Smithfield, Sanderson Hurt by Rising Production Costs

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Smithfield, Sanderson Hurt by Rising Production Costs
09.18.08 (4:47 pm)   [edit]
Smithfield Foods shares fell 5 percent to $22.35, while Sanderson Farms dropped nearly 11 percent to $35.30. Tyson Foods shares were down 5.2 percent, or 85 cents, at $15.36.

At Smithfield, which raises hogs and sells pork, the losses on hogs due to feed costs overshadowed a doubling in pork earnings caused by robust exports. However, excluding one-time costs and charges, the loss was narrower than expected.

At Sanderson Farms, which raises and sells chickens, the loss was worse than what Wall Street had forecast.

Smithfield Foods and Sanderson Farms, like other livestock and meat producers, have been hurt by higher prices for feed, particularly corn. While some meat prices have been raised, the increases have not kept pace with production costs.
 
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