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© 1995- The E.W.
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Thursday, December 24, 1998 Farmland establishes hog price floor for pork
producers KANSAS CITY, Mo. (AP) — With hog prices at their lowest
level in four decades, Farmland Industries, a leading pork processor,
moved to guarantee a minimum price to farmers who do business
with the giant cooperative. It is offering a base price of $15 per 100 pounds for hogs
meeting its weight and quality specifications to farmers who sold
hogs to the cooperative between Sept. 1, 1997, and Dec. 19, 1998. In recent weeks, hog producers have been getting between $10
and $14 per hundredweight for market hogs. Farmland will monitor the hog market and evaluate the need
for a price floor on a weekly basis, Gary Evans, executive vice
president and chief operating officer of Farmland Meats Group,
said Tuesday as the decision was announced. “Establishing a price floor is an essential step to help
our farmer-owners through one of the toughest economic periods
in the history of the pork industry,” Evans said. Farmland, the nation’s largest farmer-owned cooperative,
is based in Kansas City and had sales of $8.8 billion in 1998.
It runs the nation’s sixth-largest pork processing operation. The company’s price floor announcement came a day after
the U.S. Department of Agriculture said it would buy $15 million
worth of pork to help farmers and supply food banks during the
holiday season.
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© 1995- The E.W.
Scripps Co. and the Abilene Reporter-News.
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