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Hormel sees average pork profit margins through 2012
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Hormel Foods Corp. (HRL) said Wednesday it expects to earn middling profit margins from its pork products for the rest of 2011 and 2012.
"Our expectation for remainder of this year and next year is middle-of-the-road for those margins," said Jeffrey Ettinger, Hormel's president and chief executive. He made the comments during an investor conference in Boston.
Investors have been watching the profit margins at pork processors for signs of weakness as supplies have grown sharply in recent weeks after pork prices hit records in July and August. Higher supplies of pork products along with enduringly high feed costs for hogs could squeeze pork processors much the way chicken processors are currently suffering under a supply glut.
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