A snapshot of Minerva’s poor third quarter results

Minerva’s financial report reveals EBITDA dip, export decline, and standout growth in Uruguay – key insights in this latest update.

Minerva’s EBITDA Declines 11.5% YoY to R$713.7 Million, but EBITDA Margin Improves to 10.1%

In the latest financial report, EBITDA took a hit, sliding 11.5% year-on-year to R$713.7 million (equivalent to US$144.93 million). However, there’s a silver lining as the EBITDA margin managed to inch up by 0.5 percentage points, reaching 10.1%. Net income followed a similar trend, showing only a modest dip of 0.3%, settling at R$141 million (or US$28.63 million).

Total Slaughter Falls by 4.6% YoY to 938,100 Head, but Sales Volume Rises by 3.3%

The numbers on total slaughter were a bit discouraging, with a 4.6% year-on-year decline, resulting in 938,100 head. On the flip side, the total sales volume managed to buck the trend, posting a 3.3% increase, totaling 333,800 metric tons.

Delving into Minerva’s various business units, Brazil’s gross revenue took a hit, down by a notable 17.3% to R$3.77 billion (or US$765.58 million). Meanwhile, Argentina experienced a more substantial decline of 35.9%, amounting to R$927 million (US$188.3 million). Colombia witnessed a sharp drop of 56.3%, with revenues at R$245.3 million (US$49.83 million), while Paraguay dipped by 28.5%, reaching R$947.7 million (US$192.5 million). Uruguay, however, stood out with a 29.5% increase, totaling R$807 million (US$163.9 million).

Read: Minerva Profits Despite Export Ban

Minerva Australia’s Revenue Slides 6.9%, Other Countries Witness a 20.8% Collective Decrease

Australia didn’t have a comparable figure from the previous financial year, but it did experience a 6.9% decline compared to the previous quarter, settling at R$497.6 million (US$101 million). The other countries collectively saw a 20.8% decrease, with revenues totaling R$372.6 million (US$75.67 million).

Read: Minerva Foods Closes Sheep Abattoir

Notably, exports played a significant role, constituting 64.4% of the company’s gross revenue for the quarter. However, they were not immune to the downturn, posting a 22.1% year-on-year drop to R$4.87 billion (US$988.95 million). On the domestic front, revenue saw a milder decline, down by 1.2% to R$2.69 billion (US$546.26 million).

Read: Minerva purchases Breeders and Packers Uruguay

Source: ILM

China’s Massive Purchase of US Soybeans Sends Global Market Soaring

China’s 3M-ton US soybean purchase reshapes global oilseed market. Stay updated on agriculture & commodity trading trends.

China’s Massive Purchase of US Soybeans Sends Global Oilseed Market Soaring

China, in a move that has taken the market by surprise, has just made an enormous purchase of US soybeans. This purchase has sent shockwaves through the global oilseed market, signaling a bullish trend that is catching everyone’s attention.

Cargill Inc., the world’s largest crop trader, has reported this stunning development. According to Alex Sanfeliu, Cargill’s head of world trading, China has secured over 3 million metric tons of US soybeans in just two days. That’s an astonishing amount and reveals a much greater appetite for this commodity than anyone had anticipated.

Read: Cargill Divests from Russia Grain

China’s Shift to US Soy Amid Brazil’s Weather Woes

What makes this even more significant is the timing. Brazil has traditionally been the top supplier of soybeans to China, but this year, their soybean plantings are under threat due to adverse weather conditions. China’s decision to turn to the United States for its soybean needs couldn’t have come at a more crucial time.

This move by China not only underscores their commitment to securing their food supply but also highlights the volatility in the global agricultural market. The prices for oilseeds have been on the rise, and China’s massive purchase is bound to have a ripple effect on the commodity’s value worldwide.

This story is still developing, and we will be closely monitoring the impact of China’s unprecedented soybean purchase on both the US agricultural sector and the global oilseed market. Stay tuned for more updates on this significant development.

Read: Cargill’s Corporate Responsibility: Sustainability, Food, Health, Inclusion

China’s Shift to US Soy Amid Brazil’s Weather Woes

Source: Bloomberg

Egg prices sky-rocket in South Africa

Discover the impact of avian flu on South Africa’s egg prices. Learn how a shortage of poultry stock has led to significant price hikes.

<h1> South African Egg Prices Soar Amidst Avian Flu Outbreak </h1?

Egg prices in South Africa have surged due to the ongoing outbreak of avian flu. In just one month, the cost of 60 eggs has risen three times faster than the inflation rate. South Africa is currently facing a severe shortage of both chicken and eggs, as a highly pathogenic avian influenza strain has caused significant losses in poultry stocks.

The South African Poultry Association (SAPA) reports that 5 million birds have been culled this year, accounting for 20% of the country’s commercial layer flock. Furthermore, 30% (2.5 million) of the national broiler breeder population, which produces the genetic stock for chickens, has been culled. This has led to a scarcity of egg-laying hens and a substantial increase in poultry product prices across the country.

Data from the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) reveals that egg prices have surged by 20% from September to October 2023 alone, marking a 36% year-on-year increase. The cost of 60 eggs has risen from R136 to R162 during this period, almost three times the Consumer Price Index (CPI) increase of 8.1% recorded in September 2023.

The Association of Meat Importers and Exporters of Southern Africa (AMIE) reports that some wholesalers have also seen a 20% price increase for whole birds and chicken hearts, a 17% increase for chicken necks, and a 25% increase for chicken carcasses and bones.

Deputy President Paul Mashatile announced at the end of October that the government would soon provide a support package for farmers affected by the avian flu outbreak. This response came after calls from the poultry industry for government assistance to address the outbreak, which has resulted in significant losses and quarantines affecting 12% of the country’s chicken industry.

While the local poultry industry has taken measures to mitigate shortages, such as importing over 50 million hatching eggs over the next six months, it is expected that the shortage will persist for some time. Fully restoring the parent stock of chickens in the country is estimated to take between 12 to 18 months, even with the avian flu under control, according to the AMIE.

Will South Africa Run Out of Chicken and Eggs Amidst a Bird Flu Crisis?

Source: Businesstech

EU approval for Lab Grown Pet Food

Czech start-up Bene Meat gets EU approval for lab-grown pet food, becoming the first company globally to offer cultivated meat for cats and dogs.

Czech Company Bene Meat Secures EU Approval for Lab-Grown Pet Food Meat

A Czech startup called Bene Meat Technologies has achieved a significant milestone by becoming the first company to gain official European Union registration for laboratory-produced meat intended for use in pet food. The company announced its plans to increase production capacity to several metric tons per day in the coming year.

This development is part of a global race among various companies to create commercially viable lab-grown meat and fish products that cater to consumers’ concerns regarding ethical considerations and the environmental impact of traditional livestock farming, which is a major contributor to greenhouse gas emissions.

In the United States, Upside Foods and Good Meat secured regulatory approval in June for their cultured meat products designed for human consumption, following Singapore’s lead. However, large-scale production has yet to commence.

Read: US approves lab grown chicken

Bene Meat has shifted its focus to the pet food sector, aiming to provide a product that can be supplied to global pet food manufacturers as a raw material for use in their final products. Roman Kriz, the Managing Director of Bene Meat, stated, “Today we have become the first company globally that has an official authorization for the production and sale of cultivated meat for cats and dogs.”

The product has received certification in the European Feed Materials Register. Kriz also mentioned that the company has successfully scaled up production and aims to offer competitive prices that align with premium and super-premium pet food products on the market.

Bene Meat’s next steps include testing the product’s palatability for animals while expanding production capacity at its existing Prague laboratory and exploring new facilities. Kriz expressed confidence that production would increase significantly, saying, “We expect that during the next year we will get to the level of hundreds of kilograms to single tonnes every day.”

Read: How lab grown meat is made

Founded in 2020 and owned by Czech medical devices producer BTL group, Bene Meat has a team of over 80 researchers and developers and has made substantial financial investments in development. The company anticipates achieving financial self-sufficiency in the coming year. While pet food is currently their primary focus, Kriz emphasized that meat for human consumption remains one of their long-term objectives.

Kriz noted that like other companies in this field, Bene Meat uses cells from live animals, which are cultivated in a bioreactor and nourished with essential nutrients. He did not provide further details on the process. He also highlighted the advantages of lab-grown meat, including ethical and environmental considerations and the ability to maintain full control over the production process, which cannot be guaranteed in traditional livestock farming.

The company is actively engaged in discussions with pet food manufacturers regarding supplies and is exploring potential collaborations to establish production lines at their existing facilities. Additionally, Bene Meat has plans to develop its own brand of final pet food products in the future.

Source: Reuters

Czech start-up Bene Meat gets EU approval for lab-grown pet food, becoming the first company globally to offer cultivated meat for cats and dogs.

Cargill’s Corporate Responsibility: Sustainability, Food, Health, Inclusion

Discover how Cargill is making a positive impact through sustainability, food security, health, and inclusion in the communities it operates. Learn about their initiatives and partnerships driving corporate responsibility.

Cargill’s Four Key Corporate Responsibility Themes: Sustainability, Food Security, Health, and Inclusion

Cargill defines corporate responsibility as a commitment to making a positive impact in the communities where it operates. The company focuses on four key themes of corporate responsibility:

Sustainability: Cargill aims to reduce beef emissions from its North American beef supply chain by 30% by 2030 through its BeefUp Sustainability initiative. They believe agriculture offers opportunities to reduce their carbon footprint and work with ranchers and farmers to achieve this goal.
Food Insecurity: Cargill addresses food insecurity by initiatives that bridge the protein “gap” experienced by communities in need. They recently donated $4.9 million to the Feeding America network to increase the supply of nutritious protein to food banks.
Health: Cargill is dedicated to building healthy communities and supports projects like the Columbus Community Hospital Foundation’s fieldhouse project in Nebraska. This project includes facilities for various sports and activities to promote community health.
Diversity, Equity, and Inclusion: Cargill Protein North America has funded initiatives to promote diversity, equity, and inclusion in Wichita, including a collaboration with non-profits and education communities to enhance education success and workforce readiness.

Cargill emphasizes the importance of partnerships with non-profits, universities, and customer partners to address the unique needs of individual communities. They also recognize the increasing importance of transparency and sustainability to consumers in the food industry and collaborate with other organizations, such as Nestlé and the National Fish and Wildlife Foundation, to support sustainable grazing projects.

Read: Tyson Foods and Cargill Clash in Landmark Legal Battle: Environmental Impact at Stake

Plummeting Pork Prices Pose Deflation Threat to China

Rapidly falling pork prices in China raise concerns of deflation risk, as major hog farmers flood the market. Discover the economic implications and strategies amid this price drop.

Pork Price Plunge Threatens China with Deflation Crisis

Falling pork prices could potentially push China back into a deflationary situation in the near future. This is because major hog farming companies in the country are flooding the domestic market with their products, complicating Beijing’s efforts to boost confidence in the second-largest economy globally.

Live hog futures on China’s Dalian Commodity Exchange have seen a significant 15% decline since the beginning of October, reflecting a sharp downturn in expectations for pork prices nationwide. Wholesale pork prices in China have dropped by over 40% compared to the same period last year.

Economists are predicting that the declining cost of pork, which holds substantial weight in China’s official consumer price index, will likely lead to deflation when October’s data is released this Thursday.

Julian Evans-Pritchard, a senior China economist at Capital Economics, commented, “It appears that consumer inflation will turn negative again in October, mainly due to a decline in food inflation caused by the fall in pork prices.”

A return to deflation, following weak growth in August and a flat CPI reading in September, could undermine the Chinese government’s efforts to restore confidence in the country’s fragile economy. This fragility is attributed to weak consumer confidence and a liquidity crisis in China’s property sector.

The price of pork in China, the world’s largest producer and consumer of pork, has historically followed a boom-and-bust cycle as small-scale farmers enter the market in response to rising demand, leading to oversupply and sharp price drops. Beijing has attempted to gain more control over this cycle by consolidating production among a few large-scale farming companies. However, this year, these same companies have contributed to the price decline.

Pork prices started to rebound in July, partially due to government-led purchases, but then fell again as major listed hog farmers, including Muyuan and New Hope, chose not to reduce production despite weaker demand. Typically, larger producers cut output by selling breeding sows and purchasing fewer piglets to raise until prices recover. However, Chinese piglet prices have only fallen by 10% compared to the previous year, indicating relatively strong demand for young pigs despite the significant drop in pork prices.

Analysts suggest that this strategy paid off last year when a fourth-quarter recovery in pork prices, coinciding with the easing of China’s strict COVID-19 restrictions, allowed top producers to increase revenues at the expense of smaller farmers who were forced out of the market.

Darin Friedrichs, director of market research at Sitonia Consulting in Shanghai, noted that major Chinese pork producers are following a similar strategy this year, but there are no signs of an imminent fourth-quarter rebound in demand. Some pork producers are even selling subsidiaries or having executives buy back stock, indicating increased financial pressure on them.

Muyuan, the world’s largest hog farmer, has seen its stock decline by more than 20% this year, even after announcing a share buyback worth approximately Rmb1bn ($137 million) last month. The company recently canceled a planned share sale in Zurich, citing “objective factors” in a filing to Shenzhen’s stock exchange.

Friedrichs added, “Part of the problem is that many of these major companies have, to some extent, accepted the boom-and-bust cycle and believe they are better at managing it than their competitors.”

Tyson Foods and Cargill Clash in Landmark Legal Battle: Environmental Impact at Stake

Discover the intense legal showdown as poultry industry leaders, Tyson Foods and Cargill Inc., fight a pollution case that’s spanned decades. Will justice be served in this environmental battle? Explore the latest developments now.

Poultry Industry Giants Battle in Court Over Decades-Long Pollution Dispute: Will Environmental Justice Prevail?

A consortium of major poultry producers, including industry leaders Tyson Foods and Cargill Inc., has made a compelling appeal to a federal judge, urging him to dismiss his earlier ruling regarding their alleged contribution to pollution in an important Oklahoma watershed. In a motion filed recently, these industry giants asserted that the evidence presented in the case has become obsolete, with more than 13 years having passed since its inception.

In their filing with U.S. District Judge Gregory Frizzell in Tulsa, the companies contended that the case had now become “constitutionally moot” since the court could no longer provide any effective relief. This legal maneuver aims to challenge the validity of the previous ruling against them, emphasizing that the circumstances surrounding the case have evolved significantly.

The poultry producers highlighted the ongoing improvements in pollution levels as reported by Oklahoma conservation officials. They attributed this reduction to factors such as enhanced wastewater treatment plants, state regulations mandating poultry-litter management plans, and the decrease in poultry farms due to urban expansion in northwest Arkansas.

While the motion seeks to sway the court’s decision, it’s important to note that the Oklahoma Attorney General’s office has not issued an immediate response or comment regarding this development.

The original lawsuit, filed by the state of Oklahoma in 2005, accused the poultry companies of contaminating the Illinois River Watershed by disposing of chicken litter, which subsequently seeped into the river. The case endured a lengthy legal battle, concluding in 2013 without a ruling. In January, Judge Frizzell issued his decision without providing an explanation for the protracted delay.

The motion filed by the poultry companies raised questions about the validity of the court’s findings, noting that much of the evidence and records used to reach the decision were dated from the 1990s and early 2000s. This raises concerns about the relevance and accuracy of the information used to establish their liability for the pollution.

Furthermore, Judge Frizzell had previously instructed the poultry companies and the state to reach an agreement on how to remediate the pollution’s effects. However, both sides reported that mediation had proven unsuccessful, deepening the legal quagmire.

The lawsuit involves several other defendants alongside Tyson Foods and Cargill Inc., including Cal-Maine Foods Inc., Tyson Poultry Inc., Tyson Chicken Inc., Cobb-Vantress Inc., Cargill Turkey Production L.L.C., George’s Inc., George’s Farms Inc., Peterson Farms Inc., and Simmons Foods Inc. As the case continues to evolve, the outcome will have significant implications for the poultry industry and environmental conservation in the region.

Meat Industry’s Troubles: How Major Meatpackers Battle Rising Costs and Slumping Sales

Discover the challenges faced by a major meatpacker as it grapples with soaring costs and declining sales in the pork industry. Dive into the complexities of this narrative and its impact on both consumers and farmers.

A major meatpacking company is grappling with the challenge of high expenses and sluggish pork sales.

In the realm of meatpacking, a colossal struggle unfolds as one major player grapples with soaring costs and dwindling sales of pork. It’s a narrative that strikes a chord, not only with consumers feeling the pinch but also with the small-scale farmers that often operate behind the scenes of these corporate giants.

Consider, for a moment, WH Group, the Hong Kong-based proprietor of Smithfield Foods, a heavyweight in the American pork industry, and WH itself, the unrivaled global titan in the meat processing sector, boasting control over every facet of the meat production process, from hog farming to processing, packaging, and distribution. In the annals of 2022, Smithfield raked in an impressive $126 million in sales. But fast forward to the third fiscal quarter of 2023, and the company’s tune has undergone a somber transformation. Profits have plummeted noticeably, with no immediate signs of a comeback.

The numbers tell a stark story: Smithfield incurred an operating loss of a staggering $431 million from Q1 to Q3. This dramatic plunge has cast a long shadow over WH Group, with an overall profit decline of 36% compared to the previous year. Paradoxically, WH’s markets in Asia and Europe seem to be weathering the storm, with sales either holding steady or even showing improvement. According to the National Pork Producers Council’s report, the costs and breakeven points have surged by 9% in the past year alone, marking a jaw-dropping 60% increase over a span of three years. Despite farmers grappling with relentless production costs, the value of pork in Q3 of 2023 has dipped by 20% compared to the same period in 2022. In a recent earnings announcement, the WH Group’s board of directors offered a cautious glimmer of hope: “We will strive for the best results amid the highly uncertain external environment.”

This narrative of financial turbulence extends its reach to affect not just corporate bottom lines but also the livelihoods of farmers and the wallets of consumers alike. Pork belly prices have witnessed a meteoric rise, soaring by an astounding 106% year-to-date in 2023, leaving many inflation-weary shoppers bewildered. Yet, the truth is that farmers are grappling with inflation just as heavily as their grocery-store counterparts. Inputs such as corn feed (up 79%), gasoline (up 48%), and refrigerated trucking (up 50%) have witnessed exponential price hikes from January 2020 to April 2022. Furthermore, a wave of diseases has taken a toll on hogs in major production states, reducing their weight and consequently diminishing the amount of usable meat per animal.

Adding to the complexity of this narrative is California Proposition 12, a formidable regulatory challenge confronting Smithfield and other producers. The mandate stipulates the need for 24 square-foot stables to house pig livestock, a requirement fiercely contested by many farmers as excessively large. Simultaneously, consumer demand for meat and pork appears to be on a downward trajectory, possibly influenced by concerns over price or the growing popularity of plant-based protein alternatives, which have flourished and diversified in recent years.

To counterbalance the setback, WH Group has embarked on a journey of cost reduction, marked by a reduction in its operational scale. This strategy involves the closure of a processing plant in North Carolina, the shuttering of 35 farms in Missouri, and efforts to transform Smithfield Foods into a publicly-traded entity, with potential shares to be traded on the U.S. stock exchange. Yet, it’s essential to acknowledge that these strategic decisions carry tangible repercussions for farmers, as underscored by the unfortunate layoffs of 92 salaried and hourly employees resulting from the mass closures in Missouri.

Report on the World’s Largest Trade Finance Companies

Explore the world’s largest trade finance companies in this comprehensive report. Discover key players, recent industry trends, and the significance of trade finance in the global economy.

Report on the World’s Largest Trade Finance Companies

Date: September 9, 2023

Executive Summary

Trade finance plays a crucial role in the global economy by facilitating international trade transactions and providing financial support to importers and exporters. This report aims to provide an overview of the world’s largest trade finance companies, highlighting their significance, key players, and recent trends in the trade finance industry.

Introduction

Trade finance encompasses various financial products and services designed to support the import and export activities of businesses and governments. It involves the provision of funds, credit, insurance, and guarantees to facilitate the smooth flow of goods and services across international borders.

Significance of Trade Finance

Trade finance is vital for the global economy for several reasons:

Risk Mitigation: Trade finance helps mitigate the risks associated with cross-border trade, including currency fluctuations, political instability, and non-payment by buyers.
Working Capital: It provides working capital to businesses, allowing them to purchase goods, pay suppliers, and manage their cash flow efficiently.
Expansion Opportunities: Access to trade finance can enable companies to explore new markets and expand their operations globally.
Economic Growth: Trade finance contributes to economic growth by supporting international trade, which, in turn, creates jobs and generates revenue.

Key Players in Trade Finance

Several financial institutions, including banks, non-banking financial companies, and export credit agencies, are major players in the trade finance industry. Some of the world’s largest trade finance companies include:

HSBC: HSBC is a global banking giant that offers a wide range of trade finance solutions, including letters of credit, trade loans, and supply chain finance. It has a strong international presence and is known for its expertise in trade finance.
JPMorgan Chase: JPMorgan Chase is one of the largest financial institutions in the United States and a significant player in trade finance. The bank provides trade finance services to clients worldwide and specializes in trade risk management.
Standard Chartered: Standard Chartered has a strong focus on emerging markets and is a prominent player in trade finance in Asia, Africa, and the Middle East. It offers various trade finance products, such as trade loans, export and import financing, and trade advisory services.
Citi: Citigroup, Inc. (Citi), is a global banking and financial services corporation with a substantial trade finance division. Citi provides trade finance solutions to clients across industries and geographies.
BNP Paribas: BNP Paribas is a leading European bank with a significant presence in trade finance. It offers trade-related services, such as trade credit insurance, documentary credits, and trade finance advisory.

Recent Trends in Trade Finance

The trade finance industry has witnessed several notable trends in recent years:

Digitalization: Many trade finance companies have embraced digitalization, leading to the development of digital trade finance platforms. These platforms streamline processes, reduce paperwork, and enhance transparency.
Sustainability: Environmental and social considerations are becoming increasingly important in trade finance. Some companies are offering sustainable trade finance solutions to promote environmentally and socially responsible trade practices.
Blockchain Technology: Blockchain technology is being explored to improve the efficiency and security of trade finance processes, including the tracking of goods in the supply chain and the digitization of trade documents.
Supply Chain Finance: Supply chain finance has gained prominence as a way for companies to optimize their working capital by extending payment terms to suppliers while ensuring suppliers receive early payment through financing arrangements.

Conclusion

Trade finance is a critical component of the global economy, facilitating international trade and supporting economic growth. The world’s largest trade finance companies, such as HSBC, JPMorgan Chase, Standard Chartered, Citi, and BNP Paribas, play a significant role in providing financial solutions to businesses engaged in cross-border trade. Recent trends in the industry emphasize the importance of digitalization, sustainability, blockchain technology, and supply chain finance. As the global economy continues to evolve, trade finance will remain a vital enabler of international commerce.

Top 5 Poultry Producers in the United Kingdom

The UK poultry industry plays a pivotal role in the nation’s agricultural landscape. As consumer demand for poultry products continues to surge, several companies have risen to prominence, setting benchmarks in production, quality, and sustainability. This report delves into the largest poultry producers in the UK, shedding light on their contributions and industry standings.

Leaders of the Roost: Top 5 Poultry Producers in the UK

1. Moy Park

As one of the top poultry companies in the UK, Moy Park boasts a rich history that spans over 75 years. Recognized as Northern Ireland’s largest private-sector employer, the company is renowned for its commitment to quality, innovation, and sustainability. With its extensive range of products, Moy Park has firmly established itself as a leader in British chicken production.

2. 2 Sisters Food Group

2 Sisters Food Group stands out as a titan in the UK poultry industry. With its roots in West Bromwich, the company has expanded its operations across the UK, producing a staggering 6 million meals weekly. Their dedication to excellence and ethical farming practices has earned them a stellar reputation among consumers and industry peers alike.

Sustainable Practices in Poultry Production

3. Faccenda Foods

A household name in the realm of poultry, Faccenda Foods is synonymous with high-quality chicken, turkey, and duck products. Their integrated approach, encompassing everything from farming to food processing, ensures that consumers receive products that meet the highest standards of quality and taste.

4. Bernard Matthews

Specializing in turkey production, Bernard Matthews is a brand that has become emblematic of festive feasts in British households. With a focus on animal welfare and sustainability, the company continues to innovate, offering a diverse range of products that cater to the evolving tastes of consumers.

5. Avara Foods

Avara Foods, a joint venture between Cargill’s UK chicken business and Faccenda’s fresh chicken, is a force to be reckoned with in the poultry sector. Their state-of-the-art facilities and unwavering commitment to quality have positioned them as one of the UK poultry industry leaders.

Conclusion

The UK poultry industry is characterized by its dynamism, innovation, and commitment to quality. The aforementioned companies are testament to the industry’s resilience and adaptability, consistently meeting the demands of consumers while upholding the highest standards of production and ethics.

The Future of The Poultry Business

Read: Why is poultry production in the UK decreasing?