US pork giant Smithfield now officially owned by a Chinese meat processor

Smithfield Foods shareholders overwhelmingly approved on Tuesday the $4.7 billion purchase of the pork giant by a Chinese meat processor, clearing the last remaining major hurdle to close the deal.

More than 96% of the votes, representing 76% of shares outstanding, were cast in favor of the purchase by Shuanghui International. Smithfield announced in May it would be acquired by Shuanghui for $34 a share, the largest takeover of a U.S. company by a Chinese firm.

Washington lawmakers have expressed concerns that the purchase of Smithfield by a Chinese company could squeeze U.S. pork supply as more of the meat goes overseas while leaving the U.S. susceptible to food safety concerns that have plagued Chinese companies, including Shuanghui. They also have worried that the acquisition would lead to additional takeovers of U.S. food companies by Chinese firms. Read more >>

Dead Crops, Extreme Drought And Endless Wildfires Are Now The New Normal In America

As you read this, the United States is experiencing the worst drought it has seen since the Dust Bowl days of the 1930s.  As you read this, nearly half of all corn crops in the United States are in "poor" or "very poor" condition.  As you read this, 38 major wildfires are ripping across the central and western United States.  The brutal wildfires in Oklahoma have been so bad that they have made national headlines. 

The price of corn has hit a brand new record high this summer and so has the price of soybeans.  More than half of all the counties in this country have been declared to be "natural disaster areas" by the U.S. Department of Agriculture at this point.  Things are so bad for ranchers that the CEO of Smithfield Foods is projecting that meat prices will rise by "significant double digits" in the months ahead.  Sadly, this drought is projected to continue throughout August and into September. 

As you will read about below, some meteorologists are even openly postulating that there may not be enough moisture to avoid another drought next year.  Yes, things are really bad this year, but when you step back and take a look at the broader picture they become truly frightening. Read more >>