Hormel Foods Corporation (NYSE:HRL) Q3 2020 Earnings Conference Call - Final Transcript
Aug 25, 2020 • 10:00 am ET
trim was higher by 38% for the quarter. These costs have moderated in the fourth quarter. Belly prices were 9% lower, and have remained below last year. Worldwide demand for pork is strong. USDA is expecting exports to increased 19% for the year, driven by strong demand from China. We continue to monitor African swine fever in China, Southeast Asia and Europe. Fundamentals in the turkey industry remain mixed. Whole-bird placements continue to trend lower. Commodity markets rebounded, some in the third quarter, but breast meat and thigh meat prices are significantly below last year. Whole-bird prices are favorable to last year, helping to offset declines in other markets. Meat costs for the third quarter was higher.
At this time, I'll turn the call over to the operator for the question-and-answer portion of the call.