According to Bloomberg, Michael McCain, CEO of Maple Leaf Foods Inc., says meat prices have charged higher and are now the “new normal.”

McCain made the announcement at a conference in New York. When referring to meat prices, McCain said, “They’re not going to go backward for the foreseeable future.”

Canadian hog producers were hit by losses in 2009 forcing them to reduce supplies. With higher feed costs and lower pork demand hog producers had to cut herd sizes. This year, demand has rebounded and limited supplies have caused U.S. wholesale pork prices to rise 46 percent.

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Source: www.BusinessWeek.com