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National & World Ag News Headlines
Smithfield Foods Blames Tariffs for Lower Earnings
USAgNet - 08/16/2018

WH Group, the world's largest pork company and parent company of Smithfield, reported lower than expected earnings as the U.S. pork industry gets hammered from the U.S.-China trade war.

On fresh pork sales, WH Group recorded an operating loss in the U.S. of $15 million in the first six months of 2018 as a result of oversupply in the country as well as the retaliatory tariffs by China, the company said in its most recent earnings report.

POLITICO reports that the company's shares have fallen 31 percent this year, and wholesale prices dipped 17 percent in the first half of the year but have since recovered 9.6 percent.

Smithfield and other pork companies are bearing the brunt of the trade shakeup as China has slapped hefty tariffs on U.S. hog exports.


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