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ANNUAL REPORT ON FORM 10-K

HORMEL FOODS CORPORATION

OCTOBER 31, 2010

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2010

or

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  to

Commission File Number: 1-2402

HORMEL FOODS CORPORATION

(Exact name of registrant as specified in its charter)

Registrant's telephone number, including area code (507) 437-5611

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  x  No  o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  o  No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T during the preceding 12 months. Yes  x No  o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  o  No  x

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of April 25, 2010 (the last business day of the registrant's most recently completed second fiscal quarter) was $2,740,007,279 based on the closing price of $40.02 per share on that date.

As of December 3, 2010, the number of shares outstanding of each of the registrant's classes of common stock was as follows:

Common Stock, $.0586 Par Value - 133,124,485 shares

Common Stock Non-Voting, $.01 Par Value - 0 shares

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Annual Stockholders' Report for the fiscal year ended October 31, 2010, are incorporated by reference into Part I, Items 1 and 1A and Part II, Items 5-8 and 9A, and included as Exhibit 13.1 filed herewith.

Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held January 31, 2011, are incorporated by reference into Part III, Items 10-14.

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HORMEL FOODS CORPORATION

TABLE OF CONTENTS

PART I
Item 1.	BUSINESS	3
Item 1A.	RISK FACTORS	8
Item 1B.	UNRESOLVED STAFF COMMENTS	8
Item 2.	PROPERTIES	9
Item 3.	LEGAL PROCEEDINGS	11
PART II
Item 5.	MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	12
Item 6.	SELECTED FINANCIAL DATA	12
Item 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	12
Item 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	12
Item 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	13
Item 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	13
Item 9A.	CONTROLS AND PROCEDURES	13
Item 9B.	OTHER INFORMATION	13
PART III
Item 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	13
Item 11.	EXECUTIVE COMPENSATION	14
Item 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	14
Item 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	14
Item 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	14
PART IV
Item 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	14
SIGNATURES		15

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PART I

Item 1.  BUSINESS

(a)  General Development of Business

Hormel Foods Corporation, a Delaware corporation (the Company), was founded by George A. Hormel in 1891 in Austin, Minnesota, as George A. Hormel & Company.  The Company started as a processor of meat and food products and continues in this line of business.  The Company name was changed to Hormel Foods Corporation on January 31, 1995.  The Company is primarily engaged in the production of a variety of meat and food products and the marketing of those products throughout the United States and internationally.  Although pork and turkey remain the major raw materials for its products, the Company has emphasized for several years the manufacturing and distribution of branded, value-added consumer items rather than the commodity fresh meat business. The Company has continually expanded its product portfolio through organic growth, new product development, and acquisitions.

Internationally, the Company markets its products through Hormel Foods International Corporation (HFIC), a wholly owned subsidiary.  HFIC has a presence in the international marketplace through joint ventures and placement of personnel in strategic foreign locations such as Australia, Canada, China, Japan, and the Philippines.  HFIC also has a global presence with minority positions in food companies in Mexico (Hormel Alimentos, 50% holding) and the Philippines (Purefoods-Hormel, 40% holding), and in a hog production and processing operation in Vietnam (San Miguel Purefoods (Vietnam) Co. Ltd., 49% holding).

On October 26, 2009, the Company completed the formation of MegaMex Foods, LLC (MegaMex), a 50 percent owned joint venture which markets Mexican Foods in the United States. During the Company's fourth quarter of fiscal 2010, MegaMex also acquired Don Miguel Foods Corp., a leading provider of branded frozen and fresh authentic Mexican appetizers, snacks, and hand-held items.

Effective February 1, 2010, the Company also completed the acquisition of the Country Crock ® chilled side dish business from Unilever United States Inc.  This line of microwaveable, refrigerated side dishes complements the Company's Hormel ® refrigerated entrees and Lloyd's ® barbeque product lines.

The Company has not been involved in any bankruptcy, receivership, or similar proceedings during its history. Substantially all the assets of the Company have been acquired in the ordinary course of business.

The Company had no significant change in the type of products produced or services rendered, or in the markets or methods of distribution since the beginning of the 2010 fiscal year.

(b)  Segments

The Company's business is reported in five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store (JOTS), Specialty Foods, and All Other.  Net sales to unaffiliated customers and operating profit, and the presentation of certain other financial information by segment, are reported in Note N of the Notes to Consolidated Financial Statements and in the Management's Discussion and Analysis of Financial Condition and Results of Operations of the Annual Stockholder's Report for the fiscal year ended October 31, 2010, incorporated herein by reference.

(c)  Description of Business

Products and Distribution

The Company's products primarily consist of meat and other food products.  The meat products are sold fresh, frozen, cured, smoked, cooked, and canned.  The percentages of total revenues contributed by classes of similar products for the last three fiscal years of the Company are as follows:

		Fiscal Year Ended
		October 31, 2010		October 25, 2009		October 26, 2008
Perishable meat		54.3	%	53.9	%	53.5	%
Poultry		18.7		19.3		19.2
Shelf-stable		17.5		17.3		17.1
Other		9.5		9.5		10.2
		100.0	%	100.0	%	100.0	%

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Reporting of revenues from external customers is based on similarity of products, as the same or similar products are sold across multiple distribution channels such as retail, foodservice, or international. Revenues reported are based on financial information used to produce the Company's general-purpose financial statements.

Perishable meat includes fresh meats, sausages, hams, wieners, and bacon (excluding JOTS products). The Poultry category is composed primarily of JOTS products.  Shelf-stable includes canned luncheon meats, shelf-stable microwaveable entrees, stews, chilies, hash, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other items that do not require refrigeration.  The Other category primarily consists of nutritional food products and supplements, sugar and sugar substitutes, creamers, salt and pepper products, sauces and salad dressings, dessert and drink mixes, and industrial gelatin products.

Domestically, the Company sells its products in all 50 states.  The Company's products are sold through its sales personnel, operating in assigned territories coordinated from sales offices located in most of the larger U.S. cities, as well as independent brokers and distributors.  Dedicated sales teams also serve major retail customers and coordinate sales of both Grocery Products and Refrigerated Foods products.  As of October 31, 2010, the Company had approximately 660 sales personnel engaged in selling its products.  Distribution of products to customers is primarily by common carrier.

Through HFIC, the Company markets its products in various locations throughout the world.  Some of the larger markets include Australia, Canada, China, England, Japan, Mexico, Micronesia, the Philippines, and South Korea.  The distribution of export sales to customers is by common carrier, while the China operations own and operate their own delivery system.  The Company, through HFIC, has licensed companies to manufacture various Company products internationally on a royalty basis, with the primary licensees being Tulip International of Denmark and CJ CheilJedang Corporation of South Korea.

Raw Materials

The Company has, for the past several years, been concentrating on processed branded products for consumers with year-round demand to minimize the seasonal variation experienced with commodity-type products.  Pork continues to be the primary raw material for Company products.  Although the live pork industry has evolved to large, vertically integrated, year-round confinement operations, and supply contracts have become prevalent in the industry, there is still a seasonal variation in the supply of fresh pork materials.  The Company's expanding line of processed items has reduced, but not eliminated, the sensitivity of Company results to raw material supply and price fluctuations.

The majority of the hogs harvested by the Company are purchased under supply contracts from producers located principally in Colorado, Idaho, Illinois, Iowa, Kansas, Minnesota, Nebraska, Oklahoma, South Dakota, Texas, Utah, and Wisconsin.  The cost of hogs and the utilization of the Company's facilities are affected by both the level and the methods of pork production in the United States.  The movement toward year-round confinement operations which operate under supply agreements with processors has resulted in fewer hogs being available on the spot cash market.  The Company, like others in the industry, uses supply contracts to manage the effects of this trend and to ensure a stable supply of raw materials.  The Company has converted the majority of its contracts to market-based formulas to better match input costs with customer pricing, and all contract costs are fully reflected in the Company's reported financial statements.  In fiscal 2010, the Company purchased 94 percent of its hogs under supply contracts. The Company also procures a portion of its hogs through farms that it either owns or operates in Arizona, California, Colorado, Kansas, and Wyoming.

In fiscal 2010, JOTS raised turkeys representing approximately 70 percent of the volume needed to meet its raw material requirements for whole bird and processed turkey products.  Turkeys not sourced within the Company are contracted with independent turkey growers.  JOTS' turkey-raising farms are located throughout Minnesota and Wisconsin.

Production costs in raising hogs and turkeys are subject primarily to fluctuations in feed grain prices and, to a lesser extent, fuel costs.  To manage this risk, the Company hedges a portion of its anticipated purchases of grain using futures contracts.

Manufacturing

The Company has four plants that harvest hogs for processing.  Quality Pork Processors, Inc. of Dallas, Texas, operates the harvesting facility at Austin, Minnesota, under a custom harvesting arrangement.  The Company has six turkey harvest and processing operations, and 39 facilities that produce and distribute other manufactured items. Albert Lea Select Foods, Inc. operates the processing facility at Albert Lea, Minnesota, under a custom manufacturing agreement.  Company products are also custom manufactured by several other companies.  The following are the Company's larger custom manufacturers: Steuben Foods, Jamaica, New York; Park 100, Kokomo, Indiana; Wells' Dairy, Inc., Le Mars, Iowa; Lakeside Packing Company, Manitowoc, Wisconsin; Schroeder Milk, Maplewood, Minnesota; Reichel Foods, Rochester, Minnesota; Power Packaging, St. Charles, Illinois; Tony Downs, St. James, Minnesota; and Reser's Fine Foods, Topeka, Kansas.  Exel, Inc., based in Westerville, Ohio, operates distribution centers for the Company in Dayton, Ohio, and Osceola, Iowa.

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Patents and Trademarks

There are numerous patents and trademarks that are important to the Company's business.  The Company holds 11 foreign and 47 U.S.-issued patents.  Some of the trademarks are registered and some are not. Some of the more significant owned or licensed trademarks used by the Company or its affiliates are:

HORMEL, ALWAYS TENDER, AMERICAN CLASSICS, AUSTIN BLUES, BANGKOK PADANG, BLACK LABEL, BREAD READY, BÚFALO, CAFÉ H, CALIFORNIA NATURAL, CHI-CHI'S, COMPLEATS, COUNTRY CROCK, CURE 81, CUREMASTER, DAN'S PRIZE, DI LUSSO, DINTY MOORE, DODGER DOG, DON MIGUEL, DOÑA MARIA, DUBUQUE, EMBASA, FARMER JOHN, FAST ‘N EASY, GRANDE GOURMET, HERB-OX, HERDEZ, HIBACHI GRILL, HOMELAND, HOUSE OF TSANG, JENNIE-O TURKEY STORE, KID'S KITCHEN, LA VICTORIA, LAYOUT, LITTLE SIZZLERS, LLOYD'S, MAGNIFOODS, MANNY'S, MARRAKESH EXPRESS, MARY KITCHEN, NATURAL CHOICE, NATURASELECT, OLD SMOKEHOUSE, PELOPONNESE, PILLOW PACK, POCO PAC, PREP CHEF, PREMORO, RANGE BRAND, RICO OLE', ROSA GRANDE, SAAG'S, SANDWICH MAKER, SAUCY BLUES, SPAM, SPAMTASTIC, STAGG, TEZZATA, THICK & EASY, VALLEY FRESH, and WRANGLERS.

Country Crock ® remains a registered trademark of the Unilever Group of Companies and is being used under license.

The Company's patents expire after a term that is typically 20 years from the date of filing, with earlier expiration possible based on the Company's decision to pay required maintenance fees.  As long as the Company intends to continue using its trademarks, they are renewed indefinitely.

Customers and Backlog Orders

During fiscal year 2010, sales to Wal-Mart Stores, Inc. (Wal-Mart) represented approximately 13 percent of the Company's revenues (measured as gross sales less returns and allowances), the same percentage as fiscal year 2009.  Wal-Mart is a customer for all five segments of the Company.  The five largest customers in each segment make up approximately the following percentage of segment sales: 46 percent of Grocery Products, 36 percent of Refrigerated Foods, 43 percent of JOTS, 42 percent of Specialty Foods, and 24 percent of All Other.  The loss of one or more of the top customers in any of these segments could have a material adverse effect on the results of such segment.  Backlog orders are not significant due to the perishable nature of a large portion of the products.  Orders are accepted and shipped on a current basis.

Competition

The production and sale of meat and food products in the United States and internationally are highly competitive. The Company competes with manufacturers of pork and turkey products, as well as national and regional producers of other meat and protein sources, such as beef, chicken, and fish.  The Company believes that its largest domestic competitors for its Refrigerated Foods segment in 2010 were Tyson Foods and Smithfield Foods; for its Grocery Products segment, ConAgra Foods, General Mills, and Campbell Soup Co.; and for JOTS, Cargill, Inc. and Butterball, LLC.

All segments compete on the basis of price, product quality, brand identification, breadth of product line, and customer service. Through aggressive marketing and strong quality assurance programs, the Company's strategy is to provide higher quality products that possess strong brand recognition, which would then support higher value perceptions from customers.

The Company competes using this same strategy in international markets around the world.

Research and Development

Research and development continues to be a vital part of the Company's strategy to extend existing brands and expand into new branded items.  The expenditures for research and development for fiscal 2010, 2009, and 2008, were approximately $27.6 million, $25.4 million, and $22.7 million, respectively. There are 112 employees engaged in full time research and development, 50 in the area of improving existing products and 62 in developing new products.

Employees

As of October 31, 2010, the Company had approximately 19,300 active domestic and foreign employees.

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(d)  Geographic Areas

Financial information about geographic areas, including total revenues attributed to the U.S. and all foreign countries in total for the last three fiscal years of the Company, is reported in Note N of the Notes to Consolidated Financial Statements of the Annual Stockholder's Report for the fiscal year ended October 31, 2010, incorporated herein by reference.

(e)  Available Information

The Company makes available, free of charge on its Web site at www.hormelfoods.com , its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.  These reports are accessible under the caption, "Investors - SEC Filings" on the Company's Web site and are available as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission.

The documents noted above are also available in print, free of charge, to any stockholder who requests them.

(f)  Executive Officers of the Registrant

								YEAR
								FIRST
				CURRENT OFFICE AND PREVIOUS				ELECTED
NAME		AGE		FIVE YEARS EXPERIENCE		DATES		OFFICER
Jeffrey M. Ettinger		52		Chairman of the Board, President and Chief Executive Officer		11/21/06 to Present		1998
				President and Chief Executive Officer		01/01/06 to 11/20/06
				President and Chief Operating Officer		06/28/04 to 12/31/05
Jody H. Feragen		54		Executive Vice President and Chief Financial Officer		11/1/10 to Present		2000
				Senior Vice President and Chief Financial Officer		01/01/07 to 10/31/10
				Vice President (Finance) and Treasurer		10/31/05 to 12/31/06
Steven G. Binder		53		Executive Vice President (Refrigerated Foods)		11/01/10 to Present		1998
				Group Vice President (Refrigerated Foods)		07/30/07 to 10/31/10
				Group Vice President (Foodservice)		10/30/00 to 07/29/07
Ronald W. Fielding		57		Executive Vice President (Corporate Strategic Planning and Development)		11/01/10 to Present		1997
				Executive Vice President (Grocery Products/ Corporate Development)		04/07/08 to 10/31/10
				Executive Vice President (Grocery Products/ Mergers and Acquisitions)		01/01/07 to 04/06/08
				Group Vice President (Grocery Products)		10/31/05 to 12/31/06
Richard A. Bross		59		Group Vice President/President Hormel Foods International Corporation		10/29/01 to Present		1995
Thomas R. Day		52		Group Vice President (Foodservice)		11/01/10 to Present		2000
				Senior Vice President (Foodservice)		07/30/07 to 10/31/10
				Vice President (Foodservice Sales)		10/30/00 to 07/29/07
James M. Splinter		48		Group Vice President (Grocery Products)		11/01/10 to Present		2003
				Vice President (Marketing-Consumer Products- Refrigerated Foods)		06/02/03 to 10/31/10

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(f)  Executive Officers of the Registrant-Continued

								YEAR
								FIRST
				CURRENT OFFICE AND PREVIOUS				ELECTED
NAME		AGE		FIVE YEARS EXPERIENCE		DATES		OFFICER
Robert A. Tegt		59		Group Vice President/President Jennie-O Turkey Store		12/01/08 to Present		2005
				Group Vice President (Specialty Foods Group)		10/29/07 to 11/30/08
				Vice President (Specialty Foods Group)		01/01/06 to 10/28/07
				Senior Vice President (Foodservice Division) - Jennie-O Turkey Store		04/30/01 to 12/31/05
Michael D. Tolbert		54		Group Vice President (Specialty Foods Group)		12/01/08 to Present		2004
				Group Vice President/President Jennie-O Turkey Store		10/31/05 to 11/30/08
Larry L. Vorpahl		47		Group Vice President (Consumer Products Sales)		10/31/05 to Present		1999
James W. Cavanaugh		61		Senior Vice President (External Affairs) and General Counsel		10/29/07 to Present		2001
				Senior Vice President (External Affairs), General Counsel, and Corporate Secretary		01/01/05 to 10/28/07
William F. Snyder		53		Senior Vice President (Supply Chain)		10/31/05 to Present		1999
D. Scott Aakre		46		Vice President (Marketing-Grocery Products)		10/31/05 to Present		2005
Deanna T. Brady		45		Vice President (Foodservice Sales)		07/30/07 to Present		2007
				Regional Sales Manager-West (Foodservice Sales)		06/02/03 to 07/29/07
Julie H. Craven		55		Vice President (Corporate Communications)		08/01/05 to Present		2005
Michael L. Devine		56		Vice President (Grocery Products Operations)		10/27/08 to Present		2008
				Director (Grocery Products Operations Strategy)		09/03/07 to 10/26/08
				Plant Manager (Stockton)		07/29/96 to 09/02/07
Bryan D. Farnsworth		53		Vice President (Quality Management)		08/01/05 to Present		2005
Roland G. Gentzler		56		Vice President (Finance) and Treasurer		01/01/07 to Present		2007
				Assistant Controller and Director of Finance (Refrigerated Foods)		05/01/00 to 12/31/06
Dennis B. Goettsch		57		Vice President (Foodservice Marketing)		10/30/00 to Present		2000
Daniel A. Hartzog		59		Vice President (Consumer Products Sales)		07/26/04 to Present		2000
Brian D. Johnson		50		Vice President and Corporate Secretary		11/22/10 to Present		2007
				Corporate Secretary and Senior Attorney		10/29/07 to 11/21/10
				Assistant Secretary and Senior Attorney		01/31/05 to 10/28/07
David P. Juhlke		51		Vice President (Human Resources)		10/31/05 to Present		2005
Donald H. Kremin		50		Vice President (Consumer Product Sales)		10/29/07 to Present		2007
				Director Wal-Mart Business Team (Consumer Product Sales)		09/05/05 to 10/28/07
Phillip L. Minerich, Ph.D.		57		Vice President (Research and Development)		10/31/05 to Present		2005
Kurt F. Mueller		54		Vice President (Consumer Products Sales)		07/26/04 to Present		1999

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(f)  Executive Officers of the Registrant-Continued

								YEAR
								FIRST
				CURRENT OFFICE AND PREVIOUS				ELECTED
NAME		AGE		FIVE YEARS EXPERIENCE		DATES		OFFICER
Douglas R. Reetz		56		Vice President (Consumer Products Sales)		07/26/04 to Present		1999
James R. Schroeder		53		Vice President (Engineering)		04/27/09 to Present		2009
				Manager of Project and Plant Engineering (Corporate Office)		01/11/99 to 04/26/09
Bruce R. Schweitzer		59		Vice President (Refrigerated Foods Operations)/ President PFFJ Farms		11/01/10 to Present		2005
				Vice President (Refrigerated Foods Operations)		10/31/05 to 10/31/10
James N. Sheehan		55		Vice President and Controller		05/01/00 to Present		1999
James P. Snee		43		Vice President (Affiliated Business Units- Refrigerated Foods)		10/27/08 to Present		2008
				Director (Purchasing)		02/13/06 to 10/26/08
				Regional Sales Manager-West and Corporate National Accounts Manager (Foodservice Sales)		11/01/99 to 02/12/06
Joe C. Swedberg		55		Vice President (Legislative Affairs)		08/11/08 to Present		1999
				Vice President (Legislative Affairs and Marketing Services)		06/02/03 to 08/10/08

No family relationship exists among the executive officers.

Executive officers are elected annually by the Board of Directors at the first meeting following the Annual Meeting of Stockholders.  Vacancies may be filled and additional officers elected at any regular or special meeting.

Item 1A.  RISK FACTORS

Information on the Company's risk factors included in the Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 26 through 28 of the Annual Stockholders' Report for the fiscal year ended October 31, 2010, is incorporated herein by reference.

Item 1B.  UNRESOLVED STAFF COMMENTS

None.

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Item 2.  PROPERTIES

				Approximate Area				Lease
				(Square Feet,		Owned or		Expiration
Location		Principal Segment (1)		Unless Noted)		Leased		Date
Harvest and Processing Plants
Austin, Minnesota		Refrigerated Foods		1,352,000		Owned
		Grocery Products
		Specialty Foods
		All Other
Barron, Wisconsin		JOTS		392,000		Owned
Beijing, China		All Other		95,000		80.0% Owned
Faribault, Minnesota		JOTS		173,000		Owned
Fremont, Nebraska		Refrigerated Foods		670,000		Owned
		Grocery Products
		Specialty Foods
		All Other
Melrose, Minnesota		JOTS		134,000		Owned
Vernon, California		Refrigerated Foods		632,000		Owned
		All Other		93,000		Leased		March 2014
Willmar, Minnesota		JOTS		338,000		Owned
Processing Plants
Albert Lea, Minnesota		Refrigerated Foods		78,000		Owned
Algona, Iowa		Refrigerated Foods		153,000		Owned
Alma, Kansas		Refrigerated Foods		66,000		Owned
Ames, Iowa		Refrigerated Foods		9,000		Leased		December 2010
Aurora, Illinois		Specialty Foods		141,000		Owned
Beloit, Wisconsin		Grocery Products		339,000		Owned
		Specialty Foods
		Grocery Products		5,000		Leased		Monthly
		Specialty Foods
Bremen, Georgia		Specialty Foods		156,000		Owned
Browerville, Minnesota		Refrigerated Foods		95,000		Owned
Dubuque, Iowa		Grocery Products		342,000		Owned
Duluth, Georgia		Specialty Foods		80,000		Owned
Ft. Dodge, Iowa		Grocery Products		17,000		Owned
Knoxville, Iowa		Refrigerated Foods		130,000		Owned
Lathrop, California		Refrigerated Foods		85,000		Owned
Laverton, Australia		All Other		22,000		Leased		March 2011
Long Prairie, Minnesota		Refrigerated Foods		82,000		Owned
Mitchellville, Iowa		Specialty Foods		81,000		Owned
Montevideo, Minnesota		JOTS		89,000		Owned
Nevada, Iowa		Refrigerated Foods		139,000		Owned
New Berlin, Wisconsin		Grocery Products		84,000		Leased		February 2012
Osceola, Iowa		Refrigerated Foods		365,000		Owned
Pelican Rapids, Minnesota		JOTS		373,000		Owned
Perrysburg, Ohio		Specialty Foods		183,000		Owned
Quakertown, Pennsylvania		Specialty Foods		10,000		Owned
Rochelle, Illinois		Refrigerated Foods		404,000		Owned
		Grocery Products
		Specialty Foods
San Leandro, California		Refrigerated Foods		41,000		Leased		November 2021
Savannah, Georgia		Specialty Foods		300,000		Owned
Shanghai, China		All Other		33,000		80.7% Owned
		All Other		4,000		Leased		September 2011
Sparta, Wisconsin		Specialty Foods		385,000		Owned
St. Paul, Minnesota		Refrigerated Foods		58,000		Owned

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Item 2.  PROPERTIES - Continued

				Approximate Area				Lease
				(Square Feet,		Owned or		Expiration
Location		Principal Segment (1)		Unless Noted)		Leased		Date
Processing Plants (continued)
Stockton, California		Grocery Products		139,000		Owned
		Specialty Foods
Tucker, Georgia		Grocery Products		282,000		Owned
		Refrigerated Foods
		Specialty Foods
Visalia, California		Specialty Foods		107,000		Owned
Wichita, Kansas		Refrigerated Foods		87,000		Owned
Warehouse/Distribution Centers
Austin, Minnesota		Refrigerated Foods		83,000		Owned
		Grocery Products
Beijing, China		All Other		4,000		Leased		Monthly
Bondurant, Iowa		Specialty Foods		99,000		Owned
Dayton, Ohio		Refrigerated Foods		140,000		Owned
		Grocery Products
		Specialty Foods
Eldridge, Iowa		Grocery Products		424,000		Leased		July 2019
		Specialty Foods
Fresno, California		Refrigerated Foods		25,000
Nevada, Iowa		Refrigerated Foods		93,000		Owned
Osceola, Iowa		Refrigerated Foods		233,000		Owned
Stockton, California		Grocery Products		232,000		Leased		December 2011
Tucker, Georgia		Grocery Products		96,000		Leased		October 2012
		Refrigerated Foods
		Specialty Foods
Vernon, California		Refrigerated Foods		118,000		Owned
Willmar, Minnesota		JOTS		112,000		Owned
Hog Confinement Buildings
Albin, Wyoming		Refrigerated Foods		458,000		Owned
Corcoran, California		Refrigerated Foods		816,000		Owned
Las Animas, Colorado		Refrigerated Foods		653,000		Owned
Pine Bluffs, Wyoming		Refrigerated Foods		64,000		Owned
Snowflake, Arizona		Refrigerated Foods		1,506,000		Owned
Hatcheries
Barron, Wisconsin		JOTS		29,000		Owned
Detroit Lakes, Minnesota		JOTS		27,000		Owned
Henning, Minnesota		JOTS		21,000		Owned
Feed Mills
Albin, Wyoming		Refrigerated Foods		6,000		Owned
Atwater, Minnesota		JOTS		19,000		Owned
Barron, Wisconsin		JOTS		26,000		Owned
Corcoran, California		Refrigerated Foods		5,000		Owned
Dawson, Minnesota		JOTS		37,000		Owned
Faribault, Minnesota		JOTS		25,000		Owned
Henning, Minnesota		JOTS		5,000		Owned
Northfield, Minnesota		JOTS		17,000		Owned
Perham, Minnesota		JOTS		26,000		Owned
Snowflake, Arizona		Refrigerated Foods		28,000		Owned
Swanville, Minnesota		JOTS		29,000		Owned

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Item 2.  PROPERTIES - Continued

				Approximate Area				Lease
				(Square Feet,		Owned or		Expiration
Location		Principal Segment (1)		Unless Noted)		Leased		Date
Turkey Farms
Minnesota and Wisconsin		JOTS		15,000	(2)	Owned
Research and Development
Austin, Minnesota		All Segments		83,000		Owned
Shanghai, China		All Other		5,000		80.7% Owned
Willmar, Minnesota		JOTS		10,000		Owned
Administrative Offices
Austin, Minnesota		All Segments		231,000		Owned
Beijing, China		All Other		4,000		Leased		May 2011
Gainesville, Georgia		Refrigerated Foods		5,000		Leased		November 2014
Las Animas, Colorado		Refrigerated Foods		4,000		Leased		January 2014
Laverton, Australia		All Other		3,000		Leased		September 2013
Savannah, Georgia		Specialty Foods		14,000		Owned
Shanghai, China		All Other		11,000		Leased		July 2011
Snowflake, Arizona		Refrigerated		5,000		Leased		January 2015
Spicer, Minnesota		JOTS		14,000		Leased		June 2011
Vernon, California		Refrigerated Foods		17,000		Leased		March 2014
Willmar, Minnesota		JOTS		21,000		Owned

(1) Many of the Company's properties are not exclusive to any one segment, and a few of the properties are utilized in all five segments. For locations that support multiple segments, but with a substantial percentage of activity attributable to certain segments, only the principal segments have been listed.

(2)    Acres

The Company believes its operating facilities are well maintained and suitable for current production volumes, and expansion plans are either completed or in process to accommodate all volumes anticipated in the foreseeable future.

Item 3.  LEGAL PROCEEDINGS

The Company is a party to various legal proceedings related to the on-going operation of its business.  The resolution of any currently known matters is not expected to have a material effect on the Company's financial condition, results of operations, or liquidity.

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PART II

Item 5.  MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The high and low sales price of the Company's common stock and the dividends per share declared for each quarter of fiscal 2010 and fiscal 2009, respectively, are shown below:

2010		High			Low			Dividend
First Quarter		$	39.80		$	36.02		$	0.21
Second Quarter		42.68			38.25			0.21
Third Quarter		42.87			38.76			0.21
Fourth Quarter		45.93			42.29			0.21

2009		High			Low			Dividend
First Quarter		$	31.87		$	24.84		$	0.19
Second Quarter		33.43			29.26			0.19
Third Quarter		36.36			29.17			0.19
Fourth Quarter		39.02			34.64			0.19

Additional information about dividends, principal market of trade, and number of stockholders on pages 58 and 59 of the Annual Stockholders' Report for the fiscal year ended October 31, 2010, is incorporated herein by reference.  The Company's common stock has been listed on the New York Stock Exchange since January 16, 1990.

Issuer purchases of equity securities in the fourth quarter of fiscal year 2010 are shown below:

Period		Total Number of Shares Purchased		Average Price Paid Per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 1		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs 1
July 26, 2010 – August 29, 2010		-		-			-		4,784,500
August 30, 2010 – September 26, 2010		190,000		$	43.89		190,000		4,594,500
September 27, 2010 – October 31, 2010		180,000		$	44.81		180,000		4,414,500
Total		370,000		$	44.33		370,000

1 On May 26, 2010, the Company announced that its Board of Directors had authorized the Company to repurchase up to 5,000,000 shares of common stock with no expiration date.

Item 6.  SELECTED FINANCIAL DATA

Selected Financial Data for the five fiscal years ended October 31, 2010, on page 12 of the Annual Stockholders' Report for the fiscal year ended October 31, 2010, is incorporated herein by reference.

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Information in the Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 13 through 29 of the Annual Stockholders' Report for the fiscal year ended October 31, 2010, is incorporated herein by reference.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information on the Company's exposure to market risk included in the Management's Discussion and Analysis of Financial Condition and Results of Operations on pages 28 and 29 of the Annual Stockholders' Report for the fiscal year ended October 31, 2010, is incorporated herein by reference.

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Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Consolidated Financial Statements, including unaudited quarterly data, on pages 33 through 56 and the Report of Independent Registered Public Accounting Firm on page 32 of the Annual Stockholders' Report for the fiscal year ended October 31, 2010, are incorporated herein by reference.

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

Item 9A.  CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of the end of the period covered by this report (the Evaluation Date), the Company carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)).  In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.  Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

(a) The report entitled "Management's Report on Internal Control Over Financial Reporting" on page 30 of the Annual Stockholder's Report for the fiscal year ended October 31, 2010, is incorporated herein by reference.

(b) The report entitled "Report of Independent Registered Public Accounting Firm" on page 31 of the Annual Stockholder's Report for the fiscal year ended October 31, 2010, is incorporated herein by reference.

(c) During the fourth quarter of fiscal year 2010, there has been no change in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

Item 9B.  OTHER INFORMATION

None.

PART III

Item 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information under "Item 1 - Election of Directors" on pages 2 through 5, information under "Board Independence" on page 7, and information under "Board of Director and Committee Meetings" on pages 7 and 8 of the definitive proxy statement for the Annual Meeting of Stockholders to be held January 31, 2011, is incorporated herein by reference.

Information concerning Executive Officers is set forth in Part I, Item 1(f) of this Annual Report of Form 10-K, pursuant to Instruction 3 to Paragraph (b) of Item 401 of Regulation S-K.

Information under "Section 16(a) Beneficial Ownership Reporting Compliance," on page 34 of the definitive proxy statement for the Annual Meeting of Stockholders to be held January 31, 2011, is incorporated herein by reference.

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The Company has adopted a Code of Ethical Business Conduct in compliance with applicable rules of the Securities and Exchange Commission that applies to its principal executive officer, its principal financial officer, and its principal accounting officer or controller, or persons performing similar functions.  A copy of the Code of Ethical Business Conduct is available on the Company's Web site at www.hormelfoods.com , free of charge, under the caption, "Investors - Corporate Governance."  The Company intends to satisfy any disclosure requirement under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of this Code of Ethical Business Conduct by posting such information on the Company's Web site at the address and location specified above.

Item 11.  EXECUTIVE COMPENSATION

Information commencing with "Executive Compensation" on page 16 through "Potential Payments Upon Termination at Fiscal 2010 Year End" on pages 31 and 32, and information under "Compensation of Directors" on pages 9 through 11 of the definitive proxy statement for the Annual Meeting of Stockholders to be held January 31, 2011, is incorporated herein by reference.

Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information regarding the Company's equity compensation plans as of October 31, 2010, is shown below:

Plan Category		Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights		Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights			Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
		(a)		(b)			(c)
Equity compensation plans approved by security holders		11,023,920		$	32.94		17,647,374
Equity compensation plans not approved by security holders		-		-			-
Total		11,023,920		$	32.94		17,647,374

Information under "Security Ownership of Certain Beneficial Owners" and "Security Ownership of Management" on pages 14 through 16 of the definitive proxy statement for the Annual Meeting of Stockholders to be held January 31, 2011, is incorporated herein by reference.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS , AND DIRECTOR INDEPENDENCE

Information under "Related Party Transactions" on page 34 and "Board Independence" on page 7 of the definitive proxy statement for the Annual Meeting of Stockholders to be held January 31, 2011, is incorporated herein by reference.

Item 14.  PRINCIPAL ACCOUNTING FEES AND SERVICES

Information under "Independent Registered Public Accounting Firm Fees" and "Audit Committee Preapproval Policies and Procedures" on page 14 of the Company's definitive proxy statement for the Annual Meeting of Stockholders to be held January 31, 2011, is incorporated herein by reference.

PART IV

Item 15.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The response to Item 15 is submitted as a separate section of this report.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HORMEL FOODS CORPORATION
	By:	/s/ JEFFREY M. ETTINGER	December 21, 2010
		JEFFREY M. ETTINGER, Chairman of the	Date
		Board, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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F-1

ANNUAL REPORT ON FORM 10-K

ITEM 15

LIST OF FINANCIAL STATEMENTS

FINANCIAL STATEMENT SCHEDULE

LIST OF EXHIBITS

FISCAL YEAR ENDED OCTOBER 31, 2010

HORMEL FOODS CORPORATION

Austin, Minnesota

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F-2

Item 15

LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES

HORMEL FOODS CORPORATION

FINANCIAL STATEMENTS

The following consolidated financial statements of Hormel Foods Corporation included in the Annual Stockholders' Report for the fiscal year ended October 31, 2010, are incorporated herein by reference in Item 8 of Part II of this report:

Consolidated Statements of Financial Position- October 31, 2010, and October 25, 2009.

Consolidated Statements of Operations- Fiscal Years Ended October 31, 2010, October 25, 2009, and October 26, 2008.

Consolidated Statements of Changes in Shareholders' Investment- Fiscal Years Ended October 31, 2010, October 25, 2009, and October 26, 2008.

Consolidated Statements of Cash Flows- Fiscal Years Ended October 31, 2010, October 25, 2009, and October 26, 2008.

Notes to Financial Statements- October 31, 2010.

Report of Independent Registered Public Accounting Firm

FINANCIAL STATEMENT SCHEDULES

The following consolidated financial statement schedule of Hormel Foods Corporation required pursuant to Item 15(c) is submitted herewith:

Schedule II - Valuation and Qualifying Accounts and Reserves...F-3

FINANCIAL STATEMENTS AND SCHEDULES OMITTED

Condensed parent company financial statements of the registrant are omitted pursuant to Rule 5-04(c) of Article 5 of Regulation S-X.

All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted.

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F-3

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

HORMEL FOODS CORPORATION

(In Thousands)

					Additions/(Benefits)
		Balance at			Charged to			Charged to						Balance at
		Beginning			Costs and			Other Accounts-			Deductions-			End of
Classification		of Period			Expenses			Describe			Describe			Period
Valuation reserve deduction from assets account:
Fiscal year ended October 31, 2010 Allowance for doubtful accounts receivable		$	4,064		$	(307	)	$	0		$	340 (583	(1) )(2)	$	4,000
Fiscal year ended October 25, 2009 Allowance for doubtful accounts receivable		$	3,144		$	1,821		$	0		$	1,112 (211	(1) )(2)	$	4,064
Fiscal year ended October 26, 2008 Allowance for doubtful accounts receivable		$	3,180		$	473		$	117	(3)	$	768 (142	(1) )(2)	$	3,144

Note (1)  – Uncollectible accounts written off.

Note (2)  – Recoveries on accounts previously written off.

Note (3)  – Increase in the reserve due to the inclusion of Boca Grande accounts receivable.

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LIST OF EXHIBITS

HORMEL FOODS CORPORATION

NUMBER		DESCRIPTION OF DOCUMENT
3.1 (1)		Certificate of Incorporation as amended to date. (Incorporated by reference to Exhibit 3A-1 to Hormel's Annual Report on Form 10-K/A for the fiscal year ended October 28, 2000, File No. 001-02402.)
3.2 (1)		Bylaws as amended to date. (Incorporated by reference to Exhibit 3.2 to Hormel's Quarterly Report on Form 10-Q for the quarter ended January 24, 2010, File No. 001-02402.)
4.1 (1)		Indenture dated as of June 1, 2001, between Hormel and U.S. Bank Trust National Association, as Trustee relating to certain outstanding debt securities. (Incorporated by reference to Exhibit 4.1 to Hormel's Registration Statement on Form S-4 dated, August 28, 2001, File No. 333-68498.)
4.2 (1)		Supplemental Indenture No. 1 dated as of June 4, 2001, to Indenture dated as of June 1, 2001, between Hormel and U.S. Bank Trust National Association, as Trustee, relating to certain outstanding debt securities. (Incorporated by reference to Exhibit 4.2 to Hormel's Registration Statement on Form S-4 dated August 28, 2001, File No. 333-68498.)
4.3 (1)		Letter of Representations dated June 5, 2001, among Hormel, U.S. Bank Trust National Association, as Trustee, and The Depository Trust Company relating to certain outstanding debt securities of Hormel. (Incorporated by reference to Exhibit 4.3 to Hormel's Registration Statement on Form S-4 dated August 28, 2001, File No. 333-68498.)
4.4 (1)		Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt are not filed. Hormel agrees to furnish copies thereof to the Securities and Exchange Commission upon request.
10.1 (1)(3)		Hormel Foods Corporation Operators' Shares Incentive Compensation Plan. (Incorporated by reference to Appendix A to Hormel's definitive Proxy Statement filed on December 19, 2007, File No. 001-02402.)
10.2 (1)(3)		Hormel Foods Corporation Supplemental Executive Retirement Plan (2005 Restatement). (Incorporated by reference to Exhibit 10.1 to Hormel's Current Report on Form 8-K dated September 18, 2006, File No. 001-02402.)
10.3 (1)(3)		Hormel Foods Corporation 2000 Stock Incentive Plan (Amended 1-31-2006). (Incorporated by reference to Exhibit 10.1 to Hormel's Current Report on Form 8-K dated January 31, 2006, File No. 001-02402.)
10.4 (1)(3)		Hormel Foods Corporation Executive Deferred Income Plan II (2008 Restatement (2 nd )). (Incorporated by reference to Exhibit 10.1 to Hormel's Current Report on Form 8-K dated July 28, 2008, File No. 001-02402.)
10.5 (1)(3)		Form of Indemnification Agreement for Directors and Officers. (Incorporated by reference to Exhibit 10.8 to Hormel's Annual Report on Form 10-K for the fiscal year ended October 26, 2002, File No. 001-02402.)
10.6 (1)(3)		Hormel Foods Corporation Nonemployee Director Deferred Stock Plan (Plan Adopted October 4, 1999; Amended and Restated Effective January 1, 2008). (Incorporated by reference to Exhibit 10.6 to Hormel's Annual Report on Form 10-K for the fiscal year ended October 26, 2008, File No. 001-02402.)
10.7 (1)(3)		Hormel Foods Corporation 2009 Nonemployee Director Deferred Stock Plan (Plan Adopted November 24, 2008). (Incorporated by reference to Exhibit 10.2 to Hormel's Quarterly Report on Form 10-Q for the quarter ended January 25, 2009, File No. 001-02402.)
10.8 (1)(3)		Hormel Foods Corporation 2009 Long-Term Incentive Plan. (Incorporated by reference to Exhibit 10.1 to Hormel's Current Report on Form 8-K dated January 27, 2009, File No. 001-02402.)
10.9 (1)(3)		Hormel Survivor Income Plan for Executives (1993 Restatement). (Incorporated by reference to Exhibit 10.11 to Hormel's Annual Report on Form 10-K for the fiscal year ended October 29, 2006, File No. 001-02402.)

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