----

----

|  þ | ANNUAL      REPORT PURSUANT TO SECTION 15(d) OF THE SECURTIES EXCHANGE ACT OF      1934 |
|--------------|-----------------------------------------------------------------------------------------|

|   ̈ | TRANSITION      REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------------|----------------------------------------------------------------------------------------------|

----

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PAGE   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   | Report of Independent Registered Public Accounting      Firm                                                                                                                         |  3          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   | Financial      Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   |    Statements of Net Assets      Available for Benefits      As      of December 31, 2008 and 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 4                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   |    Statement      of Changes in Net Assets Available for Benefits for the Year Ended      December 31, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 5                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   |    Notes      to Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 6                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   | Supplemental      Schedules                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   |    Schedule      of Delinquent Contributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 13               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |
|   |          Schedule      of Assets (Held at End of Year)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 14               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |             |

----

Report of 

----

| John Morrell & Co. Salaried Employees      Incentive Savings Plan                                    |   |   |       |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|
|                                                                                                     |   |   |       |   |   |   |
| Statements      of Net Assets Available for Benefits                                                     |   |   |       |   |   |   |
|                                                                                                     |   |   |       |   |   |   |
|                                                                                                     |   |   |       |   |   |   |
|                                                                                                     |   |   |       |   |   |   |
| December      31,                                                                                        |   | 2008   |       |   | 2007 |   |
|                                                                                                     |   |   |       |   |   |   |
|                                                                                                     |   |   |       |   |   |   |
| Investments      - at fair value                                                                         |   | $      | 80,769,227 |   |   | $ | 103,226,687 |   |
| Receivables                                                                                              |   |   |       |   |   |   |   |   |
| Participant      contributions                                                                           |   |   | 220,735    |   |   |   | 434,892 |   |
| Employer      contribution                                                                               |   |   | 66,560     |   |   |   | 115,526 |   |
| Total      receivables                                                                                   |   |   | 287,295    |   |   |   | 550,418 |   |
| Due      to brokers                                                                                      |   |   | (443,628   | )      |   |   | - |   |
| Net      assets available for benefits - at fair value                                                   |   |   | 80,612,894 |   |   |   | 103,777,105 |   |
| Adjustment      from fair value to contract value for fully benefit-responsive investment      contracts |   |   | 886,760    |   |   |   | 76,387 |   |
| Net      assets available for benefits                                                                   |   | $      | 81,499,654 |   |   | $ | 103,853,492 |   |

----

| John Morrell & Co. Salaried Employees      Incentive Savings Plan |   |   |        |
|-----------------------------------------------------------------------|--------|--------|-------------|
|                                                                  |   |   |        |
| Statement      of Changes in Net Assets Available for Benefits        |   |   |        |
|                                                                  |   |   |        |
|                                                                  |   |   |        |
|                                                                  |   |   |        |
| Year      Ended December 31, 2008                                     |   |   |        |
|                                                                  |   |   |        |
| Additions      to net assets attributed to                            |   |   |        |
| Investment      income (loss)                                         |   |   |        |
| Net      depreciation in fair value of investments                    |   | $      | (25,994,266 | ) |
| Interest      and dividends                                           |   |   | 1,615,453   |   |
|                                                                  |   |   | (24,378,813 | ) |
| Contributions                                                         |   |   |        |   |
| Participant                                                           |   |   | 9,831,287   |   |
| Employer                                                              |   |   | 3,031,311   |   |
| Rollover                                                              |   |   | 511,687     |   |
|                                                                  |   |   | 13,374,285  |   |
| Total      additions                                                  |   |   | (11,004,528 | ) |
| Deductions      from net assets attributed to                         |   |   |        |   |
| Benefits      paid to participants                                    |   |   | 11,269,323  |   |
| Administrative      expenses                                          |   |   | 41,853      |   |
| Total      deductions                                                 |   |   | 11,311,176  |   |
| Transfers      between retirement plans, net                          |   |   | (38,134     | ) |
| Net      change                                                       |   |   | (22,353,838 | ) |
| Net      assets available for benefits                                |   |   |        |   |
| Beginning      of year                                                |   |   | 103,853,492 |   |
| End      of year                                                      |   | $      | 81,499,654  |   |

----

John Morrell 

----

----

| 1. | Description      of Plan |
|----|--------------------------|

----

| 2. | Summary      of Accounting Policies |
|----|-------------------------------------|

----

| 3. | Investments |
|----|-------------|

|                                                                                                          |   | December      31, |       |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|
|                                                                                                          |   | 2008              |       |   | 2007 |   |
|                                                                                                          |   |              |       |   |   |   |
| Smithfield      Stable Value Fund - contract value, 1,592,095 and 1,507,342 units,      respectively          |   | $                 | 18,459,493 |   |   | $ | 16,742,588 |   |
| Wells      Fargo Advantage Government Securities Fund, 684,385 shares                                         |   |              | 7,377,671  |   |   |   | * |   |
| Wells      Fargo Advantage Outlook Today 2020 I Fund, 545,762 and 454,305 shares,      respectively           |   |              | 5,932,435  |   |   |   | 6,591,970 |   |
| Wells      Fargo BGI Collective S&P Index High Balance Fund, 141,142 and 155,793      units, respectively |   |              | 5,759,993  |   |   |   | 10,081,397 |   |
| Wells      Fargo Advantage Small Cap Value Fund, 286,730 and 312,378 shares,      respectively                |   |              | 5,204,156  |   |   |   | 9,190,161 |   |
| Smithfield      Foods, Inc. common stock, 367,711 shares                                                      |   |              | 5,173,694  |   |   |   | * |   |
| American      Funds EuroPacific Growth Fund (R4), 148,521 and 179,455 shares,      respectively               |   |              | 4,093,249  |   |   |   | 9,001,457 |   |
| Wells      Fargo Advantage Capital Growth Fund, 345,703 shares                                                |   |              | *          |   |   |   | 6,869,125 |   |

| Mutual      funds            |   | $      | 20,952,834 |   |
|------------------------------|--------|--------|------------|--------|
| Common      collective trust |   |   | 2,777,134  |   |
| Group      variable annuity  |   |   | 309,519    |   |
| Common      stock            |   |   | 1,954,779  |   |
|                         |   | $      | 25,994,266 |   |

| 4. | Investment      Contract with Insurance Company |
|----|-------------------------------------------------|

----

| December      31, 2008                      |   | Major      Credit Ratings    |   |   | Investments      at Fair Value |      |       | Adjustment      to Contract Value |   |
|---------------------------------------------|--------|------------------------------|--------|--------|--------------------------------|-----------|------------|-----------------------------------|--------|
|                                        |   |                         |   |   |                           |      |       |                              |   |
| Principal      guaranteed interest contract |   | Moody’s/S      & P |   |   | $                              | 1,562,842 |       |                              | $      | (9,253 | ) |
|                                        |   | Aa3/A+                       |   |   |                           |      |       |                              |   |   |   |
| Wells      Fargo Stable Value Fund G        |   |                         | N/A    |   |                           |      | 16,009,892 |                              |   |   | 896,013 |   |
|                                        |   |                         |   |   |                           | $         | 17,572,734 |                              |   | $ | 886,760 |   |

| December      31, 2007                      |   | Major      Credit Ratings    |   |   | Investments      at Fair Value |      |       | Adjustment      to Contract Value |   |
|---------------------------------------------|--------|------------------------------|--------|--------|--------------------------------|-----------|------------|-----------------------------------|--------|
|                                        |   |                         |   |   |                           |      |       |                              |   |
| Principal      guaranteed interest contract |   | Moody’s/S      & P |   |   | $                              | 2,298,939 |       |                              | $      | 33,156 |   |
|                                        |   | Aa2/AA                       |   |   |                           |      |       |                              |   |   |   |
| Wells      Fargo Stable Value Fund N        |   |                         | N/A    |   |                           |      | 14,367,261 |                              |   |   | 43,231 |   |
|                                        |   |                         |   |   |                           | $         | 14,367,261 |                              |   | $ | 43,231 |   |

|                                                 |   | 2008   |   |   | 2007   |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Average      yields:                                 |   |   |   |   |   |   |
| Based      on actual earnings                        |   |   | 5.09   | %      |   |   | 4.94 | % |
| Based      on interest rate credited to participants |   |   | 4.00   | %      |   |   | 4.81 | % |
|                                                 |   |   |   |   |   |   |   |   |

----

| 5.   | Fair Value      Measurements |
|----------------|------------------------------|

|   | Level 1 | Inputs to the valuation      methodology are unadjusted quoted market prices for identical assets or      liabilities in active markets that the Plan has the ability to      access. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 2 | Inputs to the valuation      methodology include: |
|--------|---------|---------------------------------------------------|

| ·   | Quoted prices for similar assets      or liabilities in activemarkets; |
|--------------------|------------------------------------------------------------------------|

| ·   | Quoted prices for identical or      similar assets or liabilities in inactive  markets; |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | Inputs other than quoted prices      that are observable for the asset or  liability; |
|--------------------|---------------------------------------------------------------------------------------|

| ·   | Inputs that are derived      principally from or corroborated by observable market data by correlation      or other means. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

|   | Level 3 | Inputs to the valuation      methodology are unobservable and significant to the fair value      measurement. |
|--------|---------|---------------------------------------------------------------------------------------------------------------|

----

|                                 |   | Assets at Fair Value as of      December 31, 2008 |       |
|--------------------------------------|--------|---------------------------------------------------|------------|
|                                 |   | Level 1                                           |       |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                                 |   |                                              |       |   |   |   |   |   |   |   |   |   |
| Commonstock                          |   | $                                                 | 6,885,478  |   |   | $ | - |   |   | $ | - |   |   | $ | 6,885,478 |   |
| Mutualfunds                          |   |                                              | 46,911,392 |   |   |   | - |   |   |   | - |   |   |   | 46,911,392 |   |
| Collective      trusts               |   |                                              | -          |   |   |   | 21,954,022 |   |   |   | - |   |   |   | 21,954,022 |   |
| Guaranteed investment      contracts |   |                                              | -          |   |   |   | - |   |   |   | 2,222,363 |   |   |   | 2,222,363 |   |
| Participant      loans               |   |                                              | -          |   |   |   | - |   |   |   | 2,795,972 |   |   |   | 2,795,972 |   |
| Total assets at fair      value      |   | $                                                 | 53,796,870 |   |   | $ | 21,954,022 |   |   | $ | 5,018,335 |   |   | $ | 80,769,227 |   |

|                                   |   | ParticipantLoans |      |   | Guaranteed Investment      Contracts |   |
|----------------------------------------|--------|------------------|-----------|--------|--------------------------------------|--------|
|                                   |   |             |      |   |                                 |   |
| Balance – beginning of      year |   | $                | 3,307,158 |   |                                 | $      | 3,491,075 |   |
| Unrealized      losses                 |   |             | -         |   |                                 |   | (300,266 | ) |
| Interest      credited                 |   |             | -         |   |                                 |   | 50,168 |   |
| Issuances and settlements,      net    |   |             | (511,186  | )      |                                 |   | (1,018,614 | ) |
| Balance – end of      year       |   | $                | 2,795,972 |   |                                 | $      | 2,222,363 |   |

| 6. | Related      Party Transactions |
|----|---------------------------------|

----

| 7. | Tax      Status |
|----|-----------------|

| 8. | Transfer      of Assets |
|----|-------------------------|

| Assets      transferred from the Plan to Smithfield Foods, Inc. 401(k) Plan,      net            |   | $      | 35,223 |   |
|--------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| Assets      transferred from the Plan to Smithfield Foods, Inc. Bargaining 401(k)      Plan, net |   |   | 2,911  |   |
|                                                                                             |   | $      | 38,134 |   |

| 9. | Plan      Termination |
|----|-----------------------|

| 10. | Risks      and Uncertainties |
|-----|------------------------------|

----

|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   | Supplemental Schedule      I                                                                                               |
|-----------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------|
| John Morrell & Co. Salaried Employees Incentive      Savings Plan |   |                                                                                  |   |                                                                                                                       |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
| Schedule      of Delinquent Contributions                             |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |
| Schedule      H, Line 4a                                              |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
| EIN      36-2332471      Plan 003       |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
| December 31,      2008                                                |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
|                                                                  |   |                                                                                  |   |  Total      that constitute non-exempt prohibited transactions                                                        |   |                                                                                  |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
|                                                                  |   | Participant                                                                           |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   | Total      fully |
|                                                                  |   | contributions                                                                         |   |                                                                                                                       |   |  Contributions                                                                   |   |  Contributions                                                                                                        |   | corrected      under |
| Contribution                                                          |   | transferred      late                                                                 |   |                                                                                                                       |   |  corrected                                                                       |   |  pending                                                                                                              |   | VFC      program |
| for                                                                   |   | to      the plan for                                                                  |   | Contributions                                                                                                              |   | outside                                                                               |   |  correction      in                                                                                                   |   | and |
| plan      year                                                        |   | plan      year                                                                        |   | not      corrected                                                                                                         |   | VFC      program                                                                      |   |  VFC      program                                                                                                     |   | PTE      2002-51 |
|                                                                  |   |                                                                                  |   |                                                                                                                       |   |                                                                                  |   |                                                                                                                       |   |   |
| 2008                                                                  |   |  $            20,383 |   |  $                   - |   |  $            20,383 |   |  $                   - |   |  $                   - |

----

|                                                                  |   |                                            |                        |   |                                                                                                                               | Supplemental Schedule      II |   |
|-----------------------------------------------------------------------|--------|-------------------------------------------------|-----------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|--------|
| John Morrell & Co. Salaried Employees Incentive      Savings Plan |   |                                            |                        |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   |
| Schedule      of Assets (Held at End of Year)                         |   |                                            |                        |   |
| Schedule      H, Line 4i                                              |   |                                            |                        |   |                                                                                                                               |                          |   |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   |
| EIN      36-2332471 Plan 003                                     |   |                                            |                        |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   |
| December      31, 2008                                                |   |                                            |                        |   |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   |
| Identity      of issue,                                               |   | Description      of investment                  |                        |   |                                                                                                                               |
| borrower,      lessor                                                 |   | including      maturity date, rate of interest, | Current                     |   |
| or      similar party                                                 |   | collateral,      par, or maturity value         | value                       |   |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   |
|                                                                  | *      |                                            | Smithfield      Foods, Inc. |   |                                                                                                                               | 1,592,095                     |   | units      of Smithfield Stable Value Fund - contract value |   | $ | 18,459,493 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 684,385                       |   | shares      of Advantage Government Securities Fund |   |   | 7,377,671 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 545,762                       |   | shares      of Advantage Outlook Today 2020 I Fund |   |   | 5,932,435 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 141,142                       |   | units      of BGI S&P 500 Index High Balance Fund |   |   | 5,759,993 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 286,730                       |   | shares      of Advantage Small Cap Value Fund |   |   | 5,204,156 |   |
|                                                                  | *      |                                            | Smithfield      Foods, Inc. |   |                                                                                                                               | 367,711                       |   | shares      of common stock |   |   | 5,173,694 |   |
|                                                                  |   |                                            | American      Funds         |   |                                                                                                                               | 148,521                       |   | shares      of Europacific Growth Fund (R4) |   |   | 4,093,249 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 351,534                       |   | shares      of Advantage DJ Target 2010 Fund |   |   | 3,870,390 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 353,360                       |   | shares      of Advantage Capital Growth Fund |   |   | 3,671,412 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   | Personal      Choice Retirement Account (self-direct brokerage accounts)                                                           |                          |   | 2,903,252 |   |
|                                                                  |   |                                            | Davis                       |   |                                                                                                                               | 114,895                       |   | shares      of NY Venture Fund |   |   | 2,713,829 |   |
|                                                                  | *      |                                            | Pimco                       |   |                                                                                                                               | 260,794                       |   | shares      of Total Return Fund |   |   | 2,644,455 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 232,531                       |   | shares      of Advantage Outlook Today 2030 I Fund |   |   | 2,374,139 |   |
|                                                                  |   |                                            | Columbia                    |   |                                                                                                                               | 137,243                       |   | shares      of Acorn Select-Z Fund |   |   | 1,931,014 |   |
|                                                                  |   |                                            | MFS                         |   |                                                                                                                               | 104,395                       |   | shares      of Value A Fund |   |   | 1,831,096 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 168,343                       |   | shares      of Advantage DJ Target Today Fund |   |   | 1,602,623 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 114,607                       |   | shares      of Advantage Outlook Today 2040 I Fund |   |   | 1,218,277 |   |
|                                                                  |   |                                            | Riversource                 |   |                                                                                                                               | 224,745                       |   | shares      of Mid-Cap Value Fund R4 |   |   | 1,056,303 |   |
|                                                                  |   |                                            | Clear      Course           |   |                                                                                                                               | 91,516                        |   | units      of Group Variable Annuity |   |   | 659,521 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 31,973                        |   | shares      of Advantage Outlook Today 2050 I Fund |   |   | 198,874 |   |
|                                                                  | *      |                                            | Wells      Fargo            |   |                                                                                                                               | 184,139                       |   | shares      of Short Term Investment Fund G |   |   | 184,139 |   |
|                                                                  | *      |                                            | Participant      loans      |   | Maturing      through September 2017, interest rates ranging from 4.25% to 10.5%,      collateralized by participant accounts |                          |   | 2,795,972 |   |
|                                                                  |   |                                            |                        |   |                                                                                                                               |                          |   |   |   | $ | 81,655,987 |   |

----

|                     | JOHN      MORRELL & CO. SALARIED EMPLOYEES INCENTIVE SAVINGS PLAN |
|--------------------------|-----------------------------------------------------------------------|
|                     | (Smithfield      Foods, Inc. as Plan Administrator)                   |
|                     |                                                                  |   |
|                     |                                                                  |   |
|                     |                                                                  |   |
| Date:      June 29, 2009 | /s/      Robert W. Manly, IV                                          |   |
|                     | Robert      W. Manly, IV                                              |
|                     | Executive      Vice President and Chief FinancialOfficer              |

----

| Exhibit      23 | Consent      of Independent Registered Public AccountingFirm |
|-----------------|--------------------------------------------------------------|

----