Commodities & Metals

Smithfield to Import Brazilian Corn

The world’s largest producer of pork, Smithfield Foods Inc. (NYSE: SFD) said today that it would begin importing corn from Brazil to use as feed for the company’s livestock. This is an unusual move for US food producers because the US is the world’s largest grower of corn and corn prices in the US typically are lower than import prices once transportation costs are figured in.

But a report from MarketWatch cites a consultant who reported that corn at Brazilian ports is now selling for $290/metric ton compared with $345/metric ton on the US Gulf Coast. Shipping costs from Brazil add another $30-$40/metric ton to the cost.

Brazil anticipates a record crop this year of nearly 70 million metric tons, less than a quarter of the usual US production of more than 300 million metric tons. The US crop is being seriously damaged, though, by hot, dry weather in the nation’s corn-growing regions.

Other food producers have not revealed plans to import corn from Brazil or elsewhere, although Tyson Foods Inc. (NYSE: TSN), Hormel Foods Corp. (NYSE: HRL), and Pilgrim’s Corp. (NYSE: PPC) are likely candidates for consideration.

Shares of Smithfield are up 0.5% in the early afternoon today, at $18.26 in a 52-week range of $17.75-$25.12.

Paul Ausick

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today.  Don’t miss these offers because they won’t be this good forever.

 

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.