DOW JONES NEWSWIRES - Pilgrim's Pride Corp. (PPC) said it will cut 1,100 jobs from closing a complex and six of its 13 distribution centers as the world's largest chicken processor struggles with the continued surge in feed costs. The company, which blamed corn-based ethanol production for the feed-cost increase, said the retrenchment is "part of a plan to curtail losses amid record-high costs for corn, soybean meal and other feed ingredients and an oversupply of chicken" in the U.S.
Notice the part about an oversupply of chicken.
Well, I thought that maybe I could find a better article to quote since this article was just the highlights of todays top stories. The next article I read didn't mention anything about an oversupply of chicken. Plenty of blame for ethanol and feed costs but not a word about any kind of oversupply situation.
So I did a search on Google News for "Pilgrim's Pride" and 138 articles came up. Next I did a search for "Pilgrim's Pride oversupply" and only 10 articles came up. So the majority of articles didn't mention anything about the oversupply. And they were all dealing with the same information since all this came from a company press release.
They say that there are two sides to every story. The problem is that today the majority of the press is only interested in telling the parts of the story that represent the situation the way that they want it to be perceived.