----

----

|  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 

----

| Smithfield Foods, Inc. 401(k)      Plan                                                                  |   |   |        |   |   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                                                                     |   |   |        |   |   |   |
| Statements      of Net Assets Available for Benefits                                                     |   |   |        |   |   |   |
|                                                                                                     |   |   |        |   |   |   |
|                                                                                                     |   |   |        |   |   |   |
|                                                                                                     |   |   |        |   |   |   |
| December      31,                                                                                        |   | 2008   |        |   | 2007   |   |
|                                                                                                     |   |   |        |   |   |   |
|                                                                                                     |   |   |        |   |   |   |
| Investments      - at fair value                                                                         |   | $      | 196,138,911 |   |   | $      | 239,451,789 |   |
| Receivables                                                                                              |   |   |        |   |   |   |   |   |
| Participant      contributions                                                                           |   |   | 617,541     |   |   |   | 335,108 |   |
| Employer      contributions                                                                              |   |   | 224,103     |   |   |   | 118,234 |   |
| Due      from brokers                                                                                    |   |   | 796,926     |   |   |   | - |   |
| Total      receivables                                                                                   |   |   | 1,638,570   |   |   |   | 453,342 |   |
| Cash                                                                                                     |   |   | -           |   |   |   | 49,351,759 |   |
| Net      assets available for benefits - at fair value                                                   |   |   | 197,777,481 |   |   |   | 289,256,890 |   |
| Adjustment      from fair value to contract value for fully benefit-responsive investment      contracts |   |   | 1,848,909   |   |   |   | 131,211 |   |
| Net      assets available for benefits                                                                   |   | $      | 199,626,390 |   |   | $      | 289,388,101 |   |

----

| Smithfield Foods, Inc. 401(k)    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             |   | $      | (86,448,725 | ) |
| Interest      and dividends                                    |   |   | 6,557,727   |   |
|                                                           |   |   | (79,890,998 | ) |
| Contributions                                                  |   |   |        |   |
| Participant                                                    |   |   | 25,396,085  |   |
| Employer                                                       |   |   | 7,991,914   |   |
| Rollover                                                       |   |   | 875,440     |   |
|                                                           |   |   | 34,263,439  |   |
| Total      additions                                           |   |   | (45,627,559 | ) |
| Deductions      from net assets attributed to                  |   |   |        |   |
| Benefits      paid to participants                             |   |   | 26,517,905  |   |
| Administrative      fees                                       |   |   | 132,743     |   |
| Total      deductions                                          |   |   | 26,650,648  |   |
| Transfers      between retirement plans, net                   |   |   | (17,483,504 | ) |
| Net      change                                                |   |   | (89,761,711 | ) |
| Net      assets available for benefits                         |   |   |        |   |
| Beginning      of year                                         |   |   | 289,388,101 |   |
| End      of year                                               |   | $      | 199,626,390 |   |

----

Smithfi

----

----

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

----

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

----

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

|                                                                                                    |   | December      31, |       |
|---------------------------------------------------------------------------------------------------------|--------|-------------------|------------|
|                                                                                                    |   | 2008              |       |   | 2007 |   |
|                                                                                                    |   |              |       |   |   |   |
| Smithfield      Stable Value Fund - at contract value, 3,319,544 and 2,563,811 units,      respectively |   | $                 | 38,488,355 |   |   | $ | 28,477,167 |   |
| Smithfield      Foods, Inc. common stock, 1,374,265 and 827,157 shares,      respectively               |   |              | 19,335,909 |   |   |   | 23,921,373 |   |
| Wells      Fargo DJ Target 2020 (I), 1,363,376 and 1,046,835 shares,      respectively                  |   |              | 14,819,899 |   |   |   | 15,189,575 |   |
| American      Funds EuroPacific Growth Fund (R4), 496,258 and 493,729 shares,      respectively         |   |              | 13,676,868 |   |   |   | 24,765,472 |   |
| PIMCO      Total Return, 1,175,025 shares                                                               |   |              | 11,914,758 |   |   |   | * |   |
| Wells      Fargo Collective S&P 500 Index Fund, 283,551 and 254,488 units,      respectively        |   |              | 11,571,699 |   |   |   | 16,467,946 |   |
| Wells      Fargo Advantage Capital Growth (Admin), 1,072,939 and 1,078,620 shares,      respectively    |   |              | 11,147,832 |   |   |   | 21,432,172 |   |
| MFS      Value Fund (A), 574,505 shares                                                                 |   |              | *          |   |   |   | 15,241,619 |   |
| Columbia      Acorn Select Z Fund, 558,769 shares                                                       |   |              | *          |   |   |   | 15,874,621 |   |

| Mutual      funds             |   | $      | 67,812,937 |   |
|-------------------------------|--------|--------|------------|--------|
| Common      collective trusts |   |   | 5,399,860  |   |
| Variable      annuity         |   |   | 440,550    |   |
| Common      stock             |   |   | 12,795,378 |   |
|                          |   | $      | 86,448,725 |   |

| 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 Aa3/A+ |   |   | $                              | 3,258,552 |       |                              | $      | (19,293 | ) |
| Wells      Fargo Stable Value Fund G        |   |                                | N/A    |   |                           |      | 33,380,894 |                              |   |   | 1,868,202 |   |
|                                        |   |                                |   |   |                           | $         | 36,639,446 |                              |   | $ | 1,848,909 |   |

| December      31, 2007                      |   | Major      Credit Ratings           |   |   | Investments      at Fair Value |      |       | Adjustment      to Contract Value |   |
|---------------------------------------------|--------|-------------------------------------|--------|--------|--------------------------------|-----------|------------|-----------------------------------|--------|
|                                        |   |                                |   |   |                           |      |       |                              |   |
| Principal      guaranteed interest contract |   | Moody’s/S      & P Aa2/AA |   |   | $                              | 4,023,142 |       |                              | $      | 58,023 |   |
| Wells      Fargo Stable Value Fund N        |   |                                | N/A    |   |                           |      | 24,322,814 |                              |   |   | 73,188 |   |
|                                        |   |                                |   |   |                           | $         | 28,345,956 |                              |   | $ | 131,211 |   |

|                                                 |   | 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                          |   | $                                                 | 20,086,426  |   |   | $ | - |   |   | $ | - |   |   | $ | 20,086,426 |   |
| Mutualfunds                          |   |                                              | 116,043,945 |   |   |   | - |   |   |   | - |   |   |   | 116,043,945 |   |
| Collective      trusts               |   |                                              | -           |   |   |   | 45,397,039 |   |   |   | - |   |   |   | 45,397,039 |   |
| Guaranteed investment      contracts |   |                                              | -           |   |   |   | - |   |   |   | 4,382,568 |   |   |   | 4,382,568 |   |
| Participant      loans               |   |                                              | -           |   |   |   | - |   |   |   | 10,228,933 |   |   |   | 10,228,933 |   |
| Total assets at fair      value      |   | $                                                 | 136,130,371 |   |   | $ | 45,397,039 |   |   | $ | 14,611,501 |   |   | $ | 196,138,911 |   |

|                                   |   | ParticipantLoans |       |   | Guaranteed Investment      Contracts |   |
|----------------------------------------|--------|------------------|------------|--------|--------------------------------------|--------|
|                                   |   |             |       |   |                                 |   |
| Balance – beginning of      year |   | $                | 8,296,362  |   |                                 | $      | 5,306,395 |   |
| Unrealized      losses                 |   |             | -          |   |                                 |   | (421,257 | ) |
| Interest      credited                 |   |             | -          |   |                                 |   | 87,857 |   |
| Issuances and settlements,      net    |   |             | 1,932,571  |   |                                 |   | (590,427 | ) |
| Balance – end of      year       |   | $                | 10,228,933 |   |                                 | $      | 4,382,568 |   |

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

----

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

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

| Assets      transferred to the Plan from Smithfield Foods, Inc. Bargaining 401(k)      Plan, net                    |   | $      | 109,813 |   |
|---------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
| Assets      transferred to the Plan from John Morrell & Co. Salaried Employees      Incentive Savings Plan, net |   |   | 35,223  |   |
|                                                                                                                |   | $      | 145,036 |   |

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

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

----

|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   | Supplemental Schedule      I                                                                                                           |
|-----------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
| Smithfield Foods, Inc. 401(k) Plan                              |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |
|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   |   |
| Schedule      of Delinquent Contributions                       |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |
| Schedule      H, Line 4a                                        |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |
|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   |   |
| EIN      52-0845861      Plan 002 |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |
|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   |   |
|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   |   |
|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   |   |
| December      31, 2008                                          |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |
|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   |   |
|                                                            |   |                                                                                                             |   |  Total      that constitute non-exempt prohibited transactions                                              |   |                                                                                                             |
|                                                            |   |                                                                                                             |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   |   |
|                                                            |   | Participant                                                                                                      |   |                                                                                                             |   |                                                                                                             |   |                                                                                                                                   |   | Total      fully |
|                                                            |   | contributions                                                                                                    |   |                                                                                                             |   |  Contributions                                                                                              |   |  Contribution                                                                                                                     |   | corrected      under |
| Contributions                                                   |   | 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                                                            |   |  $                 247 |   |  $                 102 |   |  $                 145 |   |  $                     - |   |  $                     - |

----

|                                          |   |                                            |                               |   |                                                                                                                   |      |   | Supplemental Schedule      II                                  |   |
|-----------------------------------------------|--------|-------------------------------------------------|------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|-----------|--------|----------------------------------------------------------------|--------|
| Smithfield Foods, Inc. 401(k) Plan            |   |                                            |                               |   |                                                                                                                   |
|                                          |   |                                            |                               |   |                                                                                                                   |      |   |                                                           |   |
| Schedule      of Assets (Held at End of Year) |   |                                            |                               |   |
| Schedule      H, Line 4i                      |   |                                            |                               |   |                                                                                                                   |      |   |
|                                          |   |                                            |                               |   |                                                                                                                   |      |   |                                                           |   |
| EIN      52-0845861 Plan 002             |   |                                            |                               |
|                                          |   |                                            |                               |   |                                                                                                                   |      |   |                                                           |   |
|                                          |   |                                            |                               |   |                                                                                                                   |      |   |                                                           |   |
|                                          |   |                                            |                               |   |                                                                                                                   |      |   |                                                           |   |
| 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                              |   |
|                                          |   |                                            |                               |   |                                                                                                                   |      |   |                                                           |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 3,319,544 |   | units      of Smithfield Stable Value Fund - at contract value |   | $ | 38,488,355 |   |
|                                          | *      |                                            | Smithfield      Foods, Inc.        |   |                                                                                                                   | 1,374,265 |   | shares      of Smithfield Foods, Inc. common stock             |   |   | 19,335,909 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 1,363,376 |   | shares      of Wells Fargo DJ Target 2020 (I)                  |   |   | 14,819,899 |   |
|                                          |   |                                            | American      Funds                |   |                                                                                                                   | 496,258   |   | shares      of  EuroPacific Growth Fund (R4)         |   |   | 13,676,868 |   |
|                                          |   |                                            | Pimco                              |   |                                                                                                                   | 1,175,025 |   | shares      of Pimco Total Return Fund                         |   |   | 11,914,758 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 283,551   |   | units      of Collective S&P Index Fund                    |   |   | 11,571,699 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 1,072,939 |   | shares      of Advantage Capital Growth (Admin)                |   |   | 11,147,832 |   |
|                                          |   |                                            | MFS                                |   |                                                                                                                   | 500,518   |   | shares      of Value Fund (A)                                  |   |   | 8,779,086 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 847,142   |   | shares      of Wells Fargo DJ Target 2030 (I)                  |   |   | 8,649,319 |   |
|                                          |   |                                            | Columbia                           |   |                                                                                                                   | 605,981   |   | shares      of Acorn Select Z Fund                             |   |   | 8,526,156 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 727,951   |   | shares      of Advantage Government Securities Fund            |   |   | 7,847,313 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 406,401   |   | shares      of Advantage Small Cap Value Fund                  |   |   | 7,376,173 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 648,366   |   | shares      of Wells Fargo DJ Target 2010 Fund                 |   |   | 7,138,511 |   |
|                                          |   |                                            | Davis                              |   |                                                                                                                   | 198,052   |   | shares      of New York Venture (A)                            |   |   | 4,677,997 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 437,424   |   | shares      of Wells Fargo DJ Target 2040 (I)                  |   |   | 4,649,820 |   |
|                                          |   |                                            | Riversource                        |   |                                                                                                                   | 731,955   |   | shares      of Mid-Cap Value Fund R4                           |   |   | 3,440,187 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 215,102   |   | shares      of Wells Fargo DJ Target Today (I)                 |   |   | 2,047,773 |   |
|                                          | *      |                                            | Wells      Fargo Investments, Inc. |   | Participant-directed      brokerage accounts                                                                           |      |   | 1,202,674                                                      |   |
|                                          |   |                                            | Clearcourse                        |   |                                                                                                                   | 155,971   |   | units      of group variable annuity                           |   |   | 1,124,016 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 144,710   |   | shares      of Wells Fargo DJ Target 2050 (I)                  |   |   | 900,095 |   |
|                                          | *      |                                            | Wells      Fargo                   |   |                                                                                                                   | 444,447   |   | shares      of Short Term Investment Fund G                    |   |   | 444,447 |   |
|                                          | *      |                                            | Participant      loans             |   | Maturing      through November 2018, interest rates ranging from 4.25% to 11.50%,      secured by participant accounts |      |   | 10,228,933                                                     |   |
|                                          |   |                                            |                               |   |                                                                                                                   |      |   |                                                           |   | $ | 197,987,820 |   |

----

|                     | SMITHFIELD      FOODS, INC. 401(k) 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 |
|-----------------|--------------------------------------------------------------|

----