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Smithfield to Evaluate Market Conditions to Adjust Pricing Method



(NAFB)--Smithfield Foods Inc. told hog producers last week that it will adjust its pricing method for hogs during the federal government shutdown. Smithfield prices live hogs based on USDA market reports that have been suspended. Through Friday - according to a letter to producers - Smithfield planned to determine the price paid for cash hogs based on USDA market hog prices on September 30th. With the shutdown extending beyond October 4th - Smithfield will now evaluate the market conditions to establish a fair market value. Smithfield added that all packers would continue to record all trades to be compliant with Mandatory Price Reporting - and would send those trades to USDA. However - the government has said it will not retroactively report the daily spot market for days their office is closed.

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