Tyson Foods posts revenue miss as beef demand slows

News Snapshot:

(Reuters) — Tyson Foods (TSN) on Monday forecast revenue for its next fiscal year below Wall Street estimates after missing fourth-quarter revenue expectations, hit by falling chicken and pork prices as well as slowing demand for its beef products. Shares of the US meat packer fell 1.2% in premarket trade. With higher food prices and interest rates pressuring household budgets, American consumers have been cutting back on meat purchases, hurting sales at companies such as Tyson and Pilgrim's Pride. Prolonged headwinds such as declining U.S. cattle herds due to a lingering drought as well as high labor and raw material...