High corn prices are continuing to clobber major players in the meat industry, like Smithfield Foods, which today announced its quarterly results. In the quarter from a year ago, its hog division raked in a $40 million in profit. This past quarter, the hog unit lost $129 million.
Commenting on today’s results, Smithfield’s chairman, Joseph Luter, said: “The bottom line is that feed costs are going to go up and the hog numbers are going to go down. The industry just cannot sustain itself in the current environment.”
Vegan.com’s chairman, Erik Marcus, added: “Excellent! This completely kicks ass.” Link.