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Sanderson Farms, Inc. Reports Results For Second Quarter Of Fiscal 2012

According to Sanderson, market prices for poultry products were higher during the second quarter of fiscal 2012 compared with the same quarter a year ago. As measured by a simple average of the Georgia dock price for whole chickens, prices increased approximately 7.5 percent in the Company's second fiscal quarter compared with the same period in 2011. Bulk leg quarter market prices were 22.4 percent higher compared with last year's second quarter, and reflected continued strong export and demand. Boneless breast meat prices during the second quarter were 2.3 percent higher than the prior year period. Jumbo wing prices were up 121.5 percent for the second quarter of 2012 compared with the same period last year. Prices paid for corn and soybean meal, the Company’s primary feed ingredients, decreased 6.44 percent and 15.19 percent, respectively, compared with the second quarter of fiscal 2011.

Sanderson added, “We are pleased with the continued progress at our Kinston, North Carolina, facility. We began processing chickens in January 2011 and this plant is now operating at about 96 percent capacity. We plan to hold that production level for at least the rest of this calendar year.

“Looking ahead, we will continue to closely monitor the chicken markets and production levels as we head into the summer months and what is typically a period of better demand for chicken. Weekly broiler egg sets continue to run below last year’s numbers, and breeder placements are lower. With economic conditions continuing to affect consumer behavior, we expect to see continued soft casual dining demand. However, market prices for boneless breast meat sold to our food service customers improved seasonally the first two weeks of May, and market prices for retail grocery store product have also moved higher. We believe these market improvements are supply driven and, while market conditions remain fluid, we will maintain our focus on our operating performance and sales execution,” Sanderson concluded.

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