SAN FRANCISCO (MarketWatch) -- Tyson Foods Inc. reported Monday its quarterly profit fell 40% from a year ago, dragged down by wider losses in its beef business and surging grain and fuel costs.

Near record-level costs for corn and soybean meal is taking its toll, and Tyson said it plans to raise costs for its chicken and beef products that account for 78% of its total sales.

"We have no other choice but to raise prices substantially," CEO Richard Bond said in a conference call. "We are raising prices because we can't absorb these costs. Despite concerns about the economy, people have to eat, and they will continue to eat protein."

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