DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 23, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Information regarding the Company’s outstanding derivative instruments and cash collateral posted with (owed to) brokers is included in the following table:

	September 23, 2012			December 25, 2011
	(Fair values in thousands)
Fair values:
Commodity derivative assets	$	7,689		$	2,870
Commodity derivative liabilities		(1,106	)		(2,723	)
Cash collateral posted with (owed to) brokers		(6,288	)		3,271
Foreign currency derivative liabilities		(266	)		—
Derivatives Coverage:
Corn		—	%		(a)
Soybean meal		0.1	%		(a)
Sorghum		50.7	%		n/a
Period through which stated percent of needs are covered:
Corn	September 2013				(a)
Soybean meal	October 2013				(a)
Sorghum	December 2012				n/a
Written put options outstanding(b):
Fair value	$	—		$	(603	)
Number of contracts:
Corn		—			500
Sorghum		699			—
Expiration dates	December 2012			March 2012

(a)

Derivatives coverage is the percent of anticipated corn, soybean meal and sorghum needs covered by outstanding derivative instruments through a specified date. The Company will sometimes purchase short derivative instruments to offset negative price exposure on future fixed cash purchases.

(b)

A written put option is an option that the Company has sold that grants the holder the right, but not the obligation, to sell the underlying asset at a certain price for a specified period of time. When the Company takes a short position on a futures derivative instrument, it agrees to sell the underlying asset in the future at a price established on the contract date. The Company writes put options and takes short positions on futures derivative instruments to minimize the impact of feed ingredients price volatility on its operating results.