C. Larry Pope Smithfield Foods CEO sees continued tough times for hog production but "very good" news coming out of the company's pork and packaged meat business, reports Meatingplace.com. Quoting Reuters, Meatingplace says the comments were made at Smithfield Foods' annual shareholders' meeting in Williamsburg, Va.,

However, Pope also told Reuters that the hog unit will likely lose money for the rest of fiscal 2010, ending in early May. However, he expects an improvement in quarterly reports for the pork and packaged meats unit. Pope watches developments on H1N1 as the flu season gets underway, and believes that media reports calling it "swine flu" would have a negative effect on pork results.

Pope said the company's restructuring and paying debt have benefitted the company,. "As of today, this company can write a check for $1 billion and the check will clear," Reuters quotes him as saying.

Smithfield shareholders rejected a proposal by PETA that the company set a timeline for raising sows in larger pens.

Read the full report.

Source: Meatingplace.com