China poultry imports move lifts US food stocks

Business | 15 Nov 2019 11:56 am

China's decision to lift a four-year ban on U.S. poultry products sent shares in processed food companies higher on Wall Street.

Tyson Foods added 1.7 percent, Sanderson Farms gained by 3.7 percent and Pilgrim’s Pride added 1.1 percent.

The U.S. is the world’s second largest poultry exporter, with global exports of poultry meat and products of US$4.3 billion last year. The U.S. Department of Agriculture estimates that more than US$1 billion in poultry could be exported to China annually.

Consumer-focused stocks, including Target and Lowe’s, were the best performers Thursday, offsetting declines in technology and energy companies.-AP

 

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