Sanderson Farms loses over $55 million

LAUREL, MS (WDAM) - Sanderson Farms, Inc. lost $55.7 million for the quarter ended July 31.

Sanderson Farms Financial Director Mike Cockrell said market prices for poultry were lower than last year's third quarter.

Cockrell said they saw a significantly higher cost for corn and soymeal compared with the same period a year ago.

He said the company spent around $340 million more than last year.

Sanderson Farms said despite the loss, they are still hopeful things will be better next quarter.

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