Smithfield CEO: Higher Food Prices Are Here to Stay

Wednesday, May 4, 2011
By Paul Martin

by Phoenix Capital Research
ZeroHedge.com
05/04/2011

Here’s a zinger of a news story that most commentators haven’t bothered to take note of…

The CEO of Smithfield Farms, the largest pork producer in the US. Among other things he said:

“Maybe to someone in the upper incomes it doesn’t matter what the price of a pound of bacon is, or what the price of a ham, or the price of a pound of pork chops is,” he says. “But for many of the customers we sell to, it really does matter.” Workers can share cars when the price of oil rises, he quips, but “you can’t share your food.”

Mr. Pope also worries about the impact on farmers, who are leveraging up operations to afford the ever-rising price of land and fertilizer that has resulted from the increased corn demand. “There are record prices for livestock but farmers are exiting the business!” he exclaims. “Why? Farmers know they won’t make money.”

The Rest…HERE

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