From Smithfield, April 12:
Smithfield Foods To Close Sioux Falls, SD Plant Indefinitely Amid COVID-19
SMITHFIELD, Va., April 12, 2020 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. announced today that its Sioux Falls, SD facility will remain closed until further notice. The plant is one of the largest pork processing facilities in the U.S., representing four to five percent of U.S. pork production. It supplies nearly 130 million servings of food per week, or about 18 million servings per day, and employs 3,700 people. More than 550 independent family farmers supply the plant.“The closure of this facility, combined with a growing list of other protein plants that have shuttered across our industry, is pushing our country perilously close to the edge in terms of our meat supply. It is impossible to keep our grocery stores stocked if our plants are not running. These facility closures will also have severe, perhaps disastrous, repercussions for many in the supply chain, first and foremost our nation’s livestock farmers. These farmers have nowhere to send their animals,” said Kenneth M. Sullivan, president and chief executive officer, for Smithfield.“Unfortunately, COVID-19 cases are now ubiquitous across our country. The virus is afflicting communities everywhere. The agriculture and food sectors have not been immune. Numerous plants across the country have COVID-19 positive employees. We have continued to run our facilities for one reason: to sustain our nation’s food supply during this pandemic. We believe it is our obligation to help feed the country, now more than ever. We have a stark choice as a nation: we are either going to produce food or not, even in the face of COVID-19,” he concluded....MORE
Although they don't say so in the press release Smithfield is a wholly owned sub of China's WH Group, a move we first pitched in 2010 but didn't happen until 2013, rather cutting into the annualized returns, know what I'm sayin'?
Back to the immediate issue, supply should be good through June but if the closed plants, and they are multiple across the industry, don't reopen, BYND is going to be in hog heaven.
