foods said on Wednesday it will discount prices on certain protein products the remainder of this week. CNN reported the price reductions will vary, but Tyson said some beef items sold to grocery stores, restaurants and other customers could be discounted by 20% to 30% through Saturday.

“We’re doing this because we want to help keep beef on family tables across our nation, especially as our beef plants return from reduced levels of production,” said Gary Mickelson, the company’s senior director of public relations told CNN.

Prices for grocery items are soaring higher, and overall the prices rose 2.6% in April.That was the biggest increase from one month to the next since 1974, according to the Bureau of Labor Statistics.

Tyson said the discounts will be on items such as chuck and round roasts, as well as some other ground beef products.

“We believe the move will also benefit other segments of the supply chain, including the cattle producers, since the objective is to help maintain beef consumption as our plants return to more normal levels of production and work through the backlog of available cattle,” Mickelson said.

Wholesale beef prices declined on Wednesday for the first time in two weeks. Choice boxed beef closed Wednesday at $465.99 per cwt., down $9.40 from the previous day. Still, Choice boxed beef prices were $88.54 higher Wednesday than the close on Friday May 1.