"These losses are the result of the sizable and unexpected run-up in the futures curve for lean hogs for the summer and fall months of 2010," the company said of its hog segment during an investor meeting.

Hog futures at the Chicago Mercantile Exchange have sped higher in April and are now the highest since August 2008, largely due to a government report in late March that showed a smaller-than-expected hog herd.