The loss comes despite an increase of sales to $3.1 billion versus $2.6 billion a year ago.
The company said that much of the loss came from volatile commodity prices.
"We continue to be challenged by high input costs across all the businesses. Certainly a portion of this increase is the result of the current ethanol policy in place," said C. Larry Pope,
Hog and turkey production faced losses because of feed prices. The company said frain prices have moderated and live hog prices have risen significantly from the first quarter level. But both markets are highly volatile and the outlook for hog production for the remainder of the calendar year is still unfavorable, according to
Source: Smithfield Foods Inc.