Tyson Foods, America’s biggest meat processor, lowered its annual revenue-growth and profit outlooks as a national cattle shortage pushed livestock costs higher and intensified margin pressure. Its shares fell 7% on Thursday, weighing on food stocks more broadly. Brazilian rival JBS lost $100 million in its North American beef business during the second quarter despite record sales, because cattle prices rose faster than beef prices. The Trump administration temporarily waived tariffs on up to 300,000 metric tons of imported ground beef to help reduce consumer prices, although ranchers warned that cheaper imports could weaken domestic cattle prices and reduce incentives to rebuild herds. The episode highlights a wider problem for food companies: price increases can offset higher costs only until consumers pull back, while volatile commodity cycles leave little room for error. Tyson is particularly exposed because its beef, chicken and pork businesses operate on separate commodity cycles. Since the start of 2021, Tyson shares have fallen 20%, compared with a 16% decline in the S&P 500 Packaged Foods & Meats index.