GFM Network News

A road sign directs traffic to Smithfield Foods’ pork-processing facilities in Smithfield, Virginia.

Smithfield Foods plots new course

New CEO has shaken up management team of world’s largest pork processor amid COVID challenges

Smithfield Foods has unveiled a management shakeup as the world’s largest pork processor and its new chief executive deal with the ripple effects of a pandemic-led drop in restaurant meat consumption and coronavirus infections among workers. The pandemic has reduced demand for meat at restaurants, cafeterias and other food-service outlets, delivering an economic shock to

North Dakotans put ‘corporate’ farming to vote

North Dakotans put ‘corporate’ farming to vote

Voters back repeal of a law allowing corporate operation of dairy and hog farms

North Dakotans in a statewide referendum June 14 voted to repeal a law enacted last year that changed decades of family-farming rules in the state by allowing corporations to own and operate dairy and hog farms. Results posted on the North Dakota state government website put the unofficial final vote count from the ballot measure

Analyzing the Smithfield deal

The Chinese meat products firm Shuanghui International has announced its acquisition of Smithfield Foods, which controls 26 per cent of U.S. pork-processing capacity and 15 per cent of U.S. pork production. The value of the transaction is estimated by Smithfield to be US$7.1 billion. A number of questions began to run through our heads. Good

With big U.S. pork buy and diet shift, China now asks: ‘Where’s the Beef?’

With more money in their pockets, millions of Chinese are seeking a richer diet and switching to beef, driving imports to record levels and sending local meat firms abroad to scout for potential acquisition targets among beef farmers and processors. The need to feed the world’s most populous nation has seen Chinese firms gobble up

Guebert: Reasons to smile over the Smithfield purchase

Here are 10 reasons for American farmers and ranchers to be thrilled by Shuanghui International Holding Inc.’s proposed $4.7-billion purchase of Smithfield Foods, Inc. No. 10: The U.S. gets back some of the dollars held by China. While $4.7 billion is chicken feed compared to the $1.2 trillion of U.S. debt (about 7.5 per cent

LIVESTOCK-U.S. live cattle futures slump in fund selloff

* Wholesale beef price setback weighs * CME hogs up on cash, Smithfield news By Theopolis Waters CHICAGO, May 30 (Reuters) - Chicago Mercantile Exchange live cattle slumped on Thursday as futures fell below technical support triggering fund liquidation, traders and analysts said. CME live cattle June dropped beneath the respective 40-day and 20-day moving

LIVESTOCK-Hog futures up on firm cash, Smithfield deal discussed

* Trade digesting market impact of Smithfield deal * Firm cash hog markets support hog futures * Strong wholesale beef supports cattle futures By Sam Nelson CHICAGO, May 29 (Reuters) - Chicago Mercantile Exchange (CME) lean hog futures rose on Wednesday on firm cash hog markets while traders digested news that a Chinese firm said

Smithfield Foods third-quarter results beat Wall Street estimates

reuters / Smithfield Foods Inc., the largest U.S. hog producer, reported third-quarter results that beat Wall Street estimates, helped by higher sales of packaged meat products such as Smithfield bacon and Eckrich and Armour sausages. The company, which receives nearly half of its revenue from packaged meat, said higher demand from international markets, particularly from

Smithfield board to review advice from big shareholder

reuters / Smithfield Foods Inc. said March 8 it would review a letter from shareholder Continental Grain Co., which is urging the top U.S. hog producer to consider steps such as splitting into three units and initiating a regular cash dividend. Shares of Smithfield rose 3.3 per cent to $25.50 in pre-market trading. Smithfield said