(https://www.marketwatch.com/story/a-big-dividend-cut-and-a-2-billion-charge-conagras-results-signal-more-pain-ahead-for-food-industry-8613bd71?mod=mw_rss_topstories) and took a $2B charge. This isn't a demand story—it's an accounting one. Packaged-food companies live on two things: pricing power and cost leverage. When both compress simultaneously, they don't just miss earnings; they start burning through reserves and cutting shareholder returns.

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