Guess we all knew about this anyway, so old news. But here is the article.
Hog producer to import corn
Smithfield Foods, the nationís largest hog producer, has confirmed that it will take the highly unusual step of importing corn from Brazil this fall to counter what may be short supplies in the U.S. as the nationís Corn Belt has been hit by a crippling drought.
Company spokeswoman Keira Lombardo, Vice President of Investor Relations and Corporate Communications, confirmed that it has signed a contract but gave no further details. The corn is likely to be used at Smithfieldís hog production facilities on the east coast.
Estimates of this yearís corn crop have fallen steadily in recent weeks. The biggest estimate of loss has been 4 billion bushels from what was originally estimated to be a 14.8 billion bushel corn crop.
In Iowa, Smithfield has no hog production operations but does have processing plants at Carroll, Mason City and Sioux Center. It sells under the Armour-Eckrich, Cookís Ham, Cudahy, John Morrell and other brands.
Iowa is the nationís leading producer of both corn and hogs.
On the Chicago Board of Trade Wednesday the December contract for new crop corn reversed two days of losses and gained ten cents per bushel to $7.88. Soybeans were up 46 cents per bushel for the November new crop contract to $16.16. Corn and soybean prices have risen about 50 percent since early June as the magnitude of the Corn Belt drought has become apparent.
Why don't they simply buy it from the ChiComs who were rumored to be selling their corn contracts back to the US?? Oh...I almost forgot....What Corn? lmao. This is about to get really weird. Just wait until all of the supplies of soybeans represented by paper turns out to not exist.