JBS will shut its Swift Beef Company facility in Riverside, California, on February 2, eliminating 374 jobs, according to a notice from the state's Employment Development Department.

Beef prices set record highs this year after ranchers slashed the U.S. cattle herd to its lowest level in decades due to a persistent drought that dried up pasture lands. A halt on U.S. imports of Mexican cattle tightened supplies further, as Washington seeks to keep out a flesh-eating parasite.

U.S. President Donald Trump has said he is working to bring down beef prices for consumers and accused meatpacking companies of driving up prices through manipulation.