Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of William Chappell - Suntrust Robinson Humphrey
William Chappell - Suntrust Robinson Humphrey
Talking about the sow liquidation and the recent run-up we’ve seen in hog prices, does that seem premature, is that all seasonal, how do you look at how hog prices should trend through the rest of the year?
Larry Pope
I guess I would tell you that I am a little surprised this hog market has run up and in fact it ran higher then it is today, it’s actually come off a little bit of its high. As you know the hog market trends up in the summer time anyway and so we were moving into the summer when the weights drop and the supply generally is a little bit less. I think there’s still going to be some hogs out there come the fall. I think that there’s going to be a fairly significant supply of those. I think we’re going to continue to have pretty high hog prices through the summer. I think we could have some fall off in this hog market come fall and we’ll have to see how that the fall hog run occurs but I think that could be some lower hog prices.
But then I think by January this thing becomes—this liquidation becomes real and the hog market then and the futures market even reflecting that, I think this hog market then is $60 and $70 I guess it could be as high as that. I predicted that the hog market was going to be $70 by next summer and there’s some indications there that it could be even sooner then that. But I think to answer your question, the summer I think will have some fairly high priced hogs. That’s very seasonal. I think we’ll have a fall hog run just like we’ve had in the past where I think you’ll see these prices fall back and then by January I think the full effect of this liquidation will start to show up in the higher prices.
William Chappell - Suntrust Robinson Humphrey
You might have disclosed, how much did currency help on the international operations both top and bottom line?
Larry Pope
Bill we’ve got your question, before we get off this call we’ll get the answer and come back to you before we finish the call.
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