There remains no imminent indication of any Japanese reopening to U.S. exports and we expect current headwinds to continue over at least the next three to six months. Still we applaud Smithfield's results.

Brand building has been a hallmark in recent quarters and continued internal growth indicates the model's success.

The first quarter is another snapshot of a company with great global growth opportunities, but facing greater competition in core markets -- all while digesting a very challenging acquisition.