Smithfield cuts full-year outlook on weak pork demand

Smithfield Foods cut its annual total sales and adjusted operating profit forecasts on Tuesday, citing ongoing challenges including cautious consumer spending and higher input costs, reported Reuters. Shares of the company were down 3% in premarket trading.Inflation slowed more than expected in June, driven by lower energy prices, but consumer budgets remain stretched and shoppers are buying smaller packs or trading down.Sales of its Hog Production unit fell 8.2% to $772 million from last year.P