Smithfield Says Despite Price Surge No Reduction In Pork Consumption

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Wed, 03/30/2011 - 10:26 | 1116765 Alcoholic Nativ...
Alcoholic Native American's picture

I only buy the finest meat cuts with my food stamps.

Wed, 03/30/2011 - 10:38 | 1116821 Ray1968
Ray1968's picture

Must be that sophisticated diet Ben tells us we have.

Wed, 03/30/2011 - 11:24 | 1117054 nkktwotwozero
nkktwotwozero's picture

It is true. My iPad is now twice as delicious.


Brought to you by Carl's Junior.

Wed, 03/30/2011 - 10:49 | 1116871 the mad hatter
the mad hatter's picture

with so much cheap energy available in the past century, we've grown accustomed to eating meat.

guess why we're in Libya? its to help ensure cheap oil keeps powering Smithfield's pig farms.

capitalism is going to leave the earth raped and sodomized like a catholic choirboy. a sliver of its former self.

fuck what a depressing world.

Wed, 03/30/2011 - 13:08 | 1117670 curbyourrisk
curbyourrisk's picture

junk +1000

Wed, 03/30/2011 - 17:40 | 1119027 buster bucani
buster bucani's picture

Food for thought for bacon lovers;

learn how to improve your diet by reading The China Study here;

You are welcome ZHers and keep up the great work. Thanks Tyler for what you do! Also high plains drifter, cossack55, ORI, CD, buzzsaw 99, taraxis, tmosley and the rest of the erudite crew! You all Kick Ass...



Wed, 03/30/2011 - 10:27 | 1116766 GOSPLAN HERO
GOSPLAN HERO's picture

When you dine eat swine!

Wed, 03/30/2011 - 10:30 | 1116773 GOSPLAN HERO
GOSPLAN HERO's picture

Ben does not eat pork.



Wed, 03/30/2011 - 10:27 | 1116774 A Man without Q...
A Man without Qualities's picture

Bacon vs iPad - sorry Steve, there could only ever be one winner in that one....

Wed, 03/30/2011 - 10:30 | 1116792 ss123
ss123's picture

Yes. Bacon is even more perfect than the shiney iToys. In fact, bacon is perfection.

Wed, 03/30/2011 - 10:35 | 1116806 Mae Kadoodie
Mae Kadoodie's picture

I'm makin' the bacon.

Wed, 03/30/2011 - 10:58 | 1116908 Rogerwilco
Rogerwilco's picture

Even though I love my iPad, I have to agree on that one.

Wed, 03/30/2011 - 10:27 | 1116775 Coldfire
Coldfire's picture

Certainly no reduction in pork production in the District of Corruption.

Wed, 03/30/2011 - 10:31 | 1116785 LawsofPhysics
LawsofPhysics's picture

Mark to fantasy forever, rally on! <sarcasm off>

Wed, 03/30/2011 - 10:31 | 1116787 TruthInSunshine
TruthInSunshine's picture

It's all good. CEO Confidence Index has hit a record high.

Rally and Party On, bitchez!

CEO confidence hits record high: Roundtable



  • 23 minutes ago
    The Business Roundtable's quarterly CEO Economic Outlook index surged to 113 -- the highest in the nearly 10 years the group has been doing the poll
  • Wed, 03/30/2011 - 11:07 | 1116959 ghostfaceinvestah
    ghostfaceinvestah's picture

    Why not?  As Obama has clearly cemented America's Fascism once and for all, corporations are the clear winners.

    Wed, 03/30/2011 - 10:33 | 1116793 SDRII
    SDRII's picture

    WTI invetory #s are a joke

    Wed, 03/30/2011 - 10:32 | 1116796 assumptionblindness
    assumptionblindness's picture

    Don't we have to acknowledge that Americans will continue to spend every dollar they have (cash) or can borrow (debt) until they simply can't any more?  The delusion factor among 'consumers' has reached a Category 5 on the Chairsatan-Simpson Scale.

    Wed, 03/30/2011 - 10:32 | 1116798 Bob
    Bob's picture

    With 45M or so people eating on Food Stamps, I think you'll find retail demand for staple foods surprisingly price elastic until it gets severe. 

    Wed, 03/30/2011 - 10:34 | 1116800 LFMayor
    LFMayor's picture

    It's because pork is the cheapest meat... real meat, that is.  Chicken a close second.

    Wed, 03/30/2011 - 10:45 | 1116802 AN0NYM0US
    AN0NYM0US's picture

    there's some BS in this report, I mean PS - unless Pigs can fly there is not a chance that consumers are ponying up 5 bucks for a package of bacon and making such a purchase with the same frequency, my guess is that costs have not fully filtered through the supply chain


    I'd read the presentation but just like I don't watch CNBS I won't use SCRIBD  - it totally sucks - I'll find a PDF


    update according to swineweb

    The U.S. retail price of pork averaged $3.28 per pound in February up 13% from last year.  Higher despite 1% more pork available.  A strong indicator of demand.  In February packers and retailers made good money, while producers mostly sucked air.  We expect that U.S. weekly hog marketing’s could drop 150,000 a week from 2,150 million ranges to 2 million in the next 6 weeks.  When that happens we have supercharged hog price increases of $40 per head.  It will be the producer’s turn to have some extra cash!


    (and one look at the ads on that site and you'll likely never buy Pork again)

    Wed, 03/30/2011 - 10:59 | 1116909 goldfish1
    goldfish1's picture

    The stench alone from the pig farms is enough to turn your stomache.

    Hogs are being essentially force fed with GMO corn products.


    Wed, 03/30/2011 - 10:39 | 1116815 quasimodo
    quasimodo's picture

    Oink Oink

    In these parts we have a couple finishers for every section of ground. Many will go tits up if this market goes in the shitter, so to speak.

    Wed, 03/30/2011 - 10:39 | 1116817 PhattyBuoy
    PhattyBuoy's picture

    The guy behind me has been squatting in his house for more than 2 years.

    He deliberately keeps the front of his house disheveled, so the bank will not think consider it easily marketable ... and he eats pork !

    Wed, 03/30/2011 - 10:52 | 1116875 TruthInSunshine
    TruthInSunshine's picture

    Guy that used to do subcontract work for me lives in a home he built on 100% finance loan in 2005 for 800k has not made a mortgage payment in what will soon be 4 years.

    House probably hit a value of 1.4 million in 2006 or 2007.

    BofA is noteholder. They tried to do a short sale at 450k, and no takers.

    They have only filed notice of delinquency and intent to do a foreclosure. They haven't even begun foreclosure proceedings.

    Wed, 03/30/2011 - 11:09 | 1116968 ghostfaceinvestah
    ghostfaceinvestah's picture

    The more underwater you are, the greater the mark-to-market hit when it is foreclosed, so the less likely the bank will foreclose.

    At 350K+ underwater, he could have another 4 years of free living.

    Wed, 03/30/2011 - 11:50 | 1117209 MachoMan
    MachoMan's picture

    Bingo.  Strategic defaulters who have equity in their homes are not very strategic ;)

    Wed, 03/30/2011 - 10:40 | 1116819 bob_dabolina
    bob_dabolina's picture

    You got it Tyler.

    And what happens when you don't have to even worry about looking for work?

    ...well, maybe you become so obese over a period of time that your skin fuses to the chair your fat ass has been sitting in for over two years.

    Wed, 03/30/2011 - 10:40 | 1116820 RobotTrader
    RobotTrader's picture

    Meanwhile, crude prices are crashing after the "glut" reported at Cushing.

    And the XRT is now printing new, 2-year highs as we speak.

    Just as Bernanke says, he can snuff out inflation with a flick of the switch.

    Just put out some bogus crude inventory report, and long specs flee for the exit doors.

    Just like that.

    There is nothing that can't be solved by pushing out a few paper contracts with electronic digits.

    Wed, 03/30/2011 - 10:42 | 1116825 redpill
    redpill's picture

    "There is nothing that can't be solved by paper contracts."


    How about junks?  Can you solve those with paper contracts?

    Wed, 03/30/2011 - 10:45 | 1116827 SheepDog-One
    SheepDog-One's picture

    That is a $1 move in oil Catfishmouth, and totaly misleading as latest quote shows $104.20....God youre pathetic. How about a 5 min gold chart this morning?

    Wed, 03/30/2011 - 10:46 | 1116861 d00daa
    d00daa's picture

    Have you ever seen markets behave like this for such an extended period of time Robo?  EVER???

    I'll admit it.  I am beyond stunned.

    Wed, 03/30/2011 - 11:18 | 1117019 ghostfaceinvestah
    ghostfaceinvestah's picture

    Were you in the markets in the late 90s?  Remember it was 96 when Greenspan uttered his "irrational exuberance" remark.  Market didn't start tanking until 03/2000.

    This is very similar, and should start tanking similarly in June, if the Fed is truly going to stop printing.

    Think about this - the Fed printed ANOTHER $7B today.  Not a week goes by they don't print $7B+ on multiple days.  What happens when that support is gone?

    What the Fed is doing is truly without precedent - monetizing 70% of the deficit.  There is no smooth transition from that.

    Wed, 03/30/2011 - 10:55 | 1116895 lieutenantjohnchard
    lieutenantjohnchard's picture

    meanwhile, the catfish mouth robo uber bull bear wannabe poster known as robottrader has perfected the trade whereby one can trade against the 98% (his words) losers in the market, and win. and how is this done? ... by buying home depot and abbott labs.

    for real! you too can be part of the 2% market winners if only you will buy hd and abt.

    the guy is a clown wrapped in a goober inside a buffoon.

    Wed, 03/30/2011 - 11:21 | 1117027 ghostfaceinvestah
    ghostfaceinvestah's picture

    Agreed, as I have said multiple times, ZH should pull his ability to post charts, his posts really cheapen the site.

    Wed, 03/30/2011 - 10:39 | 1116823 SheepDog-One
    SheepDog-One's picture

    Throw another chop on the barbie for Allah! As pro Gadaffi forces this morning kick the crap out of NATO led Al CIAda US backed forces. Its all goooooood!!

    Wed, 03/30/2011 - 10:42 | 1116829 redpill
    redpill's picture

    I'd spend my last ounce of silver on bacon.

    Wed, 03/30/2011 - 10:42 | 1116830 g3h
    g3h's picture

    ZH or anyone,


    Do you have some quantifiable figure about how living mortgage free helps retail sales?  That is, how much money is saved and used to spend in retail?


    Wed, 03/30/2011 - 10:43 | 1116839 redpill
    redpill's picture

    Tough to say, but your taxes sure as hell go up.   It's the government's way of saying "fuck you" for not playing their endless debt game.

    Wed, 03/30/2011 - 11:27 | 1117067 ghostfaceinvestah
    ghostfaceinvestah's picture

    Just back of the envelope - according to LPS there are roughly 7M noncurrent mortgages.  Figure each mortgage has a PITI payment of $1200 per month, that is 8.4B per month of non-payments, or about $100B a year.  It's a big nut, but if you are wondering what is propping up this artificial recovery in this artificial economy, 100B a year pales in comparison to 1.7T in deficit spending which is 70% monetized by the Fed.

    Put another way, Bernanke already this week has printed more than the 7M delinquent mortgage holders save by non-payment in a month.

    Wed, 03/30/2011 - 12:48 | 1117570 g3h
    g3h's picture

    That's a good analysis.

    Wed, 03/30/2011 - 10:43 | 1116831 gordengeko
    gordengeko's picture

    They don't call us, excuse me, it swine for nothing.

    Wed, 03/30/2011 - 10:43 | 1116837 New_Meat
    New_Meat's picture

    Will the atrocities never end? - Ned

    Wed, 03/30/2011 - 10:43 | 1116841 DarkAgeAhead
    DarkAgeAhead's picture

    Go long on Smithfield if you enjoy MRSA in your pork.  Then your skin and internal organs.  With the amount of antibiotics we inject in animals to force growth, doctors might as well prescribe pork and other factory meat as antibiotics.

    Wed, 03/30/2011 - 10:48 | 1116847 Ignorance is bliss
    Ignorance is bliss's picture

    I tried to buy a bank short sale 2 years ago. The bank just gave that house back to the original owner. Apparently, there was a lawsuit and the owner won. Lucky bstard. I paid for the house down the road, in what use to be a $600K neighborhood. Now houses go for $20 and a prayer.  I know of at least 5 homes in this community of 33 where the owners don't pay thier mortgage or HOA fees.


    I only eat organic chicken. I use to eat fish, but am concerned about toxins in the ocean. Organic beef is very pricey. I rarely see organic pork available. Its all full of stuff I wouldn't feed a rabid dog.

    Wed, 03/30/2011 - 11:11 | 1116975 kaiserhoff
    kaiserhoff's picture

    Iggy, do you mean the banks are actually financing new owners in your area instead of cashing out?  That would be new and a sensible solution.  I've sold a few properties on contract for deed.  A potential owner is always better than a renter.

    Wed, 03/30/2011 - 10:58 | 1116906 repete
    repete's picture

    Stop paying your underwater $2000 mortgage and buy silver with the savings..  By the time they throw you out you have at least $36,000 plus the property tax you have saved so say $46,000.  Wait until that turns into $200,000 and and pay cash for a forclosed home.  Fuck the bankers!  "ZHHOP" motherfuckers! zero hedge home ownership program.

    Wed, 03/30/2011 - 11:04 | 1116945 kaiserhoff
    kaiserhoff's picture

    Me likey;)

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