Chicago - Monfort Inc., a unit of ConAgra Inc, said it will reduce production for the next two weeks at its four beef-processing plants.
“Due to the present economic conditions in the meat packing industry, the company sees this as the most opportune time to reduce hours,” the company said in a statement.
The company said the reduction will allow the company to perform major repairs and maintenance.
Analysts said beef processors have been losing money for some time and at current prices are losing about $30 per head.
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