US pork producer Smithfield Foods has said that low hog prices in the third quarter would mean fewer hogs and higher prices in the future, helping to boost the company’s earnings.

In January, the company warned that results for the third quarter to 26 January, would fall well below analysts’ estimates due to low hog prices and a glut of meat on the market.

“We do expect the fourth quarter to improve rather dramatically,” Joseph Luter, Smithfield’s chairman, was quoted as saying by Reuters.

Luter said the low hog prices would force smaller, less-efficient producers out of business, leading to a decrease in hog numbers. Fewer hogs should lift meat prices and help Smithfield results in future, he said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.