Smithfield Foods CEO Larry Pope declared Thursday that pork wholesale prices are "the best I've seen in 30 years in the business" and said retail prices will likely rise further this year.
"There's still more pressure on prices," said Pope, who notes hog producers now are feeding corn priced at $6 to $7 per bushel. He said pork bellies, from which bacon is made, may go to $2 a pound by summer, from $1.17 now.
"That's unheard of. Retailers understand there will be more price pressure, whether they like it or not," Pope said.
Pope marveled at the recent run-up in hog prices, from below $50 per hundredweight in mid-2009 to $89.30 Thursday for April delivery on the Chicago Mercantile Exchange.
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