Food company breaking embargo (5)
I believe the answer is:
bacon
'food' is the definition.
(bacon is a kind of food)
'company breaking embargo' is the wordplay.
'company' becomes 'co' (abbreviation).
'breaking' is an insertion indicator.
'embargo' becomes 'ban' (I've seen this before).
'co' going into 'ban' is 'BACON'.
(Other definitions for bacon that I've seen before include "Thin slices of pig" , "Salted and smoked pig meat" , "Meat (brought home by a breadwinner?)" , "Cured meat from pig" , "See 9" .)