US chicken industry may face $8 corn -Pilgrim CEO

CHICAGO, May 15 (Reuters) - The U.S. chicken industry, which has been cutting production in reaction to higher feed costs, may have to contend with even higher feed prices this year, Pilgrim's Pride Corp Chief Executive Clint Rivers said during a webcast presentation on Thursday.

"I think today the industry is thinking in terms of placing (chickens) for $6 corn when I think we should realize the potential for $8 corn is certainly there and I think we should be in a position to deal with that," Rivers told analysts at the BMO Capital Markets agriculture and protein conference.

To cope with higher feed costs, Rivers said he would like to see a 3 to 4 percent reduction in U.S. chicken production.

Corn is an important feed and prices hit a record $6 per bushel this year. However, livestock producers have been worried that prices could go even higher if there is any disruption to this year's U.S. corn crop. (Reporting by Bob Burgdorfer)