Pilgrim’s Pride shares rise on corn report

Pilgrim’s Pride Corp. shares surged Thursday on a report from the U.S. Department of Agriculture that forecasts record corn production, the Wall Street Journal reported.

Greeley-based Pilgrim’s shares saw an increase of nearly 6 percent to $7.16 shortly before 2 p.m. eastern time.

Corn production in the United States is expected to rise this year to 14.79 billion bushels, which would smash the previous record of 13.092 billion bushels in 2009. Chicken producers use corn in chicken feed.

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Shares of chicken producer Sanderson Farms and ethanol producers Archer Daniels Midland and Green Plains also saw share prices rise.