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<SEC-DOCUMENT>0000812128-01-000016.txt : 20010123
<SEC-HEADER>0000812128-01-000016.hdr.sgml : 20010123
ACCESSION NUMBER:		0000812128-01-000016
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20001031
FILED AS OF DATE:		20010122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SANDERSON FARMS INC
		CENTRAL INDEX KEY:			0000812128
		STANDARD INDUSTRIAL CLASSIFICATION:	POULTRY SLAUGHTERING AND PROCESSING [2015]
		IRS NUMBER:				640615843
		STATE OF INCORPORATION:			MS
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		
		SEC FILE NUMBER:	001-14977
		FILM NUMBER:		1512524

	BUSINESS ADDRESS:	
		STREET 1:		225 N 13TH AVE
		STREET 2:		PO BOX 988
		CITY:			LAUREL
		STATE:			MS
		ZIP:			39441
		BUSINESS PHONE:		6016494030

	MAIL ADDRESS:	
		STREET 1:		225 N 13TH AVENUE
		STREET 2:		PO BOX 988
		CITY:			LAUREL
		STATE:			MS
		ZIP:			39441
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>SANDERSON FARMS, INC. FORM 10-K
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

(Mark One)

/X / Annual Report  Pursuant to Section 13 or 15(d) of the  Securities  Exchange
Act of 1934 for the fiscal year ended October 31, 2000


/ / 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 : 0-16567

                              SANDERSON FARMS, INC.
             (Exact name of registrant as specified in its charter)

                  Mississippi                         64-0615843
         (State or other jurisdiction of             (IRS Employer
         incorporation or organization)             Identification No.)
           225 North 13th Avenue

            Laurel, Mississippi                         39440
    (Address of principal executive offices)          (Zip Code)

Registrant's  telephone number,  including area code: (601) 649-4030  Securities
registered  pursuant to Section  12(b) of the Act:  None  Securities  registered
pursuant to section 12(g) of the Act:

                     Common Stock, $1.00 per share par value

     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  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                 X Yes           No

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 [ ].

     Aggregate  market  value  (based on the  closing  sales price in the NASDAQ
National  Market  System) of the  voting  stock  held by  non-affiliates  of the
Registrant as of December 31, 2000: approximately $36,757,718.

     Number  of  Shares  outstanding  of the  Registrant's  common  stock  as of
December 31, 2000: 13,632,955 shares of common stock, $1.00 per share par value.

     Portions of the  Registrant's  definitive  proxy  statement  filed or to be
filed  in  connection  with  its  2000  Annual  Meeting  of   Stockholders   are
incorporated by reference into Part III.


<PAGE>



                                  INTRODUCTORY

     Definitions.  Except where the context indicates  otherwise,  the following
terms have the following  respective  meanings when used in this Annual  Report.
"Registrant" and "Company" mean Sanderson  Farms,  Inc. and its subsidiaries and
predecessor organizations. "Fiscal year" means the fiscal year ended October 31,
2000, which is the year for which this Annual Report is filed.

     Presentation and Dates of Information.  Except for Item 4A herein, the Item
numbers and letters  appearing in this Annual Report  correspond with those used
in Securities and Exchange  Commission  Form 10-K (and, to the extent that it is
incorporated  into Form 10-K,  the letters used in the  Commission's  Regulation
S-K) as effective on the date hereof,  which specifies the information  required
to be included in Annual Reports to the Commission. Item 4A ("Executive Officers
of the  Registrant")  has been included by the  Registrant  in  accordance  with
General  Instruction  G(3) of Form  10-K and  Instruction  3 of Item  401(b)  of
Regulation  S-K.  The  information  contained in this Annual  Report is,  unless
indicated to be given as of a specified date or for the specified period,  given
as of the date of this Report, which is January 25, 2001.

                                     PART I

Item 1.  Business
         --------

(a)  GENERAL DEVELOPMENT OF THE REGISTRANT'S BUSINESS

     The  Registrant  was   incorporated  in  Mississippi  in  1955,  and  is  a
fully-integrated   poultry   processing   company  engaged  in  the  production,
processing,  marketing and distribution of fresh and frozen chicken products. In
addition,  through its wholly-owned  subsidiary,  Sanderson  Farms,  Inc. (Foods
Division),   the  Registrant  is  engaged  in  the  processing,   marketing  and
distribution of processed and prepared food items.

     The Registrant  sells ice pack,  chill pack and frozen  chicken,  in whole,
cut-up and boneless form,  primarily under the Sanderson  Farms(R) brand name to
retailers,   distributors,   and  fast  food   operators   principally   in  the
southeastern,  southwestern  and western United  States.  During its fiscal year
ended  October 31, 2000 the  Registrant  processed  247.7 million  chickens,  or
approximately 1.1 billion dressed pounds. According to 2000 industry statistics,
the Registrant was the 7th largest  processor of dressed  chickens in the United
States based on estimated average weekly processing.

     The Registrant's  chicken operations  presently  encompass five hatcheries,
four feed mills, six processing plants and one by-products plant. The Registrant
has contracts with operators of approximately 495 grow-out farms that provide it
with sufficient housing capacity for its current operations. The Registrant also
has contracts with operators of 152 breeder farms.

     The Registrant  sells over 200 processed and prepared food items nationally
and  regionally,  primarily to  distributors,  national  food service  accounts,
retailers and club stores.  These food items  include  frozen  entrees,  such as
chicken and dumplings,  lasagna,  seafood gumbo, and shrimp creole and specialty
products,  such as corn dogs. The Registrant  also sells a retail entree line of
six different two-pound frozen entrees including chicken primavera, lasagna with
meat,  seafood  gumbo and Mexican  casserole  with beef.  This  product  line is
designed as a convenient, quality product for the family.


<PAGE>


     Since the Registrant  completed the initial  public  offering of its common
stock through the sale of 1,150,000 shares to an underwriting  syndicate managed
by Smith Barney, Harris Upham & Co. Incorporated and Morgan Keegan & Co. Inc. in
May 1987, the Registrant has  significantly  expanded its operations to increase
production capacity, product lines and marketing flexibility. Through 1995, this
expansion  included  the  expansion  of  the  Registrant's  Hammond,   Louisiana
processing  facility,  the  construction  of new waste water  facilities  at the
Hammond,   Louisiana  and  Collins  and   Hazlehurst,   Mississippi   processing
facilities,  the addition of second  shifts at the Hammond,  Louisiana,  Laurel,
Mississippi,   Hazlehurst,  Mississippi,  and  Collins,  Mississippi  processing
facilities,  expansion of freezer and production  capacity at its prepared foods
facility in  Jackson,  Mississippi,  the  expansion  of freezer  capacity at its
Laurel,  Mississippi,  Hammond,  Louisiana and Collins,  Mississippi  processing
facilities,  the addition of deboning  capabilities  at all of the  Registrant's
poultry  processing  facilities,  and the  construction and start-up of its Pike
County, Mississippi, production and processing facilities, including a hatchery,
a feed mill, a processing  plant, a waste water  treatment  facility and a water
treatment facility.  During 1997, the Registrant  completed the construction and
start-up of its Brazos  County,  Texas  production  and  processing  facilities,
including  a  hatchery,  a feed mill  located  in  Robertson  County,  Texas,  a
processing  plant,  a waste  water  treatment  facility  and a  water  treatment
facility.  In addition,  since 1987, the Registrant  completed the expansion and
renovation of the hatchery at its Hazlehurst, Mississippi production facilities,
and  completed  the  renovation  and  expansion  of  its  Collins,   Mississippi
by-products  facility,  allowing for the  elimination  of a smaller  by-products
facility at the Laurel, Mississippi plant.

     Capital  expenditures  for fiscal 2000 were  funded by working  capital and
borrowings  under a revolving  credit  agreement.  Effective  July 29, 1999, the
Registrant  amended its  revolving  credit  agreement  to,  among other  things,
decrease the revolving credit available to the Registrant thereunder from $130.0
million to $100.0 million.  On June 15, 1999, the Registrant entered into a Note
Purchase  Agreement with the Lincoln National Life Insurance Company pursuant to
which the Company  issued $20 million,  6.65% senior notes due July 7, 2007. The
proceed of such notes were used to pay a portion of the debt  outstanding  under
the  revolving  credit  agreement.   The  Registrant  anticipates  that  capital
expenditures  for fiscal  2001 will be funded by  internally  generated  working
capital and borrowings under the revolving credit agreement.

     During  fiscal 1997,  the  Registrant  completed the start-up of its Brazos
County,  Texas  processing  facility.  During October 1998, the Registrant began
operating one line of its Brazos County,  Texas processing  facility on a double
shift basis,  and during fiscal 2000 completed the double shifting of the plant,
which is now operating at full capacity. The Registrant currently has additional
processing  capacity  available to it through the double  shifting of the second
line  at  its  Collins,   Mississippi  processing  facility.  In  addition,  the
Registrant  continually evaluates internal and external expansion  opportunities
to continue its growth in poultry and/or related food products.

(b) FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

         Not applicable.


<PAGE>
(c) NARRATIVE DESCRIPTION OF BUSINESS
    REGISTRANT'S BUSINESS

General

     The  Registrant  is engaged in the  production,  processing,  marketing and
distribution  of fresh  and  frozen  chicken  and the  preparation,  processing,
marketing and distribution of processed and prepared food items.

     The Registrant  sells chill pack, ice pack and frozen  chicken,  both whole
and cut-up,  primarily  under the  Sanderson  Farms(R)  brand name to retailers,
distributors   and  fast  food  operators   principally  in  the   southeastern,
southwestern and western United States. During its fiscal year ended October 31,
2000,  the  Registrant  processed   approximately  247.7  million  chickens,  or
approximately 1.1 billion dressed pounds. In addition,  the Registrant purchased
and further  processed  17.4 million  pounds of poultry  products  during fiscal
2000. According to 2000 industry statistics,  the Registrant was the 7th largest
processor of dressed  chicken in the United  States  based on estimated  average
weekly processing.

     The Registrant  conducts its chicken  operations  through  Sanderson Farms,
Inc. (Production Division) and Sanderson Farms, Inc. (Processing Division), both
of which are wholly-owned  subsidiaries of Sanderson Farms,  Inc. The production
subsidiary, Sanderson Farms, Inc. (Production Division), which has facilities in
Laurel, Collins, Hazlehurst and Pike County,  Mississippi,  and Bryan, Texas, is
engaged in the  production of chickens to the broiler  stage.  Sanderson  Farms,
Inc. (Processing Division), which has facilities in Laurel, Collins,  Hazlehurst
and Pike County,  Mississippi,  Hammond, Louisiana, and Bryan, Texas, is engaged
in the processing, sale and distribution of chickens.

     The Registrant  conducts its processed and prepared foods business  through
its wholly-owned subsidiary, Sanderson Farms, Inc. (Foods Division), which has a
facility  in  Jackson,  Mississippi.  The  Foods  Division  is  engaged  in  the
processing,  marketing and  distribution of over 200 processed and prepared food
items,  which it sells  nationally and regionally,  principally to distributors,
national food service accounts, retailers and club stores.

Products

     The Registrant has the ability to produce a wide range of processed chicken
products and  processed  and  prepared  food items  thereby  allowing it to take
advantage of marketing opportunities as they arise.

     Processed  chicken is first  saleable as an ice packed whole  chicken.  The
Registrant  adds value to its ice packed whole chickens by removing the giblets,
weighing,  packaging and labeling the product to specific customer  requirements
and  cutting  the  product  based on  customer  specifications.  The  additional
processing  steps of  giblet  removal,  close  tolerance  weighing  and  cutting
increase  the value of the  product  to the  customer  over  whole  chickens  by
reducing  customer  handling and cutting labor and capital  costs,  reducing the
shrinkage associated with cutting, and ensuring consistently sized portions.

     With respect to chill pack  products,  additional  value can be achieved by
deep  chilling and packaging  whole  chickens in bags or  combinations  of fresh
chicken parts in various sized  individual  trays under the  Registrant's  brand
name, which then may be weighed and prepriced,  based on each customer's  needs.
The chill pack process  increases  the value of the product by  extending  shelf
life, reducing customer weighing and packaging labor, and providing the customer
with a wide variety of products with uniform,  well designed  packaging,  all of
which enhance the customer's ability to merchandise chicken products.

     To satisfy  some  customers'  merchandising  needs,  the  Registrant  quick
freezes  the  chicken  product,  which  adds  value by  meeting  the  customers'
handling,  storage,  distribution and marketing needs and by permitting shipment
of product overseas where transportation time may be as long as 25 days.

     Value added products usually generate higher sale prices per pound, exhibit
less  finished  price  volatility  and  generally  result  in  higher  and  more
consistent profit margins over the long-term than non-value added product forms.
Selling  fresh  chickens  as  a  prepackaged  brand  name  product  has  been  a
significant  step in the development of the value added,  higher margin consumer
business.  The Registrant  evaluates  daily the potential  profitability  of all
product  lines and  attempts to maximize  its profits on a  short-term  basis by
making strategic changes in its product mix to meet customer demand.

The following table sets forth, for the periods indicated, the contribution,  as
a percentage of sales of chicken  products,  of value added and non-value  added
chicken products.

                                        Fiscal Year Ended October 31,
                                        -----------------------------

                                 1996      1997      1998    1999     2000
                                -----     -----    ------   -----    -----

Value added ..............       98.2%     98.1%    98.6%    99.2 %   99.5%
Non-value added ..........        1.8%      1.9%     1.4%      .8 %     .5%
                                -----     -----    -----    -----    -----
Total Registrant
chicken sales ............      100.0%    100.0%   100.0%   100.0%   100.0%
                                -----     -----    -----    -----    -----

The following table sets forth, for the years indicated, the contribution,  as a
percentage of net sales, of each of the Registrant's major product lines.
<TABLE>

                                               Fiscal Year Ended October 31,
                                               -----------------------------
<CAPTION>

                                     1996      1997      1998      1999      2000
                                    -----     -----     -----     -----     -----
<S>                                 <C>       <C>       <C>       <C>       <C>

Registrant processed
  chicken:
Value added:
    Chill pack ...............       18.6%     20.8%     24.4%     33.2%     36.4%
    Fresh bulk pack ..........       49.9      45.9      46.6      46.5      43.3
    Frozen ...................       17.0      15.7      11.6       8.0       7.5
                                    -----     -----     -----     -----     -----
   Subtotal ..................       85.5      82.4      82.6      87.7      87.2
                                    -----     -----     -----     -----     -----
Non-value added:
    Ice pack .................        0.9       0.9       0.7        .5        .3
    Frozen ...................        0.7       0.7       0.5        .2        .1
                                    -----     -----     -----     -----     -----
   Subtotal ..................        1.6       1.6       1.2        .7        .4
                                    -----     -----     -----     -----     -----
   Total Company
     processed chicken .......       87.1      84.0      83.8      88.4      87.6
Processed and
  prepared  foods ............      12. 9      16.0      16.2      11.6      12.4
                                    --- -      ----      ----      ----      ----

           Total .............      100.0%    100.0%    100.0%    100.0%    100.0%
                                    =====     =====     =====     =====     =====

</TABLE>
Sales and Marketing

     The   Registrant's   chicken  products  are  sold  primarily  to  retailers
(including  national and regional  supermarket  chains and local  supermarkets),
distributors and fast food operators  located  principally in the  southeastern,
southwestern  and western United States.  The Registrant  also sells its chicken
products to  governmental  agencies  and to  customers  who resell the  products
outside of the continental United States. This wide range of customers, together
with  the  Registrant's   broad  product  mix,   provides  the  Registrant  with
flexibility  in  responding  to  changing  market  conditions  in its  effort to
maximize profits. This flexibility also assists the Registrant in its efforts to
reduce its exposure to market volatility.

     Sales and distribution of the  Registrant's  chicken products are conducted
primarily by sales personnel at the Registrant's  general  corporate  offices in
Laurel,  Mississippi and by customer service  representatives at each of its six
processing  complexes and through  independent  food  brokers.  Each complex has
individual on-site  distribution  centers and uses the Registrant's truck fleet,
as well as contract carriers, for distribution of its products.

     Generally,  the Registrant  prices much of its chicken  products based upon
weekly market prices  reported by the United States  Department of  Agriculture.
Consistent with the industry, the Registrant's profitability is impacted by such
market  prices,   which  may  fluctuate   substantially   and  exhibit  cyclical
characteristics. The Registrant adds a markup to base prices, which depends upon
value added, volume, product mix and other factors. While base prices may change
weekly, the Registrant's  markup is generally  negotiated from time to time with
the  Registrant's  customers.  The  Registrant's  sales are generally made on an
as-ordered  basis,  and the Registrant  maintains few long-term  sales contracts
with its customers.

     The Registrant uses  television,  radio and newspaper  advertising,  coupon
promotion,  point of purchase material and other marketing techniques to develop
consumer awareness of and brand recognition for its Sanderson Farms(R) products.
The Registrant  has achieved a high level of public  awareness and acceptance of
its  products  through  television  advertising  featuring  a  celebrity  as the
Registrant's  spokesperson.  Brand  awareness  is an  important  element  of the
Registrant's  marketing  philosophy,  and it  intends  to  continue  brand  name
merchandising of its products.

     The Registrant's  processed and prepared food items are sold nationally and
regionally, primarily to distributors, national food service accounts, retailers
and club stores.  Sales of such products are handled by independent food brokers
located  throughout the United States,  primarily in the southeast and southwest
United States, and by sales personnel of the Registrant.  Processed and prepared
food items are distributed from the Registrant's plant in Jackson,  Mississippi,
through arrangements with contract carriers.

<PAGE>
Production and Facilities

     General.  The Registrant is a  vertically-integrated  producer of fresh and
frozen chicken products,  controlling the production of hatching eggs, hatching,
feed manufacturing, growing, processing and packaging of its product lines.

     Breeding and Hatching.  The Registrant maintains its own breeder flocks for
the production of hatching eggs. The Registrant's breeder flocks are acquired as
one-day  old chicks  (known as  pullets  or  cockerels)  from  primary  breeding
companies  that  specialize in the production of  genetically  designed  breeder
stock.  As of October 31, 2000,  the  Registrant  maintained  contracts  with 31
pullet farm  operators  for the  grow-out of pullets  (growing the pullet to the
point at which it is capable of egg production,  which takes  approximately  six
months).  Thereafter,  the mature breeder  flocks are  transported by Registrant
vehicles to breeder  farms that are  maintained,  as of October 31, 2000, by 121
independent  contractors  under the Registrant's  supervision.  Eggs produced by
independent  contract  breeders are  transported to  Registrant's  hatcheries in
Registrant's vehicles.

     The Registrant owns and operates five hatcheries located in Mississippi and
Texas where eggs are incubated and hatched in a process  requiring 21 days. Once
hatched,  the day-old chicks are vaccinated  against common poultry diseases and
are transported by Registrant  vehicles to independent  contract grow-out farms.
As of October 31, 2000, the Registrant's hatcheries were capable of producing an
aggregate of approximately 5.6 million chicks per week.

     Grow-out.  The Registrant  places its chicks on 495 grow-out  farms,  as of
October 31, 2000, located in Mississippi, Louisiana and Texas where broilers are
grown to an age of  approximately  six to seven  weeks.  The farms  provide  the
Registrant  with  sufficient  housing  capacity  for  its  operations,  and  are
typically  family-owned  farms operated under contract with the Registrant.  The
farm owners provide facilities, utilities and labor; the Registrant supplies the
day-old chicks,  feed and veterinary and technical  services.  The farm owner is
compensated pursuant to an incentive formula designed to promote production cost
efficiency.

     Historically,  the  Registrant  has been able to  accommodate  expansion in
grow-out  facilities through additional  contract  arrangements with independent
growers.

     Feed Mills. An important  factor in the grow-out of chickens is the rate at
which chickens  convert feed into body weight.  The Registrant  purchases on the
open market the primary feed ingredients, including corn and soybean meal, which
historically  have been the largest cost  components of the  Registrant's  total
feed  costs.  The  quality  and  composition  of the  feed are  critical  to the
conversion rate, and accordingly, the Registrant formulates and produces its own
feed. As of October 31, 2000, the Registrant  operated four feed mills, three of
which are located in Mississippi and one in Texas. The Registrant's  annual feed
requirements for fiscal 2000 were  approximately  1,480,000 tons, and it has the
capacity to produce approximately 1,685,000 tons of finished feed annually under
current configurations.

     Feed grains are  commodities  subject to volatile  price changes  caused by
weather, size of harvest,  transportation and storage costs and the agricultural
policies of the United States and foreign governments.  On October 31, 2000, the
Registrant had  approximately  439,000  bushels of corn storage  capacity at its
feed mills,  which was  sufficient to store all of its weekly  requirements  for
corn.  Generally,  the Registrant  purchases its corn and other feed supplies at
current  prices from suppliers  and, to a limited  extent,  direct from farmers.
Feed grains are  available  from an adequate  number of  sources.  Although  the
Registrant  has not  experienced  and does not  anticipate  problems in securing
adequate  supplies  of feed  grains,  price  fluctuations  of feed grains can be
expected  to  have  a  direct  and   material   effect  upon  the   Registrant's
profitability.  Although the Registrant  sometimes  purchases  grains in forward
markets,  it cannot  eliminate  the  potentially  adverse  effect of grain price
increases.  During the fall of 1998, market prices for corn and soy meal reached
levels  that  prompted  the  Company  to buy a  significant  portion of its 1999
requirements  on a forward basis.  As a result of these  purchases,  the Company
substantially  reduced its  exposure to the risk of material  increases  in feed
grain prices during its fiscal year ending October 31, 1999.

     Processing.  Once the chicks reach processing weight,  they are transported
to the Registrant's processing plants. These plants use modern, highly automated
equipment to process and package the  chickens.  The  Registrant's  Pike County,
Mississippi processing plant, which currently operates two processing lines on a
double shift basis, is currently processing approximately 1,150,000 chickens per
week. The Registrant's Collins, Mississippi processing plant, which is currently
operating  one of its two lines on a double shift basis and one line on a single
shift basis, is currently  processing  approximately  900,000 chickens per week.
The  Registrant's  Brazos County,  Texas  processing  plant,  which is currently
operating one line on a single shift basis and one line on a double shift basis,
is  currently  processing   approximately   1,150,000  chickens  per  week.  The
Registrant's   Laurel  and  Hazlehurst,   Mississippi  and  Hammond,   Louisiana
processing  plants  currently  operate on a double  shift basis,  are  currently
processing  approximately  1,800,000  chickens per week. The Registrant also has
the  capabilities to produce deboned  product at six processing  facilities.  At
October 31, 2000,  these deboning  facilities were operating on a double shifted
basis  resulting  in a combined  capacity to process  approximately  8.5 million
pounds of product per week.

     Sanderson Farms, Inc. (Foods Division).  The facilities of Sanderson Farms,
Inc.  (Foods  Division)  are  located in  Jackson,  Mississippi  in a plant with
approximately  75,000  square  feet of  refrigerated  manufacturing  and storage
space. The plant uses highly automated equipment to prepare,  process and freeze
food items.  The  Registrant  could  increase  significantly  its  production of
processed  and  prepared  food  items  without  incurring   significant  capital
expenditures or delays.

     Executive Offices; Other Facilities. The Registrant's corporate offices are
located in Laurel,  Mississippi. As of October 31, 2000, the Registrant operated
one  by-products  plant,  and six  automotive  maintenance  shops which  service
approximately 486 Registrant  over-the-road and farm vehicles. In addition,  the
Registrant  has one child care facility  located near its Collins,  Mississippi,
processing plant currently serving over 220 children.

Quality Control

     The Registrant  believes that quality  control is important to its business
and  conducts  quality  control   activities   throughout  all  aspects  of  its
operations. The Registrant believes these activities are beneficial to efficient
production and in assuring its customers wholesome, high quality products.

     From the corporate offices,  the Director of Technical Services  supervises
the operation of a modern,  well-equipped  laboratory which, among other things,
monitors  sanitation at the hatcheries,  quality and purity of the  Registrant's
feed  ingredients  and feed, the health of the  Registrant's  breeder flocks and
broilers,  and conducts  microbiological tests of live chickens,  facilities and
finished products. The Registrant conducts on-site quality control activities at
each of the five processing plants and the processed and prepared food plant.
<PAGE>
Regulation

     The  Registrant's  facilities  and  operations are subject to regulation by
various federal and state agencies,  including,  but not limited to, the federal
Food and  Drug  Administration  ("F.D.A."),  the  United  States  Department  of
Agriculture ("U.S.D.A."),  the Environmental Protection Agency, the Occupational
Safety  and  Health   Administration  and  corresponding  state  agencies.   The
Registrant's  chicken  processing  plants  are  subject  to  continuous  on-site
inspection by the U.S.D.A. The Sanderson Farms, Inc. (Foods Division) processing
plant  operates under the U.S.D.A.'s  Total Quality  Control  Program which is a
strict  self-inspection  plan written in  cooperation  with and monitored by the
U.S.D.A. The F.D.A. inspects the production of the Registrant's feed mills.

     Compliance with existing  regulations has not had a material adverse effect
upon the  Registrant's  earnings or competitive  position in the past and is not
anticipated  to have a  materially  adverse  effect  in the  future.  Management
believes that the Registrant is in substantial compliance with existing laws and
regulations relating to the operation of its facilities and does not know of any
major  capital   expenditures   necessary  to  comply  with  such  statutes  and
regulations.

     The Registrant  takes  extensive  precautions to ensure that its flocks are
healthy and that its processing plants and other facilities operate in a healthy
and environmentally  sound manner.  Events beyond the control of the Registrant,
however,  such as an  outbreak  of  disease  in its  flocks or the  adoption  by
governmental  agencies  of more  stringent  regulations,  could  materially  and
adversely affect its operations.

Competition

     The  Registrant  is subject to  significant  competition  from regional and
national  firms in all markets in which it  competes.  Some of the  Registrant's
competitors have greater financial and marketing resources than the Registrant.

     The primary methods of competition are price,  product  quality,  number of
products  offered,  brand  awareness and customer  service.  The  Registrant has
emphasized product quality and brand awareness through its advertising strategy.
See "Business - Sales and Marketing". Although poultry is relatively inexpensive
in comparison  with other meats,  the Registrant  competes  indirectly  with the
producers of other meats and fish, since changes in the relative prices of these
foods may alter consumer buying patterns.

Sources of Supply

     During fiscal 2000, the Registrant  purchased its pullets and its cockerels
from six (6) major  breeders.  The Registrant has found the genetic cross of the
breeds  supplied by these  companies to produce  chickens  most  suitable to the
Registrant's  purposes.  The  Registrant  has no  written  contracts  with these
breeders for the supply of breeder  stock.  Other  sources of breeder  stock are
available,  and the Registrant  continually  evaluates  these sources of supply.
Should breeder stock from its present suppliers not be available for any reason,
the Registrant  believes that it could obtain adequate  breeder stock from other
suppliers.

     Other major raw  materials  used by the  Registrant  include  feed  grains,
cooking  ingredients  and packaging  materials.  The Registrant  purchases these
materials  from a number of different  vendors and believes  that its sources of
supply are adequate for its present needs.  The  Registrant  does not anticipate
any difficulty in obtaining these materials in the future.

Seasonality

     The demand for the  Registrant's  chicken  products  generally  is greatest
during the spring and summer months and lowest during the winter months.

Trademarks

     The Registrant  has registered  with the United States Patent and Trademark
Office the trademark  Sanderson  Farms(R)  which it uses in connection  with the
distribution of its premium grade chill pack products.  The Registrant considers
the protection of this trademark to be important to its marketing efforts due to
consumer  awareness  of  and  loyalty  to  the  Sanderson  Farms(R)  label.  The
Registrant  also has  registered  with the United  States  Patent and  Trademark
Office seven other trademarks which are used in connection with the distribution
of chicken and other products and for other competitive purposes.

     The Registrant  has registered  with the United States Patent and Trademark
Office the trademark  Sanderson  Farms(R)  which it uses in connection  with the
distribution of its prepared foods and two pound frozen entree products, as well
as in connection  with the  distribution of its premium grade chill pack chicken
products.

     The  Registrant,   over  the  years,  has  developed  important  non-public
proprietary  information regarding product related matters. While the Registrant
has internal  safeguards and procedures to protect the  confidentiality  of such
information, it does not generally seek patent protection for its technology.
Employees and Labor Relations

     As of October 31, 2000, the Registrant had 7,863  employees,  including 767
salaried and 7,096 hourly employees.  A collective bargaining agreement with the
United Food and  Commercial  Workers  International  Union  covering  582 hourly
employees who work at the Registrant's  processing  plant in Hammond,  Louisiana
expired on November 30, 1998.  That  contract was  renegotiated  and executed on
November 1, 1998,  and has been  extended to November  30,  2001.The  collective
bargaining  agreement has a grievance procedure and no strike-no lockout clauses
that should assist in maintaining stable labor relations at the Hammond plant.

     A collective bargaining agreement with the Laborers' International Union of
North America,  Professional  Employees Local Union #693, AFL-CIO,  covering 468
hourly  employees who work at the  Registrant's  processing plant in Hazlehurst,
Mississippi was negotiated and signed by the union and the Registrant  effective
July 15, 1995. This Agreement expired on June 30, 1999, and was renegotiated and
executed on July 26, 1999, and has a new  expiration  date of December 31, 2002.
This collective  bargaining agreement has a grievance procedure and no strike-no
lockout clauses that should assist in maintaining  stable labor relations at the
Hazlehurst plant.

     A collective bargaining agreement with the Laborers' International Union of
North America,  Professional Employees Local Union #693, AFL-CIO, covering 1,115
hourly  employees  who work at the  Registrant's  processing  plant in  Collins,
Mississippi was negotiated and signed by the union and the Registrant  effective
September 9, 1995, and expired on December 30, 1999. Negotiations were completed
and a new  agreement  was reached on January 13, 2000.  The new  agreement has a
termination date of December 31, 2003.

     On June 9, 1999, the production,  maintenance and clean-up employees at the
Company's  Brazos  County,   Texas  poultry  processing  facility  voted  to  be
represented by the United Food and Commercial Workers Union Local #408, AFL-CIO.
A collective  bargaining agreement was negotiated and signed on October 7, 1999,
and will expire on December 31, 2002. This collective bargaining agreement has a
grievance  procedure  and no strike - no lockout  clauses that should  assist in
maintaining  stable  labor  relations  at the Brazos  County,  Texas  processing
facility.

     On May 28,  1999,  truck  drivers at the  Company's  Brazos  County,  Texas
processing  and  production  facilities  voted to be  represented  in collective
bargaining by the Teamsters  International  Local #968.  Negotiations  with this
union were  completed in December 1999,  and a collective  bargaining  agreement
effective  January 1, 2000 was signed,  which  agreement will expire on December
31, 2002.  Although this agreement includes a provision  allowing  re-opening of
bargaining  during January 2000 on certain economic issues, no changes have been
made to the  Agreement,  with the last  meeting on this matter being held August
21, 2000. No further meetings have been scheduled in this matter.

(d)  FINANCIAL INFORMATION ABOUT FOREIGN AND
     DOMESTIC OPERATIONS AND EXPORT SALES

     The Registrant engages in no material foreign  operations,  and no material
portion of its revenues was derived from customers in foreign countries.


<PAGE>





Item 2.  Properties.
         ----------

         The Registrant's principal properties are as follows:

                       Use                          Location (City, State)
                       ---                          ----------------------

            Poultry complex, including          Laurel, Mississippi
            poultry processing plant,
            hatchery and feedmill

            Poultry complex, including          Pike County, Mississippi
            poultry processing plant,
            hatchery and feedmill

            Poultry complex, including          Hazlehurst, Mississippi
            poultry processing plant,
            hatchery and feedmill

            Poultry complex, including          Brazos and Robertson Counties,
            poultry processing plant,             Texas
            hatchery and feedmill

            Poultry processing plant            Hammond, Louisiana

            Poultry processing plant,           Collins, Mississippi
            hatchery and by-products
            plant

            Prepared food plant                 Jackson, Mississippi

            Corporate general offices           Laurel, Mississippi

     The Registrant owns  substantially  all of its major  operating  facilities
with the following  exceptions:  one  processing  plant and feed mill complex is
leased on an annual  renewal  basis through 2063 with an option to purchase at a
nominal  amount,  at the end of the lease term. One processing  plant complex is
leased under four leases,  which are renewable annually through 2061, 2063, 2075
and 2073,  respectively.  Certain infrastructure  improvements associated with a
processing  plant  are  leased  under  a lease  which  expires  in  2012  and is
thereafter  renewable  annually  through 2091.  All of the foregoing  leases are
capital leases.

     There are no material  encumbrances on the major operating facilities owned
by the  Registrant,  except  that the  plant of  Sanderson  Farms,  Inc.  (Foods
Division)  is  encumbered  by a  mortgage  which  collateralizes  a note with an
outstanding  principal balance of $1.1 million on December 31, 2000, which bears
interest at the rate of 5% per annum and is payable in equal annual installments
through 2009. In addition,  under the terms of the  revolving  credit  agreement
effective July 29, 1996, as amended,  and under the $20 million  long-term fixed
rate loan  agreements  effective in February 1993 and June 1999,  the Registrant
may not pledge any additional assets as collateral other than fixed assets up to
15% of its tangible assets.

     Management  believes  that the  Company's  facilities  are suitable for its
current  purposes,  and believes that current  renovations  and expansions  will
enhance present operations and allow for future internal growth.

Item 3.  Legal Proceedings.
         -----------------

     There are no material pending legal proceedings, other than those described
in  Note 8 of the  consolidated  financial  statements  and  routine  litigation
incidental to the Registrant's  business,  to which the Registrant is a party or
of which its property is the subject,  and no such  proceedings are known by the
Registrant to be contemplated by governmental authorities.

Item 4.  Submission of Matters to
         a Vote of Security Holders.
         --------------------------

     No matters were submitted to a vote of the Registrant's  security  holders,
through the  solicitation of proxies or otherwise,  during the fourth quarter of
the Fiscal Year.

Item 4A.  Executive Officers of the Registrant.
                                                                   Executive
       Name                        Age          Office            Officer Since
       ----                        ----          ------           -------------

Joe F. Sanderson, Jr ............   54      Chairman of the Board,    1984 (1)
                                            President and
                                            Chief Executive
                                            Officer

D. Michael Cockrell .............   43      Treasurer and Chief       1993 (2)
                                            Financial Officer,
                                            Board Member

James A. Grimes .................   52      Secretary and             1993 (3)
                                            Chief Accounting Officer

Lampkin Butts ...................   49      Vice President - Sales,   1996 (4)
                                            Board Member


(1)  Joe F.  Sanderson,  Jr. has  served as  President  and Chief  Executive
     Officer of the  Registrant  since  November 1, 1989, and as Chairman of the
     Board since  January 8, 1998.  From January  1984,  to November  1989,  Mr.
     Sanderson  served  as  Vice-President,  Processing  and  Marketing  of  the
     Registrant.

(2)  D. Michael Cockrell became Treasurer and Chief Financial Officer of the
     Registrant  effective  November  1, 1993,  and was  elected to the Board of
     Directors  on February  19,  1998.  Prior to that time,  for more than five
     years,   Mr.  Cockrell  was  a  member  and  shareholder  of  the  Jackson,
     Mississippi  law  firm  of  Wise  Carter  Child  &  Caraway,   Professional
     Association.

(3)  James A. Grimes became Secretary of the Registrant  effective  November
     1, 1993. Mr. Grimes also serves as Chief Accounting Officer, which position
     he has held since 1985.

(4)  Lampkin Butts became Vice President - Sales of the Registrant effective
     November 1, 1996, and was elected to the Board of Directors on February 19,
     1998.  Prior to that  time,  Mr.  Butts  served the  Registrant  in various
     capacities  since 1973.  Executive  officers  of the  Company  serve at the
     pleasure  of  the  Board  of  Directors.  There  are no  understandings  or
     agreements  relating to any person's  service or prospective  service as an
     executive officer of the Registrant.

                                     PART II

Item 5.  Market for the Registrant's Common

                  Equity and Related Stockholder Matters.

     The Company's  common stock is traded on the NASDAQ  National Market System
under the symbol SAFM. The number of  stockholders  as of December 31, 2000, was
1,856.

     The following  table shows  quarterly cash dividends and quarterly high and
low prices for the common stock for the past two fiscal years.  National  Market
System quotations are based on actual sales prices.

                                              Stock Price

         Fiscal Year 2000           High                  Low          Dividends
         -----------------------------------------------------------------------

         First Quarter                   $11.25           $  7.44           $.05
         Second Quarter                 $  8.94           $  6.56           $.05
         Third Quarter                  $  9.06           $  6.00           $.05
         Fourth Quarter                 $  8.12           $  5.94           $.05

                                              Stock Price

         Fiscal Year 1999         High                  Low          Dividends
         -----------------------------------------------------------------------

         First Quarter                   $17.00            $14.00           $.05
         Second Quarter                  $16.00            $12.00           $.05
         Third Quarter                   $15.00            $12.13           $.05
         Fourth Quarter                  $13.06            $ 9.38           $.05

On December 29, 2000 the closing  sales price for the common stock was $7.50 per
share.

Item 6.  Selected Financial Data.
<TABLE>

                                                                              Year Ended October 31
<CAPTION>

                                                 2000             1999            1998            1997            1996
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>              <C>             <C>             <C>             <C>
                                                                                (In thousands, except per share data)

Net sales .................................. $ 605,911        $ 559,031       $ 521,394       $ 481,789       $ 455,100
Operating income (loss) ....................      (588)          23,008          31,822           7,467
                                                                                                                  1,189

Income (loss) before
 extraordinary gain and cumulative
 effect of accounting change ...............    (5,337)          10,546          15,256             558
                                                                                                                 (2,443)

Net income (loss) ..........................    (5,571)          10,546          15,256           1,234          (2,443)
Basic and diluted earnings (loss)
  per share before extraordinary gain
  and cumulative effect of accounting
  change ...................................                       (.39)            .75            1.06             .04
                                                                                                                   (.18)

Basic and diluted earnings (loss)
       per share) ..........................      (.41)             .75            1.06             .09            (.18)
Working capital ............................    71,334           67,272          59,665          66,751          60,826
Total assets ...............................   281,856          283,510         265,671         264,893         237,226
Long-term debt, less
  current maturities .......................   107,491          104,651          95,695         118,782          90,102
Stockholders' equity .......................   120,015          130,844         129,482         116,771         118,250
Cash dividends declared
  per share ................................ $     .20        $     .20       $     .20       $     .20       $     .20

</TABLE>



                            QUARTERLY FINANCIAL DATA
<TABLE>

                                                                        Fiscal Year 2000
<CAPTION>

                                                First           Second           Third         Fourth
                                               Quarter          Quarter         Quarter        Quarter
                                               -------          -------         -------        -------
                                                           (In thousands, except per share data)
                                                                         (Unaudited)
<S>                                          <C>              <C>             <C>             <C>

Net sales .................................. $ 137,008        $ 139,781       $ 158,422       $ 170,700
Operating income (loss) ....................      (345)          (5,172)         (6,558)         11,487
Net income (loss) ..........................    (1,416)          (4,497)         (5,628)          5,970
Basic and diluted earnings (loss)
    per share .............................. $    (.10)       $    (.33)      $    (.41)      $     .44

</TABLE>

<TABLE>

                                                                       Fiscal Year 1999
<CAPTION>

                                                First            Second          Third         Fourth
                                               Quarter           Quarter        Quarter        Quarter
                                               -------           -------        -------        -------
                                                           (In thousands, except per share data)
                                                                         (Unaudited)
<S>                                          <C>              <C>             <C>             <C>

Net sales .................................. $ 126,229        $ 134,586       $ 148,842       $ 149,374
Operating income ...........................     7,022            5,474           7,350           3,162
Net income .................................     3,444            2,438           3,689             975
Basic and diluted
  earnings per share ....................... $     .24        $     .17       $     .26       $     .08
</TABLE>








Item 7.      Management's Discussion and Analysis of

             Financial Condition and Results of Operations.

     CAUTIONARY  STATEMENT  REGARDING  RISKS AND  UNCERTAINTIES  THAT MAY AFFECT
     FUTURE PERFORMANCE

This  Annual  Report  contains  certain  forward-looking  statements  about  the
business,   financial  condition  and  prospects  of  the  Company.  The  actual
performance  of the Company could differ  materially  from that indicated by the
forward-looking   statements   because  of  various  risks  and   uncertainties,
including,  without  limitation,  changes in the market price for the  Company's
finished products and for feed grains, both of which may fluctuate substantially
and  exhibit  cyclical  characteristics   typically  associated  with  commodity
markets,  as described  below;  changes in competition and economic  conditions;
various  inventory  risks  due to  changes  in  market  conditions;  changes  in
governmental  rules and  regulations  applicable  to the Company and the poultry
industry; and other risks described below. These risks and uncertainties can not
be  controlled  by the  Company.  When  used in this  Annual  Report,  the words
"believes,"   "estimates,"   "plans,"   "expects,"   "should,"   "outlook,"  and
"anticipates,"  and  similar  expressions  as they  relate to the Company or its
management are intended to identify forward-looking statements.

GENERAL

The  Company's  poultry  operations  are  integrated  through its control of all
functions relative to the production of its chicken products, including hatching
egg production, hatching, feed manufacturing, raising chickens to marketable age
("grow-out"),  processing and marketing.  Consistent with the poultry  industry,
the Company's  profitability is  substantially  impacted by the market price for
its finished products and feed grains, both of which may fluctuate substantially
and  exhibit  cyclical  characteristics   typically  associated  with  commodity
markets. Other costs, excluding feed grains, related to the profitability of the
Company's  poultry  operations,  including  hatching egg  production,  hatching,
growing,  and processing  cost,  are  responsive to efficient  cost  containment
programs and management practices. Over the past three fiscal years, these other
production  costs have  averaged  approximately  64.2 % of the  Company's  total
production costs.

The  Company  believes  that  value-added  products  are  subject  to less price
volatility  and  generate  higher,  more  consistent  profit  margin  than whole
chickens  ice packed and shipped in bulk form.  To reduce its exposure to market
cyclicality that has historically characterized commodity chicken market prices,
the Company has  increasingly  concentrated  on the  production and marketing of
value-added  product lines with emphasis on product quality,  customer  service,
and brand  recognition.  The  Company  adds  value to its  poultry  products  by
performing one or more processing steps beyond the stage where the whole chicken
is first  saleable  as a  finished  product,  such as  cutting,  deep  chilling,
packaging and labeling the product.  The Company  believes that one of its major
strengths is its ability to change its product mix to meet customer demands.

The Company's  processed and prepared foods product line includes  approximately
200  institutional  and consumer  packaged food items that it sells  nationally,
primarily to distributors, food service establishments and retailers. A majority
of the prepared food items are made to the specifications of food service users.

Poultry  prices per pound,  as measured by the  Georgia  dock price,  fluctuated
during the three years ended October 31, 2000 as follows:

                                 1st       2nd      3rd         4th
                               Quarter   Quarter  Quarter     Quarter

Fiscal 2000
  High ....................    $.5850    $.5800    $.5975     $.6200*
  Low .....................    $.5800    $.5725*   $.5725     $.6000

Fiscal 1999
  High ....................    $.6825*   $.6275    $.6150     $.6150
  Low .....................    $.6275    $.5750*   $.5825     $.5850

Fiscal 1998
  High ....................    $.5850    $.5775    $.6825     $.7150*
  Low .....................    $.5550*   $.5550    $.5775     $.6875


*Year High/Low

For the year ended  October 31,  1999 as compared to the year ended  October 31,
1998,  lower  prices for poultry  products  more than offset an advantage in the
cost of feed grains. The decrease in net income for the fourth quarter of fiscal
1999 from the fourth quarter of fiscal 1998 resulted primarily from lower prices
for poultry  products  and  slightly  higher grain  prices.  During  fiscal 2000
compared  to fiscal  1999,  the average  market  prices for whole  chickens  and
boneless breast meat decreased  approximately  4.0% and 15.0%  respectively.  In
addition,  slightly higher average feed grain costs and bad debt expense of $1.2
million  during  fiscal  2000  from the  bankruptcy  filing by  AmeriServe  Food
Distribution, Inc. ("AmeriServe") reduced the Company's operating margin.

RESULTS OF OPERATIONS

Fiscal 2000 Compared to Fiscal 1999

The Company's net sales for fiscal 2000 were $605.9  million  compared to $559.0
million  during  fiscal 1999,  an increase of $46.9  million.  A majority of the
increase in net sales was derived from an increase in pounds of poultry products
sold of 10.0%. The additional pounds of poultry products sold resulted primarily
from an increase in the average live weight of chickens processed.  However, the
effect  of the  increase  in pounds of  poultry  products  sold on net sales was
partially  offset by a decrease in the average  sales price per pound of poultry
products  of 2.3%.  During  fiscal 2000 as  compared  to fiscal  1999,  a simple
average of the Georgia dock whole bird prices  reflected a decrease of 4.0%.  In
addition to the price  decrease for whole birds,  average  boneless  breast meat
prices were  approximately  15.0% lower during fiscal 2000 as compared to fiscal
1999.  Net sales of prepared food products  during fiscal 2000  increased  $10.0
million or 14.7% as compared to net sales  during  fiscal  1999.  This  increase
resulted  from an increase in the pounds of prepared  food products sold of 8.8%
and an increase in the average sales price of prepared food products of 5.4%.


<PAGE>


Cost of sales for fiscal 2000 as compared to fiscal 1999 increased $66.0 million
or 12.8%.  Cost of sales of poultry  products  increased $58.3 million or 12.8%.
This  increase  in the cost of sales of  poultry  products  was the result of an
increase  in the pounds of poultry  products  sold of 10.0%,  an increase in the
processing cost of poultry products related to the Company's  increased presence
in the chill pack market and higher cost of soybean meal.  Corn and soybean meal
cash  market  prices  reflected  a decrease  of 3.1% and an  increase  of 17.9%,
respectively.  Cost of sales of prepared  food  products  during  fiscal 2000 as
compared to fiscal 1999  increased  $7.7  million or 13.2% due  primarily to the
increase in the pounds of prepared food products sold.

Selling, general and administrative expenses for the year ended October 31, 2000
increased  $4.5  million as compared to the year ended  October 31,  1999.  This
increase reflects the additional  advertising and marketing costs related to the
Company's  change of certain of its production  from the fast food market to the
chill pack market. In addition, the Company recorded additional bad debt expense
of $1.2  million  during the second  quarter of fiscal 2000  resulting  from the
bankruptcy filing by AmeriServe on February 1, 2000.

The  Company's  operating  loss for fiscal  2000 was  $588,000  as  compared  to
operating  income during fiscal 1999 of $23.0 million.  The Company's  operating
margin during  fiscal 2000 as compared to fiscal 1999 was adversely  affected by
lower prices for poultry  products and the  additional bad debt expense from the
bankruptcy filing by AmeriServe. The Company expects the current weakness in the
poultry market to continue through the first quarter of fiscal 2001.

Interest  expense  for the year  ended  October  31,  2000 was $8.2  million  as
compared to the year ended October 31, 1999 of $6.4 million, an increase of $1.8
million.

The Company adopted the AICPA  Statement of Position 98-5,  "Reporting the Costs
of  Start-up  Activities"  in the first  quarter of fiscal  2000.  The effect of
adopting  SOP  98-5  was to  record a charge  for the  cumulative  effect  of an
accounting change of $234,000 (net of income taxes of $140,000).

The effective tax rate for the years ended October 31, 2000 and October 31, 1999
were 37.2% and 37.8%, respectively.

Fiscal 1999 Compared to Fiscal 1998

The  Company's  net sales for fiscal  1999 were $559.0  million,  an increase of
$37.6 million or 7.2% over fiscal 1998.  The increase in the Company's net sales
resulted from a 24.0% increase in the pounds of poultry  products sold which was
partially  offset by decreases in the average sale price of poultry products and
prepared  food  products of 8.1% and 4.4%,  respectively,  and a decrease in the
pounds of prepared food products sold of 21.1%. The additional pounds of poultry
products sold resulted  primarily from an increase in the average live weight of
chickens processed as the Company shifted certain of its chicken production from
the fast food  market to the chill pack and big bird  deboning  markets.  During
fiscal 1999 as compared to fiscal 1998, the poultry industry  experienced  lower
average  sale prices for poultry  products  due to an over supply of chicken and
other  meats in the market  place.  A  decrease  in the sales of  prepared  food
products  for fiscal 1999 as compared to fiscal 1998 was the result of decreases
in the pounds of prepared  food  products  sold of 21.1% and the decrease in the
average  sale price of  prepared  food  products  of 4.4%.  During  fiscal  1999
management reduced or eliminated sales of certain less profitable  prepared food
items resulting in fewer pounds of prepared food products sold.


<PAGE>


The Company's cost of sales for fiscal 1999 as compared to fiscal 1998 increased
$44.7 million to $514.2  million.  Cost of sales of poultry  products  increased
$70.2  million or 18.2% during  fiscal  1999.  The increase in pounds of poultry
products  sold of 24.0% and  decreases  in the cash  market  prices for corn and
soybean  meal of  13.0%  and  17.7%,  respectively,  were  the  primary  factors
resulting in the net increase in cost of sales of poultry products during fiscal
1999 as compared to fiscal 1998.  Cost of sales of prepared  food  products sold
decreased approximately $25.5 million or 30.5% during fiscal 1999 as compared to
fiscal 1998. This decrease is primarily from the planned  decrease in the pounds
of prepared food products sold and lower prices of chicken  products which are a
major ingredient in many of the products sold by the prepared foods division.

Selling,  general and  administrative  expenses for fiscal 1999  increased  $1.7
million,  or 8.5%,  as compared  to fiscal  1998.  This  increase  reflects  the
additional  advertising  and marketing  costs incurred during fiscal 1999 as the
Company  shifted  poultry  production  from the fast food market segments to the
chill pack and big bird  debone  market  segments.  In  addition,  the  increase
reflects  certain of the  Company's  cost of  modifications  to its  information
technology systems that were expensed during fiscal 1999.

The Company's  operating  income during  fiscal 1999  decreased  $8.8 million as
compared to fiscal 1998.  The weakness in the poultry  market  during the second
half of fiscal 1999 as compared to the same period  during fiscal 1998 more than
offset the advantage of the lower cost of feed grains.

Interest  expense  decreased $1.3 million as a result of lower  outstanding debt
during fiscal 1999 as compared to fiscal 1998.

The effective tax rate during fiscal 1999 was approximately 37.8% as compared to
37.4% during fiscal 1998.

Liquidity and Capital Resources

As of October 31, 2000, the Company's  working capital was $71.3 million and its
current ratio was 2.9 to 1, as compared to working  capital of $67.3 million and
a current  ratio of 3.1 to 1 at October 31, 1999.  During the year ended October
31, 2000,  the Company  spent  approximately  $16.6  million on planned  capital
projects and $2.5 million to purchase  299,500  shares of its Common Stock under
its existing stock repurchase plan.

The Company's  capital  budget for fiscal 2001 is  approximately  $11.7 million.
Included in the fiscal 2001 budget are items that include  cost of  renovations,
changes and additions to existing processing  facilities to allow better product
flows and  product  mix for more  product  flexibility.  The  Company's  capital
expenditures  for fiscal 2001 are expected to be funded from working capital and
cash flows from  operations;  however,  if needed the Company has $28.0  million
available under its revolving credit facility as of October 31, 2000.

Item 7A. Quantitative and Qualitative Disclosure About Market Risk.

Market Risk

The Company's  interest  expense is sensitive to changes in the general level of
U.S.  interest rates. The Company maintains certain of its debt as fixed rate in
nature to mitigate the impact of fluctuations in interest rates.  The fair value
of the Company's fixed rate debt approximates the carrying amount at October 31,
2000. Management believes the potential effects of near-term changes in interest
rates on the Company's fixed rate debt is not material.

The Company is a party to no other market risk sensitive  instruments  requiring
disclosure.


<PAGE>



Item 8.  Financial Statements and Supplementary Data.
<TABLE>

                     Sanderson Farms, Inc. and Subsidiaries
                           CONSOLIDATED BALANCE SHEETS
<CAPTION>

                                                                               October 31
                                                                         2000             1999
- -----------------------------------------------------------------------------------------------
                                                                            (In thousands)
<S>                                                                  <C>              <C>
Assets
Current assets:
     Cash and temporary cash investments ............................$   8,643        $   7,052
     Accounts receivable, less allowance of $460,000 in
       2000 and $249,000 in 1999 ....................................   37,038           36,577
     Inventories ....................................................   50,262           47,634
      Refundable income taxes .......................................    3,783              426
      Prepaid expenses ..............................................    8,308            7,503
                                                                     ---------        ---------
Total current assets ................................................  108,034           99,192
Property, plant and equipment:
     Land and buildings .............................................  128,738          125,337
      Machinery and equipment .......................................  240,106          230,939
                                                                     ---------        ---------
                                                                       368,844          356,276
     Accumulated depreciation ....................................... (195,689)        (173,204)
- ------------------------------------------------------------------------------        ---------
                                                                       173,155          183,072
Other assets ........................................................      667            1,246
                                                                                      ---------
Total assets ........................................................$ 281,856        $ 283,510
                                                                     =========        =========

Liabilities and Stockholders' Equity
Current liabilities:

     Accounts payable ...............................................$  17,507        $  12,505
     Accrued expenses ...............................................   15,135           15,372
     Current maturities of long-term debt ...........................    4,058            4,043
                                                                     ---------        ---------
Total current liabilities ...........................................   36,700           31,920
Long-term debt, less current maturities .............................  107,491          104,651
Claims payable ......................................................    1,800            1,100
Deferred income taxes ...............................................   15,850           14,995
Stockholders' equity:
     Preferred Stock:
         Series A Junior Participating Preferred Stock, $100
              par value:  authorized shares-500,000; none issued
         Par value to be determined by the Board of Directors:
              authorized shares-4,500,000; none issued
     Common Stock, $1 par value:  authorized shares-100,000,000;
         issued and outstanding shares-13,632,955 in 2000 and
            13,932,455 in 1999 ......................................   13,633           13,932
     Paid-in capital ................................................    3,616            5,835
     Retained earnings ..............................................  102,766          111,077
                                                                                      ---------
Total stockholders' equity ..........................................  120,015          130,844
                                                                     ---------        ---------
Total liabilities and stockholders' equity ..........................$ 281,856        $ 283,510
                                                                     =========        =========
</TABLE>
                             See accompanying notes.


<PAGE>
<TABLE>


                     Sanderson Farms, Inc. and Subsidiaries
                        CONSOLIDATED STATEMENTS OF INCOME
<CAPTION>

                             Years Ended October 31

                                                                    2000           1999            1998
                                                                    (In thousands, except per share data)
<S>                                                            <C>             <C>             <C>

Net sales .....................................................$ 605,911       $ 559,031       $ 521,394
Cost and expenses:
  Cost of sales ...............................................  580,136         514,162         469,429
  Selling, general and administrative .........................   26,363          21,861          20,143
                                                                  ------          ------          ------

                                                                 606,499         536,023         489,572
                                                                 -------         -------         -------

Operating income (loss) .......................................     (588)         23,008          31,822
Other income (expense):
  Interest income .............................................      213             266             341
  Interest expense ............................................   (8,195)         (6,384)         (7,721)
  Other .......................................................       69              56             (86)
                                                                      --              --             ---

                                                                  (7,913)         (6,062)         (7,466)
                                                                  ------          ------          ------
Income (loss) before income taxes and cumulative effect
  of accounting change ........................................   (8,501)         16,946          24,356
Income tax expense (benefit) ..................................   (3,164)          6,400           9,100
                                                                  ------           -----           -----
Income (loss) before cumulative effect of accounting change ...   (5,337)         10,546          15,256
Cumulative effect of accounting change (net of income
  taxes of $140,000) ..........................................     (234)              0               0
           --------                                                 ----               -               -
Net income (loss) .............................................$  (5,571)      $  10,546        $ 15,256
                                                               =========       =========        ========


Basic and diluted net income (loss) per share:
  Income (loss) before cumulative
    effect of accounting change ...............................$    (.39)      $     .75       $    1.06
  Cumulative effect of accounting change ......................     (.02)              0               0
                                                                    ----               -               -
  Net income (loss) per share .................................$    (.41)      $     .75       $    1.06
                                                               =========       =========       =========

Weighted average shares outstanding:
  Basic .......................................................   13,726          14,068          14,369
                                                                  ======          ======          ======
  Diluted .....................................................   13,726          14,121          14,426
                                                                  ======          ======          ======
</TABLE>


                             See accompanying notes.


<PAGE>


                     Sanderson Farms, Inc. and Subsidiaries

                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>

                                                                                                                       Total
                                                         Common Stock               Paid-in         Retained       Stockholders'
                                                   Shares             Amount        Capital         Earnings           Equity
<CAPTION>
                                                  ------------------------------------------------------------------------------
                                                                  (In thousands, except shares and per share amounts)
<S>                                            <C>                 <C>              <C>             <C>              <C>

Balance at November 1, 1997                    14,367,580          $14,368          $11,447         $ 90,956         $116,771
  Net income for year                                                                                 15,256           15,256
  Cash dividends ($.20 per share)                                                                     (2,874)          (2,874)
  Issuance of common stock                          6,000                6               58                                64
  Principal payments received on note
      receivable from ESOP                                                              265                               265
                                               --------------------------------------------------------------------------------
Balance at October 31, 1998                    14,373,580           14,374           11,770          103,338          129,482
  Net income for year                                                                                 10,546           10,546
  Cash dividends ($.20 per share)                                                                     (2,807)          (2,807)
  Issuance of common stock                         36,875               36              378                               414
  Purchase and retirement of
     common stock                                (478,000)            (478)          (6,438)                           (6,916)
  Principal payments received on note
     receivable from ESOP                                                               125                               125
                                               --------------------------------------------------------------------------------
Balance at October 31, 1999                    13,932,455           13,932            5,835          111,077          130,844
  Net loss for year                                                                                   (5,571)          (5,571)
  Cash dividends ($20 per share)                                                                      (2,740)          (2,740)
  Purchase and retirement of
     common stock                                (299,500)            (299)          (2,219)                            (2,518)
                                              ---------------------------------------------------------------------------------
Balance at October 31, 2000                   $13,632,955          $13,633          $ 3,616         $102,766          $120,015
                                              =================================================================================
</TABLE>

                                                    See accompanying notes.


<PAGE>

<TABLE>


                              SANDERSON FARMS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>

                                                                                 Years   Ended October 31
                                                                         2000              1999              1998
                                                                                      (In thousands)
<S>                                                                   <C>               <C>               <C>

Operating activities

Net income (loss)                                                     $ (5,571)         $ 10,546          $ 15,256
Adjustments to reconcile net income (loss) to net cash
 provided by operating activities:
  Cumulative effect of accounting change                                   374                 0                 0
  Depreciation and amortization                                         26,432            24,736            23,241
  Provision for losses on accounts receivable                            1,413               124               240
  Deferred income taxes                                                    340               600             2,710
  Change in assets and liabilities:
     Increase in accounts receivable                                    (1,874)           (5,678)             (329)
     (Increase) decrease in inventories                                 (2,628)           (4,755)            1,331
     (Increase) decrease in prepaid expenses                            (3,647)              263                63
     (Increase) decrease in other assets                                    30              (422)              329
     Increase in accounts payable                                        5,002             6,612               281
     Increase (decrease) in accrued expenses and claims payable            463              (234)            7,161
                                                                           ---              ----             -----
Total adjustments                                                       25,905            21,246            35,027
                                                                        ------            ------            ------
Net cash provided by operating activities                               20,334            31,792            50,283

Investing activities

Capital expenditures                                                   (16,557)          (28,627)          (23,673)
Net proceeds from sale of property and equipment                           217               474               202
                                                                           ---               ---               ---
Net cash used in investing activities                                  (16,340)          (28,153)          (23,471)

Financing activities
Long-term borrowings                                                         0            20,000                 0
Net change in revolving credit                                           6,000            (7,000)          (19,000)
Principal payments on long-term debt                                    (2,950)           (3,844)           (2,998)
Principal payments on capital lease                                       (195)             (185)             (174)
Principal payments received on note
  receivable from ESOP                                                       0               125               265
Dividends paid                                                          (2,740)           (2,807)           (2,874)
Purchase and retirement of common stock                                 (2,518)           (6,916)                0
Net proceeds from common stock issued                                        0               414                64
                                                                             -               ---                --
Net cash used in financing activities                                   (2,403)             (213)          (24,717)
                                                                        ------              ----           -------
Net increase in cash and temporary cash investments                      1,591             3,426             2,095
Cash and temporary cash investments
   at beginning of year                                                  7,052             3,626             1,531
                                                                         -----             -----             -----
Cash and temporary cash investments
   at end of year                                                     $  8,643          $  7,052          $  3,626
                                                                      ========          ========          ========


Supplemental disclosure of cash flow information:
  Income taxes paid                                                   $    397          $ 10,459          $  2,834
                                                                      ========          ========          ========
  Income taxes refunded                                               $    464          $      0          $  2,474
                                                                      ========          ========          ========
  Interest paid                                                       $  8,728          $  5,844          $  7,880
                                                                      ========          ========          ========

</TABLE>

                             See accompanying notes.


<PAGE>



                     Sanderson Farms, Inc. and Subsidiaries

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Significant Accounting Policies

Principles  of  Consolidation:  The  consolidated  financial statements  include
the  accounts of Sanderson  Farms,  Inc.(the  "Company")  and  its  wholly-owned
subsidiaries.  All significant intercompany transactions and accounts have been
eliminated in consolidation.

Business:  The Company is engaged in the production,  processing,  marketing and
distribution  of fresh and frozen  chicken and other  prepared  food items.  The
Company's net sales and cost of sales are significantly affected by market price
fluctuations  of its principal  products sold and of its principal  ingredients,
corn and other grains.

The Company sells to retailers,  distributors and fast food operators  primarily
in the southern and western United States. Revenue is recognized when product is
shipped to customers.  Revenue on certain international sales is recognized upon
transfer  of title,  which may occur  after  shipment.  Management  periodically
performs credit evaluations of its customers'  financial condition and generally
does not require  collateral.  Shipping  and  handling  costs are  included as a
component of cost of sales.

Use of Estimates:  The preparation of the consolidated  financial  statements in
conformity with accounting  principles  generally  accepted in the United States
requires  management to make estimates and  assumptions  that affect the amounts
reported in the consolidated financial statements and accompanying notes. Actual
results could differ from those estimates.

Temporary  Cash  Investments:   Temporary  cash  investments include investment
agreements for securities purchased under agreements to resell with a maturity
of one day.

Inventories:  Processed food and poultry  inventories  and  inventories of feed,
eggs,  medication  and  packaging  supplies  are  stated  at the  lower  of cost
(first-in, first-out method) or market.

Live poultry  inventories  of broilers are stated at the lower of cost or market
and breeders at cost less  accumulated  amortization.  The costs associated with
breeders,   including  breeder  chicks,  feed,  medicine  and  grower  pay,  are
accumulated up to the production  stage and amortized over nine months using the
straight-line method.

Property, Plant and Equipment:  Property, plant and equipment is stated at cost.
Depreciation of property,  plant and equipment is provided by the  straight-line
and units of  production  methods  over the  estimated  useful lives of 19 to 39
years for buildings and 3 to 7 years for machinery and equipment.

Impairment  of  Long-Lived  Assets:  The  Company  continually  reevaluates  the
carrying value of its long-lived  assets for events or changes in  circumstances
which indicate that the carrying value may not be  recoverable.  As part of this
reevaluation,  the Company  estimates  the future cash flows  expected to result
from the use of the asset and its eventual disposal.  If the sum of the expected
future cash flows  (undiscounted  and without interest charges) is less than the
carrying amount of the asset, an impairment loss is recognized  through a charge
to operations.

Income Taxes: Deferred income taxes are accounted for using the liability method
and relate  principally to cash basis  temporary  differences  and  depreciation
expense  accounted  for  differently  for  financial  and income  tax  purposes.
Effective  November 1, 1988,  the Company  changed  from the cash to the accrual
basis of accounting for its farming subsidiary.  The Taxpayer Relief Act of 1997
(the "Act") provides that the taxes on the cash basis  temporary  differences as
of that date are payable  over 20 years  beginning  in fiscal 1998 or in full in
the first fiscal year in which the Company fails to qualify as a "Family Farming
Corporation."  The  Company  will  continue  to  qualify  as a  "Family  Farming
Corporation"  provided  there  are  no  changes  in  ownership  control,   which
management does not anticipate during fiscal 2001.

Stock Based Compensation:  The Company accounts for stock option grants in
accordance with APB Opinion No. 25, "Accounting for Stock Issued to Employees."

Earnings Per Share:  Basic earnings per share is based upon the weighted average
number of common shares  outstanding during the year. Diluted earnings per share
includes any dilutive effects of options, warrants, and convertible securities.

Fair Value of Financial Instruments: The carrying amounts for cash and temporary
cash  investments  approximate  their fair values.  The carrying  amounts of the
Company's  borrowings  under  its  credit  facilities  and  long-term  debt also
approximate the fair values based on current rates for similar debt.

Impact of Recently Issued Accounting  Standards:  Effective in fiscal 2001, FASB
No.  133,  "Accounting  for  Derivative  Instruments  and  Hedging  Activities",
requires all derivatives to be recorded on the balance sheet at fair value.  The
effect of adopting  this  statement on the  consolidated  earnings and financial
position of the Company will be immaterial.

In April 1998, the American  Institute of Certified  Public  Accountants  issued
Statement of Position 98-5,  "Reporting the Costs of Start-Up Activities," which
requires  that costs  related to start-up  activities  be expensed as  incurred.
Prior to October 31,  1999,  the Company  capitalized  its start-up  costs.  The
Company  adopted  the  provisions  of  the  SOP in  its  consolidated  financial
statements  in the first  quarter of fiscal 2000.  The effect of adoption of SOP
98-5 was to record a charge for the cumulative effect of an accounting change of
$234,000  (net of  income  taxes of  $140,000)  or $.02 per  basic  and  diluted
earnings per share.


<PAGE>



2. Inventories

Inventories consisted of the following:

                                                            October 31
                                                    2000                1999
                                                    ----                ----

                                                         (In thousands)

Live poultry-broilers and breeders                 $30,004            $29,323
Feed, eggs and other                                 6,651              6,494
Processed poultry                                    5,924              3,037
Processed food                                       3,785              4,900
Packaging materials                                  3,898              3,880
                                                  --------            -------
                                                   $50,262            $47,634
                                                    ======             ======



3. Long-term Credit Facilities and Debt

Long-term debt consisted of the following:

                                                            October 31
                                                    2000                 1999
                                                    ----                 ----
                                                         (In thousands)
Revolving credit agreement with banks
  (weighted average rate of 7.6% at
  October 31, 2000)                                $72,000            $66,000
Term loan with an insurance company,
  accruing interest at 7.49%; due in
  annual principal installments of $2,850,000        8,600             11,450
Term loan with an insurance company,
  accruing interest at 6.65%; due in annual
  principal installments of $2,857,000,
  beginning in July 2004                            20,000             20,000
Note payable, accruing interest at 5%;
   due in annual installments of $161,400,
   including interest, maturing in 2009              1,169              1,269
6% Mississippi Business Investment Act
  bond-capital lease obligation                      3,480              3,675
Robertson County, Texas, Industrial
  Revenue Bonds accruing interest
  at a variable rate, 3.6% at October
   31, 2000; due in annual principal
   installments of $900,000                          6,300              6,300
                   --------                          -----              -----
                                                   111,549            108,694
Less current maturities of long-term debt            4,058              4,043
                                                     -----              -----
                                                  $107,491           $104,651
                                                  ========           ========

The Company has a $100.0 million  ($28.0 million  available at October 31, 2000)
revolving credit agreement with five banks. The revolver extends to fiscal 2004,
when the outstanding borrowings may be converted to a term loan payable in equal
semi-annual  installments over four years.  Borrowings are at prime or below and
may be prepaid without penalty. A commitment fee of .20% is payable quarterly on
the unused portion of the revolver.  Covenants  related to the revolving  credit
and the term loan  agreements  include  requirements  for maintenance of minimum
consolidated   net  working   capital,   tangible  net  worth,   debt  to  total
capitalization  and current  ratio.  The  agreements  also  establish  limits on
dividends, assets that can be pledged and capital expenditures.

Property,  plant and  equipment  with a  carrying  value of  approximately  $3.1
million  is  pledged as  collateral  to a note  payable  and the  capital  lease
obligation.

The aggregate  annual  maturities  of long-term  debt at October 31, 2000 are as
follows (in thousands):

                           Fiscal Year             Amount

                             2001                $   4,058
                             2002                    4,078
                             2003                    4,144
                             2004                   24,264
                             2005                   24,285
                          Thereafter                50,720
                                                  --------
                                                  $111,549
                                                  ========
4. Income Taxes

Income tax expense (benefit) consisted of the following:

                                                      Years Ended October 31
                                                    2000        1999       1998
                                                  ------------------------------
                                                          (In thousands)

Current:
  Federal                                         $(3,600)    $ 5,200    $ 5,900
  State                                               (44)        600        490
                                                   -----------------------------
                                                   (3,644)      5,800      6,390
Deferred:
  Federal                                             325         486      2,197
  State                                                15         114        513
                                                   -----------------------------
                                                      340         600      2,710
                                                   -----------------------------
                                                   (3,304)      6,400      9,100
Less income tax expense applicable
    to cumulative effect of accounting
    change                                            140           0          0
                                                   -----------------------------
Income tax expense (benefit) applicable
    to income (loss) before cumulative
    effect of accounting change                   $(3,164)    $ 6,400    $ 9,100
                                                   =============================




<PAGE>



Significant components of the Company's deferred tax assets and liabilities were
as follows:

                                                                 October 31,
                                                               2000        1999
                                                             -------------------
                                                              (In thousands)

Deferred tax liabilities:
   Cash basis temporary differences                           $ 3,309    $ 3,503
   Property, plant and equipment                               13,694     12,371
   Prepaid and other assets                                       143        250
                                                             -------------------
Total deferred tax liabilities                                 17,146     16,124

Deferred tax assets:
   Accrued expenses and accounts receivable                     2,921      2,017
   State net operating loss and credit carryforwards              275        497
                                                             -------------------
Total deferred tax assets                                       3,196      2,514
                                                             -------------------
Net deferred tax liabilities                                  $13,950    $13,610
                                                             ===================

Current deferred tax assets
    (included in prepaid expenses)                            $ 1,900    $ 1,385
                                                             -------------------
Long-term deferred tax liabilities                             15,850     14,995
                                                             -------------------
Net deferred tax liabilities                                  $13,950    $13,610
                                                             ===================


The  differences  between  the  consolidated  effective  income tax rate and the
federal statutory rate are as follows:

                                                       Years Ended October 31
                                                    2000       1999       1998
                                                    ---------------------------

                                                          (In thousands)

Income taxes (benefit) at statutory rate          $(3,018)   $ 5,762    $ 8,525
State income taxes (benefit)                          (19)       731      1,041
State income tax credit                                 0       (260)      (389)
Other, net                                           (267)       167        (77)
                                                 ------------------------------
Income tax expense (benefit)                      $(3,304)   $ 6,400    $ 9,100
                                                 ==============================



5. Employee Benefit Plans

The Company has an Employee Stock Ownership Plan ("ESOP") covering substantially
all employees. Contributions to the ESOP are determined at the discretion of the
Company's Board of Directors.  Total contributions to the ESOP were $840,000 and
$1,100,000  in fiscal  1999 and 1998,  respectively.  The Company did not make a
contribution to the ESOP in fiscal 2000.

The Company has a 401(k) plan which covers substantially all employees after six
months of service.  Participants  in the plan may  contribute  up to the maximum
allowed by IRS regulations.  Effective July 1, 2000, the Company matches 100% of
employee  contributions  to  the  401(k)  plan  up  to  3%  of  each  employee's
compensation  and  50% of  employee  contributions  between  3%  and 5% of  each
employee's compensation.  The Company's contributions to the 401(k) plan totaled
$457,000 in fiscal 2000.


<PAGE>



6.  Stock Option Plan

The Company has elected to follow  Accounting  Principles  Board Opinion No. 25,
"Accounting  for Stock  Issued to  Employees"  and  related  interpretations  in
accounting for its employee  stock options  because the  alternative  fair value
accounting   provided  for  under  FASB  Statement  No.  123,   "Accounting  for
Stock-Based Compensation," requires use of option valuation models that were not
developed for use in valuing employee stock options.

Under the Company's Stock Option Plan,  750,000 shares of Common Stock have been
reserved for grant to key management  personnel.  Options granted in fiscal 2000
and 1998 have ten-year  terms and vest over four years  beginning one year after
the date of grant. No options were granted in fiscal 1999.

Pro forma information  regarding net income (loss) and earnings (loss) per share
is required by  Statement  123,  and has been  determined  as if the Company had
accounted  for its employee  stock  options  under the fair value method of that
Statement.  The fair value for these  options was estimated at the date of grant
using a Black-Scholes  option pricing model with the following  weighted average
assumptions:  risk-free  interest rate of 6.6% in fiscal 2000 and 4.4% in fiscal
1998;  dividend  yields  of 2.7% for  fiscal  2000 and  1.5%  for  fiscal  1998;
volatility factors of the expected market price of the Company's Common Stock of
 .302 for fiscal 2000 and .260 for fiscal 1998; and a  weighted-average  expected
life of the options of four years.

The weighted-average  fair value of options granted was $1.94 in fiscal 2000 and
$3.14 in fiscal 1998.  The pro forma effect of the  estimated  fair value of the
options  granted was  insignificant  to the  Company's net income (loss) and net
income (loss) per share in fiscal 2000, 1999 and 1998.

A summary of the Company's stock option  activity and related  information is as
follows:
<TABLE>
<CAPTION>

                                                                        Weighted-Average
                                                Shares                   Exercise Price
- ---------------------------------------------------------------------------------------
<S>                                            <C>                            <C>
Outstanding at November 1, 1997                538,000                        $12.51
    Granted                                    194,000                         13.00
    Exercised                                   (7,000)                        10.77
    Forfeited                                  (29,000)                        12.87
Outstanding at November 1, 1998                696,000                         12.64
    Exercised                                  (69,375)                        10.82
    Forfeited                                  (44,625)                        12.92
                                                ------
Outstanding at October 31, 1999                582,000                         12.90
   Granted                                     141,000                          7.47
   Forfeited                                   (84,000)                        11.60
Outstanding at October 31, 2000                639,000                         11.83
</TABLE>

The exercise price of the options outstanding as of October 31, 2000 ranged from
$7.47 to $15.00 per share. At October 31, 2000, the weighted  average  remaining
contractual life of the options outstanding was 5 years and 371,500 options were
exercisable.

In fiscal 2000,  the Company  granted  141,000  "phantom  shares" to certain key
management personnel.  Upon exercise of a phantom share, the holder will receive
a cash payment or an equivalent  number of shares of the Company's Common Stock,
at the  Company's  option,  equal to the excess of the fair market  value of the
Company's  Common  Stock over the phantom  share award value of $7.47 per share.
The phantom  shares have a ten-year term and vest over four years  beginning one
year after the date of grant. No compensation expense was recognized  applicable
to the phantom  shares in fiscal 2000 because the award value  exceeded the fair
market value of the Company's Common Stock.

7. Shareholder Rights Agreement

On April 22, 1999,  the Company  adopted a  shareholder  rights  agreement  (the
"Agreement")  with  similar  terms as the previous  one.  Under the terms of the
Agreement a one share  purchase  ("right")  was  declared as a dividend for each
share of the Company's  Common Stock  outstanding  on May 4, 1999. The rights do
not become  exercisable and certificates for the rights will not be issued until
ten business  days after a person or group  acquires or announces a tender offer
for the  beneficial  ownership  of 20% or more of the  Company's  Common  Stock.
Special rules set forth in the Agreement apply to determine beneficial ownership
for members of the Sanderson  family.  Under these rules, such a member will not
be considered to beneficially  own certain shares of Common Stock,  the economic
benefit of which is received by any member of the Sanderson family,  and certain
shares of Common  Stock  acquired  pursuant  to  employee  benefit  plans of the
Company.

The exercise  price of a right has been  established  at $75. Once  exercisable,
each right would entitle the holder to purchase one  one-hundredth of a share of
Series A Junior  Participating  Preferred  Stock,  par value $100 per share. The
rights may be redeemed by the Board of  Directors  at $.01 per right prior to an
acquisition,  through open market purchases, a tender offer or otherwise, of the
beneficial  ownership  of 20% or  more  of the  Company's  Common  Stock,  or by
two-thirds of the  Directors  who are not the  acquirer,  or an affiliate of the
acquirer prior to the  acquisition of 50% or more of the Company's  Common Stock
by such acquirer. The rights expire on May 4, 2009.

8. Other Matters

The Company self-insures for losses related to workers' compensation claims with
excess  coverage by  underwriters  on a per claim and  aggregate  basis.  Claims
payable are based upon estimates of the ultimate cost of reported  claims by the
Company's claims  administrator and totaled $5,193,000 and $4,227,000 at October
31, 2000 and 1999, respectively.  Claims payable of $3,393,000 and $3,127,000 at
October 31, 2000 and 1999, respectively, are included in accrued expenses in the
accompanying  consolidated balance sheets because the amounts are expected to be
paid within one year from the respective  balance sheet dates. The ultimate cost
for outstanding claims may vary significantly from current estimates.

No  customer  accounted  for more than 10% of  consolidated  sales for the years
ended  October  31,  2000,  1999 and 1998.  Export  sales  were less than 10% of
consolidated sales in each year presented.

On June 15, 2000, the Company  delivered to two banks a guaranty of $3.2 million
on a $13.5 million loan (the "Loan") under a credit  agreement  from those banks
to the Estate of Joe Frank  Sanderson,  a  co-founder  and former  member of the
Company's Board of Directors.  The Estate collateralized the Loan with 3,229,672
shares of Common  Stock of the  company  and  agreed to  indemnify  the  Company
against any loss from such guaranty.

On April 5, 2000, thirteen individuals claiming to be former hourly employees of
the Company filed a lawsuit in the United States District Court for the Southern
District of Texas claiming that the Company  violated  requirements  of the Fair
Labor  Standards  Act.  The  Plaintiffs'  lawsuit  also  purported  to represent
similarly  situated  workers  who have filed or will file  consents  to join the
suit. At filing, 109 individuals had consented to join the lawsuit.

The lawsuit alleges that the Company (1) failed to pay its hourly employees "for
time spent  donning and doffing  sanitary and safety  equipment,  obtaining  and
sharpening  knives and scissors,  working in the plant and elsewhere  before and
after the scheduled  end of the shift,  cleaning  safety  equipment and sanitary
equipment,  and  walktime,"  and (2) altered  employee  time records by using an
automated  time  keeping  system.  Plaintiffs  further  claim  that the  Company
concealed  the  alteration of time records and seek on that account an equitable
tolling of the statute of limitations  beyond the three-year  limitation  period
back to the date the automated time-keeping system was allegedly implemented.

Plaintiffs  seek an unspecified  amount of unpaid hourly and overtime wages plus
an equal amount as liquidated  damages,  for present and former hourly employees
who file consents to join the lawsuit.  There were 7,267 hourly workers employed
at the Company's processing plants as of October 31, 2000.

On May 15,  2000,  an employee of the Company  filed suit against the Company in
the United States District Court for the Southern District of Texas on behalf of
live-haul drivers to recover an unspecified amount of overtime  compensation and
liquidated  damages.  Approximately  18  employees  have filed  consents to this
lawsuit.

Previously, the United States Department of Labor ("DOL") filed suit against the
Company  in the  United  States  District  Court for the  Southern  District  of
Mississippi,  Hattiesburg Division. The lawsuit was brought under the Fair Labor
Standards  Act and seeks  recovery of overtime  compensation,  together  with an
equal amount as liquidated  damages,  for thirty-two  live-haul employees (i.e.,
live-haul  drivers,  chicken  catchers,  and  loader-operators)  employed by the
Company.  The  lawsuit  asserted  that  additional  overtime   compensation  and
liquidated damages may be owed to certain  employees.  The lawsuit also seeks an
injunction  to prevent the  withholding  of overtime  compensation  to live-haul
employees in the future.

The  Company is  vigorously  defending  both  suits,  and has denied any and all
liability.   Numerous  affirmative  defenses  have  been  asserted  against  the
plaintiff(s)  in these  matters,  including the  Company's  reliance  upon,  and
compliance  with,  the  DOL's  longstanding  policy  and  practice  of  treating
live-haul  workers as exempt under the Fair Labor  Standards Act. Both cases are
in the early stages of discovery. Docket call concerning trial of the employees'
suit has been set for July 27,  2001,  while no trial  date has been set for the
DOL suit.

Substantially  similar lawsuits have been filed against other integrated poultry
companies. In addition,  organizing activity conducted by the representatives or
affiliates of the United Food and  Commercial  Workers Union against the poultry
industry has encouraged worker participation in this and the other lawsuits. The
Company believes it has substantial  defenses and is vigorously  defending these
lawsuits.

On September  26, 2000,  three  current and former  contract  growers filed suit
against the Company in the Chancery Court of Lawrence County,  Mississippi.  The
plaintiffs filed suit on behalf of "all Mississippi  residents to whom, between,
on or about  November  1981 and the  present,  the Company  induced into growing
chickens for it and paid  compensation  under the so called  `ranking  system'."
Plaintiffs  allege that the Company "has  defrauded  plaintiffs by  unilaterally
imposing and utilizing the so called `ranking  system' which  wrongfully  places
each grower into a competitive  posture  against  other growers and  arbitrarily
penalizes  each less  successful  grower  based upon  criteria  which were never
revealed,  explained or discussed with  plaintiffs."  Plaintiffs  further allege
that they are required to accept chicks which are genetically different and with
varying  degrees of  healthiness,  and feed of dissimilar  quantity and quality.
Finally, plaintiffs allege that they are ranked against each other although they
possess  dissimilar  facilities,  equipment and  technology.  Plaintiffs seek an
unspecified  amount in  compensatory  and punitive  damages,  as well as varying
forms of equitable relief.

The Company is vigorously defending this action, and has removed the case to the
United  States  District  Court for the Southern  District of  Mississippi.  The
plaintiffs have filed a motion to remand,  which is currently pending before the
Court.  The  Company  has  invoked  the  arbitration  provision  present  in the
contracts signed by each of the plaintiffs.

The Company is also involved in various claims and litigation  incidental to its
business.  Although  the  outcome  of such  matters  cannot be  determined  with
certainty,  management,  upon the advice of counsel,  is of the opinion that the
final outcome  should not have a material  effect on the Company's  consolidated
results of operation or financial position.


<PAGE>



Item 9.     Changes in and Disagreements With Accountants

            on Accounting and Financial Disclosure.

            Not applicable.

                               PART III

Item 10.    Directors and Executive

            Officers of the Registrant.

             As permitted by General Instruction G(3) to Form 10-K,
reference  is  made  to  the   information   concerning  the Directors of the
Registrant and the nominees for election as Directors  appearing in the
Registrant's  definitive  proxy statement filed or to be filed with the
Commission  pursuant to Rule 14a-6(b). Such information is incorporated herein
by reference to the definitive proxy statement.

Information concerning the executive officers of the Registrant is set forth in
Item 4A of Part I of this Annual Report.

Item 11.     Executive Compensation.

             As  permitted  by  General   Instruction  G(3)  to  Form  10-K,
reference is made to the  information  concerning  remuneration of Directors and
executive  officers of the Registrant  appearing in the Registrant's  definitive
proxy  statement  filed or to be  filed  with the  Commission  pursuant  to Rule
14a-6(b). Such information is incorporated herein by reference to the definitive
proxy statement.

Item 12.    Security Ownership of Certain

            Beneficial Owners and Management.

            As  permitted  by  General   Instruction  G(3)  to  Form  10-K,
reference  is made to the  information  concerning  beneficial  ownership of the
Registrant's  Common Stock,  which is the only class of the Registrant's  voting
securities, appearing in the Registrant's definitive proxy statement filed or to
be filed with the  Commission  pursuant to Rule  14a-6(b).  Such  information is
incorporated herein by reference to the definitive proxy statement.

 Item 13.   Certain Relationships and Related Transactions.

            As  permitted  by  General   Instruction  G(3)  to  Form  10-K,
information,  if any,  required  to be  reported  by Item 13 of Form 10-K,  with
respect  to   transactions   with  management  and  others,   certain   business
relationships,  indebtedness of management,  and transactions with promoters, is
set forth in the  Registrant's  definitive  proxy statement filed or to be filed
with the Commission  pursuant to Rule  14a-6(b).  Such  information,  if any, is
incorporated herein by references to the definitive proxy statement.

PART IV

Item 14.    Exhibits, Financial Statement

            Schedules, and Reports on Form 8-K.


<PAGE>


(a)1.  FINANCIAL STATEMENTS:

       The  following   consolidated   financial   statements  of  the
Registrant are included in Item 8:

 Consolidated Balance Sheets - October 31, 2000 and 1999

 Consolidated Statements of Income - Years ended October 31, 2000, 1999 and 1998

 Consolidated  Statements of Stockholders'  Equity - Years ended October 31,
 2000, 1999 and 1998

 Consolidated Statements of Cash Flows - Years ended October 31, 2000, 1999
 and 1998

Notes to Consolidated Financial Statements - October 31, 2000

(a)2.  FINANCIAL STATEMENT SCHEDULES:

       The following consolidated financial statement schedules of the
Registrant are included in Item 8:

                 Schedule II - Valuation and Qualifying Accounts

                 All other  schedules are omitted as they are not  applicable or
the  required  information  is set forth in the  Financial  Statements  or notes
thereto.

(a)3.  EXHIBITS:

                 The following exhibits are filed with this Annual Report or are
incorporated herein by reference:
<TABLE>

          Exhibit         Brief
          Number          Description
<CAPTION>
<S>        <C>      <C>   <C>

(1)        3-A      -     Copy of Articles of Incorporation of the Registrant, as amended.

           3-B      -     Copy of Restated By-Laws of the Registrant as of January 8, 1998.

           3-B-1    -     Copy of Restated By-Laws of the Registrant as of October 23, 2000.

(1)        4        -     Copy of Certificate of Designations of Series A Junior Participating Preferred
                          Stock of the Registrant

(2)        10-A     -     Copy of Agreement of Purchase and Sale of Assets dated March 10, 1986 among the
                          Registrant, National Prepared Foods, Inc., Trend Line Corporation, Business
                          Advisors and Investor, Inc., W. T. Hogg, Jr., W. T. Hogg, Jr. Trust for
                          Grandchildren, Noreen Mary Hogg Case Trust Under Agreement December 20, 1972
                          and Sherrie Ann Hogg Ford Trust Under Agreement December 20, 1972.

(2)        10-B     -     Copy of Contract dated July 31, 1964 between the Registrant and the City of
                          Laurel, Mississippi.

(2)        10-B-1   -     Copy of Contract Amendment dated December 1, 1970 between the Registrant and the City of
                          Laurel, Mississippi.

(2)        10-B-2   -     Copy of Contract Amendment dated June 11, 1985 between the Registrant and the City of
                          Laurel, Mississippi.

(2)        10-B-3   -     Copy of Contract Amendment dated October 7, 1986 between the Registrant and the City of
                          Laurel, Mississippi.

(8)        10-B-4   -     Copy of Contract Amendment dated August 16, 1994 between the Registrant and the City of
                          Laurel, Mississippi.

(2)        10-C     -     Copy of Lease Agreement dated May 19, 1964 among the Town of Collins, Covington
                          County, Mississippi and Mississippi Federated Cooperatives ALL.

(2)        10-C-1   -     Copy of Assignment of Lease and Leasehold Estate, and Conveyance of Leaseholder
                          Improvements and Other Properties, Reserving a Purchase Money Security
                          Interest, dated December 21, 1981 between M.C. Services (ALL) and Sanderson
                          Farms, Inc. (Processing Division).

(2)        10-D     -     Copy of Lease Agreement dated November 28, 1962 between the Board of
                          Supervisors of Covington County, Mississippi acting for and on behalf of
                          Supervisors Districts 1, 2, 3 and 5 of Covington County, Mississippi and
                          Mississippi Federated Cooperatives, ALL.

(2)        10-D-1   -     Copy of Contract dated October 2, 1972 between the Board of Supervisors of Covington
                          County, Mississippi, acting for and on behalf of Covington County, Mississippi
                          and M.C. Services (ALL).

(2)        10-D-2   -     Copy of Lease Agreement dated May 1, 1976 between Supervisors Districts One, Two, Three and
                          Five of Covington County, Mississippi and M.C. Services (ALL).

(2)        10-D-3   -     Copy of Assignment of Leases and Leasehold Estate, and Conveyance of Leasehold Improvements
                          and Other Properties, Reserving a Purchase Money Security Interest, dated
                          December 21, 1981 between M.C. Services (ALL) and Sanderson Farms, Inc.
                          (Processing Division).

(2)        10-E     -     Copy of Agreement dated December 1, 1986, between Sanderson Farms, Inc.
                          (Hammond Processing Division) and United Food and Commercial Workers Local
                          Union 210 affiliated with the United Food and Commercial Workers International
                          Union.

(5)        10-E-1   -     Copy of Agreement dated February 14, 1990 between Sanderson Farms, Inc. (Hammond Processing
                          Division) and United Food and Commercial Workers Local Union 210, affiliated
                          with the United Food and Commercial Workers International Union.

(8)        10-E-2   -     Copy of Agreement effective November 6, 1994 between Sanderson Farms, Inc.
                          (Hammond Processing Division) and United Food and Commercial Workers Local
                          Union 210, affiliated with the United Food and Commercial Workers
                          International Union.

(9)        10-E-3   -     Copy of Agreement effective July 15, 1995 between Sanderson Farms, Inc. (Hazlehurst
                          Processing Division) and Laborers' International Union of North America,
                          Professional Employees Local Union #697, AFL-CIO.

(9)        10-E-4   -     Copy of Agreement effective September 9, 1995 between Sanderson Farms, Inc. (Collins
                          Processing Division) and Laborers' International Union of North America,
                          Professional Employees Local Union #697, AFL-CIO.

           10-E-5   -     Copy of Agreement effective November 1, 1998 between Sanderson Farms, Inc.
                          (Hammond Processing Division) and United Food and Commercial Workers Local
                          Union #210 affiliated with the United Food and Commercial Workers
                          International Union.

           10-E-6   -     Copy of Agreement effective July 26, 1999 between Sanderson Farms, Inc.
                          (Hazlehurst Processing Division) and  Laborers' International Union of North
                          America, Professional Employees Local Union #697, AFL-CIO.

           10-E-7   -     Copy of Agreement effective January 13, 2000 between Sanderson Farms, Inc.
                          (Collins Processing Division) and Laborers' International Union of North
                          America, Professional Employees Local Union #697, AFL-CIO.

           10-E-8   -     Copy of Agreement effective October 7, 1999 between Sanderson Farms, Inc.
                          (Brazos Processing Division) and the United Food and Commercial Workers
                          Local Union #408, AFL-CIO.

           10-E-9   -     Copy   of   Agreement effective January 1, 2001 between  Sanderson Farms,
                          Inc.  (Brazos  Production Division) and the Teamsters   International
                          Local #968.

(2)        10-F     -     Copy of Employee Stock Ownership Plan and Trust Agreement of Sanderson Farms,
                          Inc. and Affiliates.

(2)        10-F-1   -     Copy of Amendment One to the Employee Stock Ownership Plan and Trust
                          Agreement of Sanderson Farms, Inc. and Affiliates.

(3)        10-F-2   -     Copy of Amendment Two to the Employee Stock Ownership Plan and Trust
                          Agreement of Sanderson Farms, Inc. and Affiliates.

(2)        10-G     -     Copy of General Employee's Profit Sharing-Retirement Trust Agreement of
                          Sanderson Farms, Inc. and Affiliates.

(6)        10-H     -     Copy of Sanderson Farms, Inc. Performance Incentive Program effective January
                          1, 1991.

(6)        10-H-1   -     Copy of Sanderson Farms, Inc. Performance Incentive Program for Sanderson
                          Farms, Inc. (Foods Division) effective November 1, 1990.

(6)        10-H-2   -     Copy of Sanderson Farms, Inc. Performance Incentive Program for Sanderson
                          Farms, Inc.(Foods Division) Retail Entree effective November 1, 1990.

(8)        10-H-3   -     Copy of Sanderson Farms, Inc. Bonus Award Program effective November 1, 1993.

(10)       10-I     -     Copy of Sanderson Farms, Inc. and Affiliates Stock Option Plan.

(5)        10-J     -     Copy of Memorandum of Agreement dated as of June 13, 1989, between Pike
                          County, Mississippi and the Registrant.

(6)        10-K     -     Copy of Wastewater Treatment Agreement between the City of Magnolia,
                          Mississippi and the Registrant dated August 19, 1991.

(6)        10-L     -     Copy of Memorandum of Agreement and Purchase Option between Pike County,
                          Mississippi and the Registrant dated May, 1991.

(7)        10-M     -     Copy of Lease Agreement between Pike County, Mississippi and the Registrant
                          dated as of November 1, 1992.

           21       -     List of subsidiaries of the Registrant.

           23       -     Consent of Independent Auditors

           27       -     Copy of Financial Data Schedule


(2)        28-A     -     Copy of Certificate of Registration of Trademark "Miss Goldy".

(2)        28-B     -     Copy of Certificate of Registration of Trademark "Wise Choice".

(2)        28-C     -     Copy of Certificate of Registration of Trademark "Buttercup Farms".

(2)        28-D     -     Copy of Certificate of Registration of Trademark "Collinswood".

(2)        28-E     -     Copy of Certificate of Registration of Trademark "Covington Farms".

(2)        28-F     -     Copy of Certificate of Registration of Trademark "Smart Cuts".

(4)        28-G     -     Copy of Certificate of Registration of Trademark "Kettle Classics".

(5)        28-H     -     Copy of Certificate of Registration of Trademark "Sanderson Farms".

</TABLE>



(1) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended  October 31,  1989,  and incorporated herein by reference.

(2) Filed as an exhibit to the Registrant's Registration Statement on Form S-1
    (Commission File No. 33-13141) and incorporated herein by reference.

(3) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended October 31, 1987, and incorporated herein by reference.

(4) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended October 31, 1988, and incorporated herein by reference.

(5) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended October 31, 1990, and incorporated herein by reference.

(6) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended October 31, 1991, and incorporated herein by reference.

(7) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended October 31, 1992, and incorporated herein by reference.

(8) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended October 31, 1994 and incorporated herein by reference.

(9) Filed as an exhibit to the Registrant's Annual Report on Form 10-K for the
    fiscal year ended October 31, 1995 and incorporated herein by reference.


(b)  REPORTS ON FORM 8-K:

No reports on From 8-K were filed  during the fourth  quarter of the Fiscal Year
ended October 31, 1999.

(c)  Agreements Available Upon Request by the Commission.
     ---------------------------------------------------

The Registrant is a party to various  agreements  defining the rights of holders
of  long-term  debt  of the  Registrant,  but  no  single  agreement  authorizes
securities  in an amount  which  exceeds 10% of the total assets of the Company.
Upon request of the  Commission,  the Registrant will furnish a copy of any such
agreement  to the  Commission.  Accordingly,  such  agreements  are  omitted  as
exhibits as permitted by Item 601(b)(4)(iii) of Regulation S-K.


<PAGE>




                           QUALIFICATION BY REFERENCE

Information  contained in this Annual  Report as to the contents of any contract
or other  document  referred  to or  evidencing  a  transaction  referred  to is
necessarily  not  complete,  and in each  document  filed as an  exhibit to this
Annual Report or incorporated  herein by reference,  all such information  being
qualified in its entirety by such reference.


<PAGE>




                         REPORT OF INDEPENDENT AUDITORS

The Board of Directors and Stockholders
Sanderson Farms, Inc.

We have audited the accompanying consolidated balance sheets of Sanderson Farms,
Inc.  and  subsidiaries  as of  October  31,  2000  and  1999  and  the  related
consolidated statements of income, stockholders' equity, and cash flows for each
of the three years in the period ended October 31, 2000. Our audit also included
the  financial  statement  schedule  listed in the index under item  14(a).These
financial  statements  and  schedule  are the  responsibility  of the  Company's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements and schedule based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes accessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the consolidated  financial position of Sanderson Farms,
Inc. and subsidiaries at October 31, 2000 and 1999, and the consolidated results
of their  operations  and their  cash  flows for each of the three  years in the
period  ended  October  31,  2000,  in  conformity  with  accounting  principles
generally  accepted  in the  United  States.  Also in our  opinion  the  related
financial  statement schedule when considered in relation to the basic financial
statements as a whole,  presents fairly in all material respects the information
set forth therein.

                                                         /s/Ernst & Young LLP


Jackson, Mississippi
December 7, 2000


<PAGE>











                     Sanderson Farms, Inc. and Subsidiaries
                         Valuation and Qualifying Accounts
                                   Schedule II
<TABLE>



          COL. A                COL. B          COL. C     COL. D     COL. E           COL. F
- -----------------------------------------------------------------------------------------------
                              Balance at       Charged to  Charged to                 Balance at
                              Beginning        Costs and    Other    Deductions         End of
      Classification          of Period         Expenses   Accounts  Describe(1)        Period
- -----------------------------------------------------------------------------------------------
                                                       (In Thousands)
<CAPTION>

<S>                           <C>                <C>                 <C>               <C>

Year ended October 31, 2000
Deducted from accounts

  receivable:
    Allowance for doubtful

      accounts

Totals                         $  249             $1,413             $1,242             $  420

Year ended October 31, 1999
Deducted from accounts

  receivable:
    Allowance for doubtful

      accounts

Totals                         $  249             $  124             $  124             $  249

Year ended October 31, 1998
Deducted from accounts

  receivable:
    Allowance for doubtful

      accounts                 $  233             $  240             $  224             $  249
Totals


</TABLE>


(1)  Uncollectible accounts written off, net of recoveries



<PAGE>




                                   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.

                                                       SANDERSON FARMS, INC.




Date:  January 25, 2001                                 /s/Joe F. Sanderson, Jr.
                                                          Joe F. Sanderson, Jr.
                                                          Chairman of the Board




<PAGE>



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 as of the dates indicated.

/s/ Joe F. Sanderson, Jr.      1/25/01        /s/ John H. Baker, III     1/25/01
- --------------------------------------       -----------------------------------
    Joe  F. Sanderson, Jr.,                  John H. Baker, III,
    Chairman of the Board, President         Director
      and Chief Executive Officer

/s/ William R. Sanderson       1/25/01        /s/ Charles W. Ritter, Jr. 1/25/01
- -------------------------------------        -----------------------------------
    William R. Sanderson, Director,          Charles W. Ritter, Jr.,
       Director of Marketing                 Director

/s/Hugh V. Sanderson           1/25/01       /s/ Rowan H. Taylor         1/25/01
- -------------------------------------        -----------------------------------
    Hugh V. Sanderson, Director,             Rowan H. Taylor,
       Manager of Customer Relations         Director

/s/ Donald W. Zacharias        1/25/01       /s/ Robert Buck Sanderson   1/25/01
- ------------------------------------        ------------------------------------
   Donald W. Zacharias,                      Robert Buck Sanderson, Director,
      Director                               Corporate Live Production Assistant

/s/ Phil K. Livingston         1/25/01      /s/ Lampkin Butts            1/25/01
- -----------------------------------------   ------------------------------------
   Phil K. Livingston,                      Lampkin Butts, Director,
     Director                               Vice President - Sales

/s/ D. Michael Cockrell        1/25/01      /s/James A. Grimes           1/25/01
- ---------------------------------------     ------------------------------------
   D. Michael Cockrell,                     James A. Grimes, Secretary
     Director, Treasurer and Chief          and Chief Accounting Officer
     Financial Officer


<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>CONSENT OF INDEPENDENCE AUDITORS
<TEXT>






                                                                      Exhibit 23





                         Consent of Independent Auditors

We consent to the  incorporation by reference in Post Effective  Amendment No. 1
to Registration  Statement (Form S-8 No.  33-67474)  pertaining to the Sanderson
Farms,  Inc. and  Affiliates  Stock Option Plan of our report dated  December 7,
2000 with  respect to the  consolidated  financial  statements  and  schedule of
Sanderson  Farms,  Inc.  included in the Annual  Report (Form 10-K) for the year
ended October 31, 2000.

                                                          /s/Ernst & Young LLP

Jackson, Mississippi
January 22, 2001

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>HAMMOND PROCESSING UNION AGREEMENT
<TEXT>


 A G R E E M E N T

                                   BETWEEN

                            SANDERSON FARMS, INC.

                        (HAMMOND PROCESSING DIVISION)

                                     AND

                      UNITED FOOD AND COMMERCIAL WORKERS

                               LOCAL UNION 210

                             affiliated with the

                      UNITED FOOD AND COMMERCIAL WORKERS

                             INTERNATIONAL UNION

                     November 1, 1998 - November 30, 2001


<PAGE>


                               TABLE OF CONTENTS

ARTICLE                                                                   PAGE
- -------                                                                   ----

I.    AGREEMENT                                                              1

II.   RECOGNITION                                                            1

III.  MANAGEMENT PREROGATIVES                                                2

IV.   SHOP STEWARDS                                                          2

V.    GRIEVANCE PROCEDURE                                                    3

      STEP 1                                                                 3

      STEP 2                                                                 4

      STEP 3                                                                 4

VI.   ARBITRATION                                                            5

VII.  NO STRIKE - NO LOCK OUT                                                7

VIII. UNION BULLETIN BOARD                                                   7

IX.   HOURS OF WORK                                                          8

X.    SENIORITY                                                             10

XI.   LEAVES  OF  ABSENCE                                                   12

XII.  SENIORITY LIST                                                        14

XIII. MISCELLANEOUS                                                         15

XIV.  VACATIONS                                                             16

XV.   INSURANCE                                                             17

XVI.  HOLIDAYS                                                              17

XVII. WAGES                                                                 19

XVIII. NO DISCRIMINATION                                                    20

XIX.  AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF                        21

XX.   UNION SECURITY                                                        21

XXI.  PROFIT  SHARING -- RETIREMENT                                         22

XXII. DURATION OF AGREEMENT                                                 22

      SIGNATURES                                                            23

      APPENDIX A                                                            24

      APPENDIX B                                                            26


<PAGE>




288522

                                   ARTICLE I

                                   AGREEMENT

Section 1. This Agreement made and entered into this 1st day of November,  1998,
by and between Sanderson Farms, Inc. (Hammond  Processing  Division) of Hammond,
Louisiana,  hereinafter referred to as the Company or Employer,  and United Food
and  Commercial  Workers  Local Union 210,  affiliated  with the United Food and
Commercial Workers International Union, hereinafter referred to as the Union.

Section  2. The  general  purpose of this  Agreement  is to  establish  just and
equitable terms and conditions of employment and to provide methods for fair and
peaceful  adjustment  of  differences  which may arise.  It is recognized by the
Agreement to be the respective duty of the Company,  the Union and the Employees
to cooperate fully,  individually and collectively  toward the accomplishment of
said aims.

                                  ARTICLE II

                                  RECOGNITION

Section 1. The Company  recognizes the Union as the exclusive  bargaining  agent
for all production and maintenance  employees,  including truck drivers,  at the
Employer's  poultry  processing and rendering plant in Hammond,  Louisiana,  and
excluding  office  clerical   employees,   guards  and/or  watchmen,   salesmen,
professional employees, and supervisors as defined in the Act.


<PAGE>


                                  ARTICLE III
                            MANAGEMENT PREROGATIVES

Section 1.  Nothing in this  Agreement  shall be deemed to limit the Employer in
any way in the  exercise of the  customary  functions  of  management  which are
recognized  as the  Employer's  exclusive  responsibility,  including,  but  not
limited to, the right to plan,  direct, and control  operations,  to utilize the
services of  contractors,  to  determine  the number,  size and  location of its
establishments,  to close an establishment or departments  thereof,  to hire, to
promote, to demote, and for proper cause to discipline, suspend or discharge, to
assign and schedule  work and transfer  employees  from one job or department to
another,  and to make and enforce  reasonable rules and regulations  relative to
any and all of these  matters or to the  management of its  operation,  provided
that the reasonableness of rules may be tested in the grievance  procedure.  The
Employer  shall  be  the  exclusive  judge  of  all  matters  pertaining  to its
operations and their scheduling and the methods, processes,  equipment, means of
operation and size of workforce.

Section 2. The Employer  retains all  prerogatives  and rights of management and
all privileges and responsibilities not specifically limited by this Agreement.

                                  ARTICLE IV
                                 SHOP STEWARDS

Section 1. The  Employer  recognizes  the right of the Union to  designate  shop
stewards,  not to exceed  eight (8) in number,  who shall be  assigned  to serve
specific areas of the plant to handle such Union business as may arise. The shop
stewards  shall be employees of the Company.  The Union shall notify the Company
in writing as to the names of the stewards and of any changes in  designation of
stewards.

Section 2. A  representative  of the Union shall be permitted to enter the plant
at  reasonable  times,  upon  Employer's  premises  and  plant,   provided  such
representative  shall in no way  interfere  with the  operations  of  Employer's
business and shall make arrangements with the Employer's manager.

                                   ARTICLE V
                              GRIEVANCE PROCEDURE

Section 1. Grievances  arising under this contract are herein defined as a claim
by a party to this  Agreement or an employee  covered by this Agreement that the
Company or the Union has violated a provision of this Agreement.

                                    STEP I

      The employee  shall discuss the grievance or complaint  with the immediate
supervisor  within five (5)  working  days after the event  giving rise  thereto
occurs, or within five (5) working days following the date on which the grievant
had or reasonably would have had knowledge thereof. In the event the employee so
requests,  the appropriate steward shall be present at this step. The supervisor
shall  give an answer  within  five (5)  working  days  after the  grievance  is
received.

                                    STEP 2

      If there is no settlement in Step 1, the grievance may be presented by the
employee and/or shop steward within five (5) working days from the date on which
the supervisor's  answer was given in Step 1. The grievance must be presented in
writing  to  the  department   superintendent   and  must  state  the  following
information:

      (a) name or names of employee or employees involved; (b) the department or
      departments involved; (c) the date and time of the occurrence or discovery
      of the  grievance;  (d) the  facts of the  incident  on which the claim is
      based; (e) the specific provision of this Agreement alleged to have been

violated;
      (f)   the remedy requested.
The department  superintendent shall give the Company's answer in writing within
five (5) working days after the grievance is received by the superintendent.

                                    STEP 3

      In the event the  grievance  is not settled in Step 2, then the  grievance
may  be  appealed  in  writing  to  the   division   manager  or  a   designated
representative  by the  Union to Step 3 within  five (5)  working  days from the
Company's answer in Step 2. The division manager or a designated  representative
shall give an answer in writing  within five (5)  working  days from the date of
the appeal.  In the event the grievance is not settled then the aggrieved  party
or parties shall have the right to request arbitration.

      In the event a  grievance  arises on behalf of the  Employer,  the  matter
shall be presented to the Union Business Agent in writing,  who shall have seven
(7) days from the date of  submission  within which to endeavor to reconcile the
grievance presented and shall give an answer in writing within that time. If not
settled within that time, the aggrieved party or parties shall have the right to
request arbitration.

Section 2. Discharge grievances shall be processed initially under Step 3 of the
grievance  procedure.  The written  grievance  shall be filed with the  division
manager within five (5) working days following the date of discharge.

Section 3. A failure to observe  the time limit  specified  herein for  original
presentation  of a  grievance  or  presentation  in any  subsequent  step of the
grievance  procedure  on the part of either the  grievant  or the Union shall be
conclusive evidence that the grievance has been settled and abandoned.

      Failure  on the part of the  Company  to comply  with the time  limits for
delivering its answer in any step of the grievance procedure shall automatically
advance the grievance to the next step of the grievance procedure.

      The time  limits of the  grievance  procedure  may be  extended  by mutual
consent of the Union and the Company.

                                  ARTICLE VI

                                 ARBITRATION

Section  1. If a  party  to  this  Agreement  desires  to  take a  grievance  to
arbitration,  it shall within fifteen (15) calendar days after the denial of the
grievance,  give written  notice of his  intention to the other party,  together
with a  written  statement  of the  specific  provision  or  provisions  of this
Agreement at issue.

Section 2. The parties shall attempt to select an impartial arbitrator.  If they
are  unable to agree  upon a choice  within  seven (7)  calendar  days after the
receipt of Notice of Intent to  Arbitrate,  either party may request the Federal
Mediation  and  Conciliation  Service to submit a list of five (5)  arbitrators,
from  which the  arbitrator  will be  selected.  Selection  shall be made by the
parties  alternately  striking any name from the list (the first to strike shall
be the party requesting  arbitration) until only one (1) name remains. The final
name  remaining  shall  be the  arbitrator  of the  grievance.  Section  3.  The
jurisdiction  and the  decision  of the  arbitrator  of the  grievance  shall be
confined to a determination of the acts and the interpretation or application of
the specific  provision or provisions of this Agreement at issue. The Arbitrator
shall be bound by terms and  provisions  of this  Agreement  and shall  have the
authority to consider only grievances  representing  solely an arbitration issue
under this Agreement.  The arbitrator  shall have no authority to add to, alter,
amend, or modify any provision of this Agreement. The decision of the arbitrator
in writing on any issue properly  before the  arbitrator in accordance  with the
provisions  of this  Agreement,  shall be final  and  binding  on the  aggrieved
employee or employees, the Union, and the Employer.

Section 4. Multiple  grievances  shall not be heard before one arbitrator at the
same hearing except by mutual agreement of the parties. Section 5. The Union and
the  Employer  shall each bear its own costs in these  arbitration  proceedings,
except  that  they  shall  share  equally  the fee  and  other  expenses  of the
arbitrator in connection with the grievance.

                                 ARTICLE VII
                           NO STRIKE - NO LOCK OUT

Section  1. For the  duration  of this  Agreement,  there  shall  be no  strike,
stoppages,  slowdowns,  picketing, or other interruption of or interference with
the operations of the plant.

Section 2. The Company  shall not lock out  employees  for the  duration of this
Agreement.  Section 3. Neither the violation of any provisions of the Agreement,
nor  the  commission  of any act  constituting  an  unfair  labor  practice,  or
otherwise made unlawful,  shall excuse the employees,  the Union, or the Company
from their  obligations  under the  provisions  of this  Article.  Section 4. An
employee discharged or otherwise  disciplined for violation of this Article, may
seek review of such discipline through the grievance and arbitration  procedures
provided  herein.  In this event,  the only  question  to be  reviewed  shall be
whether or not the employee participated in the prohibited conduct.

                                 ARTICLE VIII
                                UNION BULLETIN BOARD

The  Employer  will  provide a bulletin  board in the plant for posting of Union
notices.  All matters to be posted shall be submitted to the Division Manager or
a designated  representative  for approval  prior to posting,  and  management's
decision shall be final.

                                  ARTICLE IX
                                HOURS OF WORK

Section 1. The  regular  work week shall  consist of five (5) days or forty (40)
hours.  This shall not be  construed  as a  guarantee  of any amount of hours or
work.  The basic  work week  shall be the seven (7) day  period  from 12:01 a.m.
Sunday until midnight the following  Saturday.  Employees will be given at least
one (1) calendar week's notice of any change by the Company of the payroll week.

Section  2. An  employee  who works  more than  forty (40) hours in any one week
shall be paid at time and  one-half  the  regular  rate of pay for all  hours in
excess of forty (40).

Section 3. When  employees are called to work a shift  outside  their  regularly
scheduled  shift  and  report  for work,  or when  they  report to work at their
regularly  scheduled time, they shall be given the opportunity to work a minimum
of three (3) hours or receive pay for same at the applicable hourly rate, except
that no such pay shall be made when the plant cannot  operate for reasons beyond
the  control of the  Employer,  such as, but not limited  to,  strikes,  utility
failure,  fire,  flood,  storms or other acts of God interfering with work, or a
breakdown of machinery or equipment when the Company  notifies the employees not
to report to work at least four (4) hours prior to the scheduled time to work.

Section 4.  Employees will be paid at their regular rate for all waiting time of
thirty  (30)  minutes  or less,  so long as they do any job  they are  assigned.
Employees will not be paid for waiting time which exceeds thirty (30) minutes if
(1) they are  relieved of all duties,  (2) are free to leave the plant,  and (3)
are told the time  they  must  return to work.  Employees  will not be  relieved
without pay more than once in any  workday  except for a lunch break of not more
than one (1) hour.

Section 5. The Company will provide one (1) unpaid break of not less than thirty
(30) minutes for lunch during each shift,  and shall provide one (1) twelve (12)
minute paid rest period prior to lunch each day. In addition, all employees will
be allowed one (1) twelve  (12)  minute  paid rest period  after the lunch break
provided  the work time is expected to be not less than two and one-half (2 1/2)
hours.  No unpaid break shall be provided for  maintenance  employees  and truck
drivers.

      The Company shall have the right to provide a twenty-four (24) minute paid
lunch break to Clean-Up Line Operators on restricted hours in lieu of all breaks
provided in this Section.

Section 6. A Clean-Up Line Operator who has  completed the  probationary  period
and is permanently assigned to restricted hours in the clean up department shall
receive an hourly  adjustment  of ninety (90) cents for each hour worked in that
assignment.

Section  7.  Employees  who  have  completed  the  probationary  period  and are
temporarily  assigned for one or more consecutive hours to perform the duties of
an absent  employee in a higher paid  classification  shall  receive the rate of
that classification while performing the duties of the classification. Employees
who work at more than one pay rate  during a week in which  they  earn  overtime
shall receive overtime pay based upon an average of the rates earned during that
week.

                                  ARTICLE X

                                  SENIORITY

Section  1.  Seniority  is defined  as the  length of an  employee's  continuous
employment in the bargaining unit at the Company's Hammond,  Louisiana,  poultry
processing  plant since the last permanent  date of employment.  For purposes of
layoff,  recall,  promotion,  and vacation only,  this shall include  continuous
service which began prior to the acquisition of the plant by the Company.

Section  2. All  newly  hired  or  rehired  employees  shall  be  considered  as
probationary employees for a period of ninety (90) days during which period they
shall not acquire  seniority,  and during which they may be  discharged  without
recourse  to the  grievance  and  arbitration  procedures  provided  herein.  If
retained as a regular employee upon satisfactory  completion of the probationary
period, seniority shall be retroactive to the first day of employment.

Section 3. In matters of layoff,  recall,  and promotion,  consideration will be
given  to an  employee's  skill,  ability,  attendance,  versatility,  training,
physical fitness,  and seniority;  and when, in the opinion of the Company,  the
factors  other  than  seniority  are  relatively  equal,  seniority  will be the
deciding factor.

Section  4. An  employee's  seniority  shall be lost and  employment  considered
terminated by:

      (a)    discharge for just cause;
      (b)   failure to return  from layoff  within  five (5) working  days after
            written  notice  by  certified  mail is sent by the  Company  to the
            employee's last known address on the Company's books.  Actual notice
            to the employee of recall by any other means shall satisfy the terms
            of this provision;

      (c)   voluntary termination of employment;
      (d)   failure to report after  termination of a leave of absence  approved
            by the Company in writing on the first  scheduled  day following the
            expiration of such leave of absence;

      (e)  engaging  in a  gainful  occupation  while on leave of  absence;  (f)
      absence from work for three (3) consecutive working days without

            notice to the  Company,  which  shall be  considered  as a voluntary
            quit,  unless  notice was prevented by a cause beyond the control of
            the employee;

      (g)   separation  from  the  Company's  active  payroll  for  any  reason,
            exclusive of leaves of absence approved by the Company, for a period
            exceeding an employee's  length of service in the Hammond plant,  or
            three (3) months, whichever is less.

Section 5. For the purposes of this  Agreement,  layoffs  shall be classified as
(a) "short term" and (b) "long term". A short term layoff is a layoff which will
not exceed ten (10)  workdays in length.  Short term layoffs may be made without
regard to  seniority.  A long term layoff is a layoff which will exceed ten (10)
workdays in length. Long term layoffs shall be made subject to Section 3 of this
Article.

Section 6. All permanent job vacancies in premium rated classifications shall be
posted for  twenty-four  (24) hours on the plant  bulletin  board.  Employees in
lower rated  classifications  desiring  promotion  to such jobs shall sign a bid
sheet posted on the bulletin board. An employee who does not sign such bid sheet
shall have no right to consideration for the vacancy.  However, the fact that an
employee did not sign the bid sheet will not preclude that employee's  selection
for the job by the Company if none of the signers is determined to be qualified.
If no qualified  employee bids on the posted position,  the Company may fill the
position in its discretion.  If, after a reasonable  period not to exceed thirty
(30) days, the employee  selected for the posted position achieves an acceptable
level of  performance,  the employee shall receive the rate of the new position.
If the employee  fails to perform in an acceptable  manner,  such employee shall
return to a job in their  former  classification  and the  premium  job shall be
posted again. An employee who self-disqualifies  shall return to the extra board
at the line  operator's  rate of pay and shall not be eligible  for bidding on a
premium job for a period of six (6) months.

Section 7. Assignments  involving employees on the extra board shall be in order
of seniority.  Within a department,  no extra board  employee  shall be retained
over a permanently assigned employee.

                                  ARTICLE XI
                               LEAVES OF ABSENCE

Section 1. An employee who has completed the probationary period may be granted,
at the  Company's  discretion,  a leave of absence  without pay for a reasonable
period of time, not to exceed one (1) month, for the following reasons:

      (a)   emergency personal business;
      (b)   serious illness in the immediate family (spouse,
            children or parents), supported by a doctor's certificate; and
      (c)   Union business, upon written request by the Union's
            Business  Manager,  provided  that no more than three (3)  employees
            shall be on such leave simultaneously.

Section 2. Employees who have completed their  probationary  period are eligible
for up to thirteen  (13) weeks per year of unpaid  family and medical  treatment
leave for the following reasons:

      (a) Employee's serious health condition -- a medical certification will be
required  which states that the  employee is unable to perform the  functions of
the employee's position.

      (b) Family serious health condition -- spouse, parent, or child. A medical
certification  will be required  stating the employee is "needed to care for the
individual."

      (c) New child leave -- the birth,  adoption or foster care  placement by a
state agency of a child,  and, the need to care for the child; such leave may be
prior to the actual birth or placement.

      The provisions of this Section shall be  administered  in accordance  with
the Family and Medical Leave Act of 1993 (FMLA).  Section 3.  Employees who have
completed their probationary period who lose actual work time in order to attend
the  funeral of a family  member  shall  receive a paid  funeral  leave for time
necessarily lost during the employee's  regularly scheduled shift,  provided the
employee would have been scheduled and at work during that day. Said leave shall
be up to three (3) days with pay for a deceased parent,  spouse, child, brother,
or  sister  and  one  (1)  day  for  a  deceased  father-in-law,  mother-in-law,
grandparent,  brother-in-law,  or  sister-in-law.  In order to receive pay under
this Section,  an employee must be actively  working,  must make application for
such  paid  leave,  and  must  attend  the  funeral.  The  Company  may  require
satisfactory  evidence of attendance at the funeral and the  relationship of the
deceased.  Section  4. If the  Company  has  knowledge  that an  employee,  in a
premium-rated  classification,  will be on family and  medical  leave,  military
leave,  or an industrial  injury leave for more than thirty (30) calendar  days,
the job will be posted and filled on a temporary  basis.  The successful  bidder
will  receive the rate of the premium  classification  for the period its duties
are performed.  When employees on leave under this Section return, they shall be
immediately  assigned to their old job;  employees  temporarily  filling the job
shall  return  to their  regular  classification  and pay rate.  Section  5. The
Company shall pay each active  employee who reports for jury duty the difference
between  pay up to eight times the hourly  rate for time  actually  lost and the
juror's daily fee for each day the employee is required to serve on a jury.  The
employee must report to work during those days of his regularly  scheduled shift
during  which  the  employee  is not  required  to  report  for jury  duty or be
available at court for jury  service.  The employee  must present  proof of jury
service and the amount of compensation received from the court.

                                 ARTICLE XII
                                SENIORITY LIST

Section 1. Upon request at any reasonable time, the Company shall furnish to the
Union a current seniority list.

                                 ARTICLE XIII

                                 MISCELLANEOUS

Section 1. The Company  shall  maintain  safe,  sanitary,  and  healthy  working
conditions  at all  times,  and  employees  will be  required  to  cooperate  in
maintaining such conditions.  Any complaints regarding safety or health shall be
processed through the grievance and arbitration provisions of this Agreement.

Section 2. The Company will provide any uniforms  required of employees who have
completed their probationary period.

      The Company will furnish required safety equipment,  gloves,  aprons, hair
nets,  freezer  gloves,  cotton  gloves,  and smocks at no cost to the employee.
Needed  replacements,  through  normal use, will be made at no cost provided the
worn out  article is returned to the  Company.  If an item is lost or  destroyed
through employee negligence, the employee will be charged for its replacement.

Section 3. The Employer may require any employee to take a physical  examination
at any time at the Employer's expense. Section 4. It shall be the responsibility
of all  employees  to keep  the  Employer  apprised  of their  current  address,
telephone number, marital status and number of dependents.

Section 5. It is the intent of the  parties  hereto that no  provisions  of this
Agreement  shall require either party to perform any act which shall be unlawful
under any Louisiana or Federal statute.

                                 ARTICLE XIV

                                  VACATIONS

Section 1.  Regular  full-time  employees  shall be eligible  for one (1) week's
vacation after the first  anniversary date of continuous  employment,  and after
the anniversary date of each succeeding year.

      Employees shall be eligible for a second week of vacation after the second
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be eligible for a third week of vacation  after the tenth
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be  eligible  for a fourth  week of  vacation  after  the
twentieth  anniversary  date of continuous  employment and after the anniversary
date of each succeeding year of continuous employment.

Section 2. To be eligible for a vacation,  an employee must have worked  sixteen
hundred  (1,600)  hours during the  preceding  twelve (12) months or eighty (80)
percent of available  hours for that period,  whichever is less.  Vacations  and
holidays  not  worked  shall be  considered  time  worked for  purposes  of this
Section.

Section 3.  Vacation  pay shall be computed  at forty (40) times the  Employee's
regular straight time hourly rate.  Section 4. Due  consideration  will be given
employees'  choice of vacation time, but all vacations  scheduled are subject to
the final  approval  of the  Company in keeping  with the  Company's  scheduling
needs.  In the event that two or more  employees  cannot be released at the same
time,  the  employee  with the longest  service  with the Company  will be given
preference.  An employee who notifies  the Company of a vacation  choice  thirty
(30) days in advance  shall not lose that vacation  choice to another  employee.
Vacations  may  not be  scheduled  for  periods  of less  than a  week,  and all
vacations must be taken within an anniversary year.

Section 5. The Company  reserves the right to schedule a plant  shutdown for one
 .(l) week in any year,  which  shall be  treated  as a  vacation  week for those
employees entitled to vacation.

                                  ARTICLE XV

                                   INSURANCE

      The Company will provide a group insurance  program for employees  covered
by this  Agreement.  The Company  will  continue to make  monthly  contributions
toward  group  insurance  premiums in the same  proportion  as is  currently  in
effect. Employees will bear the remaining costs of the insurance.

                                  ARTICLE XVI

                                   HOLIDAYS

Section 1. The following shall be considered holidays:

            New Year's Day                      Labor Day
            Martin Luther King's Birthday       Thanksgiving Day
            Memorial Day                        Christmas Day
            July Fourth                         Birthday Holiday

The birthday holiday shall be taken on the employee's birthday.  If the birthday
falls on a Saturday or Sunday,  the holiday  shall be taken on a day agreed upon
by the Company and the employee within one (1) week of the birthday.

Section 2. All regular full-time employees who have completed their probationary
period shall be paid for eight (8) hours at their regular straight time rate for
each  holiday  enumerated  above,  provided  they  report  for work and work all
scheduled  hours on the workday  preceding  and the workday next  following  the
holiday,  unless the employee was  necessarily  absent due to personal  illness,
supported by a doctor's certificate, or because of an emergency occurring to the
employee or the employee's immediate family (meaning only spouse,  children,  or
parents).  No  employee  shall lose  holiday pay because of missing no more than
thirty (30) minutes on the workday before or the workday following the holiday.

     In any  event,  an  employee  must  work at least  one (1) day  during  the
calendar  week in which a holiday falls in order to be eligible for holiday pay,
except the employee who is on vacation.

Section  3.  Employees  required  to work on a holiday  shall be paid the amount
provided  above,  in addition to their regular  earnings for that day. Hours not
worked  on a holiday  shall not be  considered  as work  time in  computing  any
additional  compensation  due under the overtime  provisions  of this  contract.
Section 4. If an  employee  is  required to work and fails to report or fails to
work scheduled  hours on a holiday,  the employee shall forfeit  holiday pay for
that day.

Section 5. Employees on vacation  during the week in which a holiday falls shall
receive holiday pay.

                                 ARTICLE XVII

                                    WAGES

Section 1. Wages shall be paid as  provided  in  Appendix A attached  hereto and
made a part of this Agreement.  Section 2. Whenever a new job  classification is
created by the Company, or there is a change or merger of job classifications or
the job content of job classifications, the Company will discuss the appropriate
wage rate with the Union. If a mutually satisfactory rate cannot be agreed upon,
the Company will set the rate.  The Union may file a grievance on the rate,  and
the dispute  shall be settled in accordance  with the grievance and  arbitration
procedures of this contract.

Section 3. Any employees who, upon the effective date of the wage rate set forth
in Appendix A, are earning in excess of the applicable rate,  shall,  during the
term of this  Agreement,  continue  to  receive  their  current  rate  until the
contract  rate equals or exceeds that rate.  This section shall not apply to any
employee  in a  classification  which has been paid on a salary  basis under any
past contract.

Section 4. If, during the term of this  Agreement,  Congress  enacts new minimum
wage  legislation  which requires the payment of a minimum wage greater than the
rate provided in Appendix A for newly-hired employees,  the rate for newly-hired
employees  shall be raised to the federal  minimum rate,  and the spread between
the rates provided in this Agreement shall be maintained.  Any such change shall
be effective upon the effective date of the new federal minimum rate.

Section 5. In addition  to the wage rates as provided in Appendix A,  production
employees who have been  continuously  employed for five (5) or more years shall
receive seniority pay of twenty (20) cents per hour.  Maintenance  employees and
distribution  drivers who have been  continuously  employed for five (5) or more
years will receive seniority pay of fifty (50) cents per hour.

Section 6.  Employees  who have been  continuously  employed for one (1) or more
years shall receive a night shift  differential  of  twenty-five  (25) cents per
hour for work performed on a shift  starting  during the hours  beginning  12:00
noon through 1:00 a.m. The starting time of a shift  determines if it is subject
to the shift differential.  Employees  performing work on a night shift which is
not their  regular  shift will receive  shift  differential  for such work if it
lasts  three (3) or more hours.  Distribution  drivers  shall not receive  shift
differential regardless of the time they begin work.

                                 ARTICLE XVIII
                                 NO DISCRIMINATION

Section  1. The  Company  and the Union  agree  that they will not  discriminate
against any person  with regard to  employment  or Union  membership  because of
race,  creed,  color,  sex,  religion,  age,  national origin, or disability (as
defined in the Americans With Disabilities Act).

Section 2. Whenever  masculine gender is used in this Agreement,  it shall apply
to the feminine gender.

                                  ARTICLE XIX
                AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF

Section 1. During the term of this Agreement, the Company will deduct initiation
fees,  assessments,  and Union dues from the wages of employees who individually
authorize the Company on a form in compliance with Appendix B to this Agreement.

Section  2. The Union  shall  save the  Company  harmless  against  and from all
claims,  demands,  suits or other  forms of  liability  that  arise out of or by
reason  of  action  taken  or not  taken  by the  Company  in  reliance  upon or
compliance with any provisions of this Article.

Section 3. It is agreed  that by reason of  institution  of the above  check-off
system,   collections  by  any  other  method  on  the  Company's  premises  are
prohibited, except with the permission of the Company.

                                  ARTICLE XX
                                UNION SECURITY

Section 1. It shall be a  condition  of  employment  that all  employees  of the
Employer  covered by this Agreement become members of the Union in good standing
not later than  thirty-one (31) days after the effective date of this Agreement,
and remain  members in good standing of the Union.  It shall also be a condition
of employment that all employees covered by this Agreement and hired on or after
its effective date shall on the thirty-first  (31st) day following the beginning
of such employment become and remain members in good standing in the Union.

     The Union  shall save the  Company  harmless  against  and from all claims,
demands,  suits,  or other forms of liability  that arise out of or by reason of
action taken or not taken by the Company in reliance upon or compliance with any
provisions of this Article.

     It is  understood  and agreed that the  provisions of this Article shall be
effective only to the extent permitted by applicable law.

                                  ARTICLE XXI
                         PROFIT SHARING -- RETIREMENT

Section 1. Since November 1, 1989 employees  covered by this Agreement have been
covered by the General  Employees Profit Sharing - Retirement Trust Agreement of
Sanderson Farms, Inc. and Affiliates. Approval has been sought from the Internal
Revenue  Service (IRS) to merge said Plan into the Employee Stock Ownership Plan
of Sanderson Farms, Inc. and Affiliates,  effective as of November 1, 1993. When
the merger is  approved,  participation  and  benefits in the newly  merged plan
shall be in  accordance  with the  provisions  of that plan  beginning  with the
effective date of the merger.  In the event the IRS does not approve the merger,
employees  covered  by this  Agreement  shall  continue  to be  governed  by the
preexisting Plan and its provisions.

                                 ARTICLE XXII
                            DURATION OF AGREEMENT

Section 1. This Agreement shall remain in full force and effect from the 1st day
of  November,  1998 until the 30th day of  November,  2001,  and shall  continue
thereafter  from year to year until  either party to this  Agreement  desires to
terminate this Agreement by giving written notice at least sixty (60) days prior
to November 30, 2001, or at least sixty (60) days'  written  notice prior to any
anniversary  date  thereafter.  The parties to this Agreement  shall endeavor to
satisfactorily  negotiate  any  contemplated  change or execute a new  Agreement
during the sixty (60) day period,  after proper notice in writing has been given
as provided herein above. Notice, as specified in this Article,  shall be mailed
via United States Certified Mail.

      IN WITNESS  WHEREOF,  the parties  have  hereunto  signed their names this
______ day of November, 1998.

SANDERSON FARMS, INC.                    UNITED FOOD AND COMMERCIAL
(Hammond Processing Division)            WORKERS LOCAL UNION 210,
                                         Affiliated with the United
                                         Food and Commercial Workers
/s/Brian C. Williams                     International Union
- ------------------------------
/s/Stephen C. Blessey                    /s/Oneal W. Scott
- ------------------------------           ------------------------------------
                                        /s/Eva Mae Adams
                                         ------------------------------------
                                         /s/Annie Landry
                                         ------------------------------------
                                         /s/Lucille Bickham
                                         ------------------------------------
                                         /s/Hattie Lloyd
                                         ------------------------------------
                                         /s/Raymond L. Carver
                                         ------------------------------------












<PAGE>
<TABLE>


                                 APPENDIX "A"

                                 WAGE SCHEDULE
<CAPTION>

                                          EFFECTIVE   EFFECTIVE   EFFECTIVE
                                           11/1/98     1/2/2000    1/7/2001
<S>                                          <C>          <C>          <C>

PROCESSING
Receiving

      Forklift Operator .................... 8.00         8.25         8.45
      Hanging Dock ......................... 7.85         8.10         8.30
Picking

      Killer ............................... 8.10         8.35         8.55
      Floorworker .......................... 7.75         8.00         8.20
      Line Operator ........................ 7.60         7.85         8.05
Eviscerating

      Floorworker .......................... 7.75         8.00         8.20
      Bird Chiller Operator ................ 7.75         8.00         8.20
      Line Operator ........................ 7.60         7.85         8.05
By-Products Department

      By-Products Operator ................. 7.85         8.10         8.30

CUSTOMER SERVICE

Saws

      Floorworker .......................... 7.75        8.00        8.20
      Line Operator ........................ 7.60        7.85        8.05
Packing

      Scale Operator ....................... 7.85        8.10        8.30
      Floorworker .......................... 7.75        8.00        8.20
      Giblet Chiller Operator .............. 7.75        8.00        8.20
      Grader ............................... 7.70        7.95        8.15
      Line Operator ........................ 7.60        7.85        8.05
Specialty

      Forklift Operator .................... 8.05        8.30        8.50
      Scale Operator ....................... 7.85        8.10        8.30
      Floorworker .......................... 7.75        8.00        8.20
      Stackoff ............................. 7.70        7.95        8.15
      Line Operator ........................ 7.60        7.85        8.05
Marination

      Scale Operator ....................... 7.85        8.10        8.30
      Formulating Mixer .................... 7.75        8.00        8.20
      Floorworker .......................... 7.75        8.00        8.20
      Stack Off ............................ 7.70        7.95        8.15
      Line Operator ........................ 7.60        7.85        8.05
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                                          EFFECTIVE   EFFECTIVE   EFFECTIVE
                                            11/1/98   1/2/2000    1/7/2001
<S>                                         <C>        <C>        <C>

SHIPPING

      Forklift Operator ...................  8.05       8.30       8.50
      Cooler & Shipping Dock ..............  7.70       7.95       8.15
      Distribution Driver ................. 10.15      10.40      10.60

DEBONE DEPARTMENT

Deboning

      Forklift Operator ...................  8.00       8.25       8.45
      Scale Operator ......................  7.85       8.10       8.30
      Floorworker .........................  7.75       8.00       8.20
      Front Half Puller ...................  7.70       7.95       8.15
      Combo Packer ........................  7.70       7.95       8.15
      Stack Off ...........................  7.70       7.95       8.15
      Line Operator .......................  7.60       7.85       8.05

Quality Control Technician ................  7.85       8.10       8.30

MAINTENANCE DEPARTMENT

      Master Skilled Operator I ........... 12.40      12.65      12.85
      Master Skilled Operator II .......... 10.90      11.15      11.35
      Skilled Maintenance Men ............. 10.00      10.25      10.45
      Mechanic ............................  9.40       9.65       9.85
      Mechanic Helper .....................  7.90       8.15       8.35
      Clean-Up Line Operators .............  7.60       7.85       8.05
</TABLE>


Probationary  employees  shall receive a training rate of $6.05 per hour for the
first  ninety  (90) days of their  employment,  which  shall be $6.15  effective
January 2, 2000 and $6.25 effective  January 7, 2001. Upon the expiration of the
ninety (90) day period,  the rate shall be $6.75 per hour,  which shall be $6.85
effective January 2, 2000 and $6.95 effective January 7, 2001. After one year of
employment,  an  employee's  rate  shall be as shown  hereinabove.  Newly  hired
employees  in  premium  classifications  above  shall  receive  the rate of that
classification upon the expiration of a forty-five (45) day period.


<PAGE>


                                 APPENDIX "B"

                            CHECK-OFF AUTHORIZATION

To:   Any Employer under contract with United Food and Commercial
      Workers Union, Local 210, AFL-CIO

      You are hereby authorized and directed to deduct from my wages, commencing
      with the next payroll period,  an amount equivalent to dues and initiation
      fees as shall be certified by the Secretary-Treasurer of Local 210, of the
      United Food and Commercial Workers International Union, AFL-CIO, and remit
      same to said Secretary-Treasurer.

      This authorization and assignment is voluntary,  made in consideration for
      the cost of representation and collective bargaining and is not contingent
      upon my present or future membership in the Union. This  authorization and
      assignment shall be irrevocable for a period of one (1) year from the date
      of execution or until the  termination  date of the Agreement  between the
      Employer and Local 210,  whichever  occurs  sooner,  and from year to year
      thereafter,  unless  not less  than  thirty  (30)  days and not more  than
      forty-five (45) days prior to the end of any subsequent  yearly period,  I
      give the  Employer  and Union  written  notice of  revocation  bearing  my
      signature thereto. The  Secretary-Treasurer  of Local 210 is authorized to
      deposit this authorization with any Employer under contract with Local 210
      and is further  authorized  to transfer  this  authorization  to any other
      Employer  under  contract with Local 210 in the event that I should change
      employment.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>0004.txt
<DESCRIPTION>HAZLEHURST PROCESSING UNION AGREEMENT
<TEXT>


A G R E E M E N T

                                     BETWEEN

                              SANDERSON FARMS, INC.

                        (HAZLEHURST PROCESSING DIVISION)

                                       AND

               LABORERS' INTERNATIONAL UNION OF NORTH AMERICA,

               PROFESSIONAL EMPLOYEES LOCAL UNION #693, AFL-CIO

                        JULY 26, 1999 - DECEMBER 31, 2002


<PAGE>


                                TABLE OF CONTENTS

ARTICLE                                                                   PAGE
- -------                                                                   ----



<PAGE>


1.    AGREEMENT                                                              1

2.    RECOGNITION                                                            1

3.    MANAGEMENT PREROGATIVES                                                2

4.    SHOP STEWARDS                                                          2

5.    UNION BULLETIN BOARD                                                   3

6.    NO STRIKE - NO LOCK OUT                                                3

7.    GRIEVANCE PROCEDURE                                                    3

      STEP 1                                                                 4

      STEP 2                                                                 4

      STEP 3                                                                 4

8.    ARBITRATION                                                            5

9.    SENIORITY                                                              6

10.   SENIORITY LIST                                                         8

11.   HOURS OF WORK                                                          8

12.   LEAVES  OF  ABSENCE                                                    9

13.   VACATIONS                                                             11

14.   HOLIDAYS                                                              12

15.   INSURANCE                                                             13

16.   WAGES                                                                 13

17.   MISCELLANEOUS                                                         14

18.   EMPLOYEE STOCK OWNERSHIP PLAN                                         15

19.   NO DISCRIMINATION                                                     15

20.   AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF                        15

21.   UNION SECURITY                                                        16

22.   DURATION OF AGREEMENT                                                 16

      SIGNATURES                                                            17

      APPENDIX A  -  WAGE RATES                                              *

      APPENDIX B  -  CHECK-OFF                                               *


<PAGE>






                                    ARTICLE 1

                                    AGREEMENT

Section 1. This Agreement made and entered into this 26th day of July,  1999, by
and between  Sanderson  Farms,  Inc.  (Hazlehurst  Processing  Division)  at its
Hazlehurst,  Mississippi,  location  (hereinafter referred to as the "Company"),
and Laborers' International Union of North America, Professional Employees Local
Union #693, AFL-CIO (hereinafter referred to as the "Union".

                                   WITNESSETH

Section 1.2. WHEREAS,  the Company and the Union are desirous of entering into a
contractual  relationship  covering  rates of pay, hours of work and other terms
and  conditions  of  employment  of  employees   employed  within  the  unit  of
representation as hereinafter  described;  and Section 1.3. WHEREAS, the parties
have  conferred,  negotiated  and  agreed  upon  the  terms  and  conditions  of
employment to be applicable to the employees  covered by this  Agreement for the
contract  period  as  herein  specified.   Section  1.4.  NOW,   THEREFORE,   in
consideration  of the mutual  covenants and  agreements  herein  contained,  the
parties do hereby agree as follows:

                                    ARTICLE 2

                                   RECOGNITION

Section 2.1. The Employer recognizes the Union as the sole exclusive  bargaining
agency for all production and maintenance  employees employed by its Hazlehurst,
Mississippi  Poultry  Processing  Plan,  excluding  office  clerical  employees,
guards,  professional  employees,  and  supervisors,  as  defined  in  the  Act,
certified on March 15, 1995, by the National  Labor  Relations  Board through an
NLRB election, Case No. 15-RC-7876.

      The following jobs are excluded from coverage:

      (1)   Office Clerical Employees     (2)   Cost Counting Records Clerks
      (3)   Processing Accounting Clerks  (4)   Sales Clerks
      (5)   Live Haul Drivers             (6)   Cage Repair Employees
      (7)   Professional Employees        (8)   Guards and Supervisors
      (9)   Quality Control Technicians   10)   Maintenance Parts Buyers

Section  2.2.  No  employee  shall be  required  to make any  written  or verbal
agreement  that  will  conflict  with  this  Agreement.  No  employee  shall  be
reclassified so as to defeat the purpose of this Agreement.

                                    ARTICLE 3

                             MANAGEMENT PREROGATIVES

Section 3.1.  Nothing in this Agreement shall be deemed to limit the Employer in
any way in the  exercise of the  customary  functions  of  management  which are
recognized  as the  Employer's  exclusive  responsibility,  including,  but  not
limited to, the right to plan,  direct, and control  operations,  to utilize the
services of  contractors,  to  determine  the number,  size and  location of its
establishments,  to close an establishment or departments  thereof,  to hire, to
promote, to demote, and for proper cause to discipline, suspend or discharge, to
assign and schedule  work and transfer  employees  from one job or department to
another,  and to make and enforce  reasonable rules and regulations  relative to
any and all of these  matters or to the  management of its  operation,  provided
that the reasonableness of rules may be tested in the grievance  procedure.  The
Employer  shall  be  the  exclusive  judge  of  all  matters  pertaining  to its
operations and their scheduling and the methods, processes,  equipment, means of
operation  and  size  of  workforce.  Section  3.2.  The  Employer  retains  all
prerogatives  and rights of management and all  privileges and  responsibilities
not specifically limited by this Agreement.

                                    ARTICLE 4

                                  SHOP STEWARDS

Section 4.1. The Employer  recognizes  the right of the Union to designate  shop
stewards,  not to exceed  eight (8) in number,  who shall be  assigned  to serve
specific areas of the plant to handle such Union business as may arise. The shop
stewards  shall be employees of the Company.  The Union shall notify the Company
in writing as to the names of the stewards and of any changes in  designation of
stewards.

Section 4.2. A representative of the Union shall be permitted to enter the plant
at  reasonable  times,  upon  Employer's  premises  and  plant,   provided  such
representative  shall in no way  interfere  with the  operations  of  Employer's
business and shall make arrangements with the Employer's manager.

                                    ARTICLE 5

                                UNION BULLETIN BOARD

Section 5.1. The Employer will provide a bulletin board in the plant for posting
of Union  notices.  All matters to be posted  shall be submitted to the Division
Manager or a  designated  representative  for  approval  prior to  posting,  and
management's decision shall be final.

                                    ARTICLE 6

                             NO STRIKE - NO LOCK OUT

Section  6.1.  For the  duration  of this  Agreement,  there shall be no strike,
stoppages,  slowdowns,  picketing, or other interruption of or interference with
the operations of the plant.

Section 6.2. The Company  shall not lock out  employees for the duration of this
Agreement.  Section  6.3.  Neither  the  violation  of  any  provisions  of  the
Agreement,  nor the commission of any act constituting an unfair labor practice,
or otherwise  made  unlawful,  shall  excuse the  employees,  the Union,  or the
Company from their  obligations  under the  provisions of this Article.  Section
6.4. An employee  discharged  or  otherwise  disciplined  for  violation of this
Article,   may  seek  review  of  such  discipline  through  the  grievance  and
arbitration  procedures  provided herein. In this event, the only question to be
reviewed  shall be whether or not the employee  participated  in the  prohibited
conduct.

                                    ARTICLE 7

                               GRIEVANCE PROCEDURE

Section 7.1.  Grievances  arising  under this  contract are herein  defined as a
claim by a party to this Agreement or an employee covered by this Agreement that
the Company or the Union has violated a provision of this Agreement.

                                     STEP I

      The employee  shall discuss the grievance or complaint  with the immediate
supervisor  within five (5)  working  days after the event  giving rise  thereto
occurs, or within five (5) working days following the date on which the grievant
had or reasonably would have had knowledge thereof. In the event the employee so
requests,  the appropriate steward shall be present at this step. The supervisor
shall  give an answer  within  five (5)  working  days  after the  grievance  is
received.

                                     STEP 2

      If there is no settlement in Step 1, the grievance may be presented by the
employee and/or shop steward within five (5) working days from the date on which
the supervisor's  answer was given in Step 1. The grievance must be presented in
writing  to  the  department   superintendent   and  must  state  the  following
information:

      (a) name or names of employee or employees involved; (b) the department or
      departments involved; (c) the date and time of the occurrence or discovery
      of the  grievance;  (d) the  facts of the  incident  on which the claim is
      based; (e) the specific provision of this Agreement alleged to have been

violated;
      (f)   the remedy requested.
The department  superintendent shall give the Company's answer in writing within
five (5) working days after the grievance is received by the superintendent.

                                     STEP 3

      In the event the  grievance  is not settled in Step 2, then the  grievance
may  be  appealed  in  writing  to  the   division   manager  or  a   designated
representative  by the  Union to Step 3 within  five (5)  working  days from the
Company's answer in Step 2. The division manager or a designated  representative
shall give an answer in writing  within five (5)  working  days from the date of
the appeal.  In the event the grievance is not settled then the aggrieved  party
or parties shall have the right to request arbitration.

      In the event a  grievance  arises on behalf of the  Employer,  the  matter
shall be presented to the Union Business Agent in writing,  who shall have seven
(7) days from the date of  submission  within which to endeavor to reconcile the
grievance presented and shall give an answer in writing within that time. If not
settled within that time, the aggrieved party or parties shall have the right to
request arbitration.

Section 7.2. Discharge  grievances shall be processed  initially under Step 3 of
the grievance procedure.  The written grievance shall be filed with the division
manager within five (5) working days following the date of discharge.

Section 7.3. A failure to observe the time limit  specified  herein for original
presentation  of a  grievance  or  presentation  in any  subsequent  step of the
grievance  procedure  on the part of either the  grievant  or the Union shall be
conclusive evidence that the grievance has been settled and abandoned.

      Failure  on the part of the  Company  to comply  with the time  limits for
delivering its answer in any step of the grievance procedure shall automatically
advance the grievance to the next step of the grievance procedure.

      The time  limits of the  grievance  procedure  may be  extended  by mutual
consent of the Union and the Company.

                                    ARTICLE 8

                                   ARBITRATION

Section  8.1.  If a party  to this  Agreement  desires  to take a  grievance  to
arbitration,  it shall within fifteen (15) calendar days after the denial of the
grievance,  give written  notice of his  intention to the other party,  together
with a  written  statement  of the  specific  provision  or  provisions  of this
Agreement at issue.

Section 8.2. The parties  shall  attempt to select an impartial  arbitrator.  If
they are unable to agree upon a choice  within seven (7) calendar days after the
receipt of Notice of Intent to  Arbitrate,  either party may request the Federal
Mediation  and  Conciliation  Service to submit a list of five (5)  arbitrators,
from  which the  arbitrator  will be  selected.  Selection  shall be made by the
parties  alternately  striking any name from the list (the first to strike shall
be the party requesting  arbitration) until only one (1) name remains. The final
name remaining shall be the arbitrator of the grievance.

Section  8.3.  The  jurisdiction  and  the  decision  of the  arbitrator  of the
grievance   shall  be  confined  to  a   determination   of  the  acts  and  the
interpretation  or application  of the specific  provision or provisions of this
Agreement at issue.  The  Arbitrator  shall be bound by terms and  provisions of
this  Agreement  and  shall  have the  authority  to  consider  only  grievances
representing  solely an arbitration  issue under this Agreement.  The arbitrator
shall have no authority to add to, alter, amend, or modify any provision of this
Agreement.  The  decision  of the  arbitrator  in writing on any issue  properly
before the arbitrator in accordance with the provisions of this Agreement, shall
be final and binding on the aggrieved employee or employees,  the Union, and the
Employer.

Section 8.4. Multiple grievances shall not be heard before one arbitrator at the
same hearing except by mutual  agreement of the parties.  Section 8.5. The Union
and the Employer shall each bear its own costs in these arbitration proceedings,
except  that  they  shall  share  equally  the fee  and  other  expenses  of the
arbitrator in connection with the grievance.

                                    ARTICLE 9

                                    SENIORITY

Section  9.1.  Seniority  is defined as the length of an  employee's  continuous
employment  in the  bargaining  unit at the Company's  Hazlehurst,  Mississippi,
poultry  processing  plant  since the last  permanent  date of  employment.  For
purposes of layoff,  recall,  promotion,  and vacation only,  this shall include
continuous  service  which  began prior to the  acquisition  of the plant by the
Company.

Section  9.2.  All newly  hired or  rehired  employees  shall be  considered  as
probationary employees for a period of ninety (90) days during which period they
shall not acquire  seniority,  and during which they may be  discharged  without
recourse  to the  grievance  and  arbitration  procedures  provided  herein.  If
retained as a regular employee upon satisfactory  completion of the probationary
period, seniority shall be retroactive to the first day of employment.

Section 9.3. In matters of layoff, recall, and promotion,  consideration will be
given  to an  employee's  skill,  ability,  attendance,  versatility,  training,
physical fitness,  and seniority;  and when, in the opinion of the Company,  the
factors  other  than  seniority  are  relatively  equal,  seniority  will be the
deciding factor.

Section 9.4.      An  employee's   seniority  shall  be  lost  and  employment
considered terminated by:

      (a)    discharge for just cause;
      (b)   failure to return  from layoff  within  five (5) working  days after
            written  notice  by  certified  mail is sent by the  Company  to the
            employee's last known address on the Company's books.  Actual notice
            to the employee of recall by any other means shall satisfy the terms
            of this provision;

      (c)   voluntary termination of employment;

      (d)   failure to report after  termination of a leave of absence  approved
            by the Company in writing on the first  scheduled  day following the
            expiration of such leave of absence;

      (e)   engaging in a gainful occupation while on leave of absence;

      (f)   absence  from work for three (3)  consecutive  working  days without
            notice to the  Company,  which  shall be  considered  as a voluntary
            quit,  unless  notice was prevented by a cause beyond the control of
            the employee;

      (g)   separation  from  the  Company's  active  payroll  for  any  reason,
            exclusive of leaves of absence approved by the Company, for a period
            exceeding an employee's  length of service in the Hazlehurst  plant,
            or three (3) months, whichever is less.

Section 9.5. For the purposes of this Agreement,  layoffs shall be classified as
(a) "short term" and (b) "long term". A short term layoff is a layoff which will
not exceed ten (10)  workdays in length.  Short term layoffs may be made without
regard to  seniority.  A long term layoff is a layoff which will exceed ten (10)
workdays in length. Long term layoffs shall be made subject to Section 3 of this
Article.

Section 9.6. All permanent job vacancies in premium rated  classifications shall
be posted for two (2)  consecutive  working  days on the plant  bulletin  board.
Employees in lower rated  classifications  desiring promotion to such jobs shall
sign a bid sheet  posted on the  bulletin  board.  An employee who does not sign
such bid sheet shall have no right to  consideration  for the vacancy.  However,
the fact that an  employee  did not sign the bid sheet  will not  preclude  that
employee's  selection  for the job by the  Company  if  none of the  signers  is
determined  to be  qualified.  If no  qualified  employee  bids  on  the  posted
position,  the Company  may fill the  position in its  discretion.  If,  after a
reasonable  period not to exceed thirty (30) days, the employee selected for the
posted position achieves an acceptable level of performance,  the employee shall
receive the rate of the new  position.  If the  employee  fails to perform in an
acceptable  manner,  such  employee  shall  return  to a  job  in  their  former
classification  and the  premium  job shall be posted  again.  An  employee  who
self-disqualifies shall return to the extra board at the line operator's rate of
pay and shall not be  eligible  for bidding on a premium job for a period of six
(6) months.  Section  9.7.  Assignments  involving  employees on the extra board
shall be in order of  seniority.  Within a department,  no extra board  employee
shall be retained over a permanently assigned employee.

                                   ARTICLE 10

                                 SENIORITY LIST

Section 10.1. Upon request at any reasonable  time, the Company shall furnish to
the Union a current seniority list.

                                   ARTICLE 11

                                  HOURS OF WORK

Section 11.1. The regular work week shall consist of five (5) days or forty (40)
hours.  This shall not be  construed  as a  guarantee  of any amount of hours or
work.  The basic  work week  shall be the seven (7) day  period  from 12:01 a.m.
Sunday until midnight the following  Saturday.  Employees will be given at least
one (1) calendar week's notice of any change by the Company of the payroll week.

Section  11.2.  An employee who works more than forty (40) hours in any one week
shall be paid at time and  one-half  the  regular  rate of pay for all  hours in
excess of forty (40).

Section 11.3.  When employees are called to work a shift outside their regularly
scheduled  shift  and  report  for work,  or when  they  report to work at their
regularly  scheduled time, they shall be given the opportunity to work a minimum
of three (3) hours or receive pay for same at the applicable hourly rate, except
that no such pay shall be made when the plant cannot  operate for reasons beyond
the  control of the  Employer,  such as, but not limited  to,  strikes,  utility
failure,  fire,  flood,  storms or other acts of God interfering with work, or a
breakdown of machinery or equipment when the Company  notifies the employees not
to report to work at least four (4) hours prior to the scheduled time to work.

Section 11.4.  Employees will be paid at their regular rate for all waiting time
of thirty (30)  minutes or less,  so long as they do any job they are  assigned.
Employees will not be paid for waiting time which exceeds thirty (30) minutes if
(1) they are  relieved of all duties,  (2) are free to leave the plant,  and (3)
are told the time  they  must  return to work.  Employees  will not be  relieved
without pay more than once in any  workday  except for a lunch break of not more
than one (1) hour.  Section 11.5.  The Company will provide one (1) unpaid break
of not less than thirty  (30)  minutes  for lunch  during each shift,  and shall
provide one (1) twelve (12) minute paid rest period  prior to lunch each day. In
addition,  all  employees  will be allowed  one (1) twelve (12) minute paid rest
period  after the lunch break  provided the work time is expected to be not less
than two and  one-half (2 1/2)  hours.  No unpaid  break  shall be provided  for
maintenance employees and truck drivers.

      The Company shall have the right to provide a twenty-four (24) minute paid
lunch break to Clean-Up Line Operators on restricted hours in lieu of all breaks
provided in this Section.

Section 11.6. A Clean-Up Line Operator who has completed the probationary period
and is permanently assigned to restricted hours in the clean up department shall
receive an hourly  adjustment  of ninety (90) cents for each hour worked in that
assignment.

Section 11.7.  Employees  who have  completed  the  probationary  period and are
temporarily  assigned for one or more consecutive hours to perform the duties of
an absent  employee in a higher paid  classification  shall  receive the rate of
that classification while performing the duties of the classification. Employees
who work at more than one pay rate  during a week in which  they  earn  overtime
shall receive overtime pay based upon an average of the rates earned during that
week.

                                   ARTICLE 12

                                LEAVES OF ABSENCE

Section  12.1.  An employee who has  completed  the  probationary  period may be
granted,  at the  Company's  discretion,  a leave of absence  without  pay for a
reasonable  period  of time,  not to exceed  one (1)  month,  for the  following
reasons:

      (a)   emergency personal business;
      (b)   serious  illness in the  immediate  family  (spouse,  children  or
            parents), supported by a doctor's certificate; and

      (c)   Union  business,  upon  written  request  by  the  Union's  Business
            Manager,  provided that no more than three (3) employees shall be on
            such leave simultaneously.

Section  12.2.  Employees  who have  completed  their  probationary  period  are
eligible  for up to  thirteen  (13) weeks per year of unpaid  family and medical
treatment leave for the following reasons:

      (a)   Employee's serious health condition -- a medical  certification will
            be required  which states that the employee is unable to perform the
            functions of the employee's position.

      (b)   Family  serious  health  condition -- spouse,  parent,  or child.  A
            medical  certification  will be  required  stating  the  employee is
            "needed to care for the individual."

      (c)   New child leave -- the birth, adoption or foster care placement by a
            state agency of a child,  and, the need to care for the child;  such
            leave may be prior to the actual birth or placement.

      The provisions of this Section shall be  administered  in accordance  with
the Family and Medical  Leave Act of 1993 (FMLA).  Section  12.3.  Employees who
have completed their  probationary  period who lose actual work time in order to
attend the funeral of a family  member shall  receive a paid  funeral  leave for
time necessarily lost during the employee's regularly scheduled shift,  provided
the employee  would have been  scheduled and at work during that day. Said leave
shall be up to three (3) days with pay for a  deceased  parent,  spouse,  child,
brother, or sister and one (1) day for a deceased father-in-law,  mother-in-law,
grandparent,  brother-in-law,  or  sister-in-law.  In order to receive pay under
this Section,  an employee must be actively  working,  must make application for
such  paid  leave,  and  must  attend  the  funeral.  The  Company  may  require
satisfactory  evidence of attendance at the funeral and the  relationship of the
deceased.

Section 12.4. If the Company has knowledge that an employee,  in a premium-rated
classification,  will be on family and  medical  leave,  military  leave,  or an
industrial injury leave for more than thirty (30) calendar days, the job will be
posted and filled on a temporary basis.  The successful  bidder will receive the
rate of the premium classification for the period its duties are performed. When
employees on leave under this Section return, they shall be immediately assigned
to their old job;  employees  temporarily  filling the job shall return to their
regular  classification  and pay rate.  Section 12.5. The Company shall pay each
active employee who reports for jury duty the difference between pay up to eight
times the hourly rate for time  actually lost and the juror's daily fee for each
day the  employee is required to serve on a jury.  The  employee  must report to
work  during  those  days of his  regularly  scheduled  shift  during  which the
employee is not  required to report for jury duty or be  available  at court for
jury service.  The employee must present proof of jury service and the amount of
compensation received from the court.

                                   ARTICLE 13

                                    VACATIONS

Section 13.1.  Regular full-time  employees shall be eligible for one (1) week's
vacation after the first  anniversary date of continuous  employment,  and after
the anniversary date of each succeeding year.

      Employees shall be eligible for a second week of vacation after the second
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be eligible for a third week of vacation  after the tenth
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be  eligible  for a fourth  week of  vacation  after  the
twentieth  anniversary  date of continuous  employment and after the anniversary
date of each succeeding year of continuous employment.

Section  13.2.  To be  eligible  for a vacation,  an  employee  must have worked
sixteen hundred (1,600) hours during the preceding  twelve (12) months or eighty
(80) percent of available  hours for that period,  whichever is less.  Vacations
and  holidays not worked  shall be  considered  time worked for purposes of this
Section.

Section 13.3.  Vacation pay shall be computed at forty (40) times the Employee's
regular straight time hourly rate. Section 13.4. Due consideration will be given
employees'  choice of vacation time, but all vacations  scheduled are subject to
the final  approval  of the  Company in keeping  with the  Company's  scheduling
needs.  In the event that two or more  employees  cannot be released at the same
time,  the  employee  with the longest  service  with the Company  will be given
preference.  An employee who notifies  the Company of a vacation  choice  thirty
(30) days in advance  shall not lose that vacation  choice to another  employee.
Vacations  may  not be  scheduled  for  periods  of less  than a  week,  and all
vacations must be taken within an anniversary year.

Section 13.5.  The Company  reserves the right to schedule a plant  shutdown for
one .(l) week in any year,  which shall be treated as a vacation  week for those
employees entitled to vacation.

                                   ARTICLE 14

                                    HOLIDAYS

Section 14.1.           The following shall be considered holidays:

                  New Year's Day                      Labor Day
                  Martin Luther King's Birthday       Thanksgiving Day
                  Memorial Day                        Christmas Day
                  July Fourth                         Birthday Holiday

      The birthday  holiday shall be taken on the  employee's  birthday.  If the
birthday  falls on a Saturday  or Sunday,  the  holiday  shall be taken on a day
agreed  upon by the Company and the  employee  within one week of the  birthday.
Section  14.2.  All  regular  full-time   employees  who  have  completed  their
probationary  period shall be paid for eight (8) hours at their regular straight
time rate for each holiday  enumerated above,  provided they report for work and
work all scheduled hours on the workday preceding and the workday next following
the holiday, unless the employee was necessarily absent due to personal illness,
supported by a doctor's certificate, or because of an emergency occurring to the
employee or the employee's immediate family (meaning only spouse,  children,  or
parents).  No  employee  shall lose  holiday pay because of missing no more than
thirty (30) minutes on the workday before or the workday following the holiday.

      In any  event,  an  employee  must  work at least one (1) day  during  the
calendar  week in which a holiday falls in order to be eligible for holiday pay,
except the employee who is on vacation.

Section 14.3.  Employees  required to work on a holiday shall be paid the amount
provided  above,  in addition to their regular  earnings for that day. Hours not
worked  on a holiday  shall not be  considered  as work  time in  computing  any
additional compensation due under the overtime provisions of this contract.

Section 14.4. If an employee is required to work and fails to report or fails to
work scheduled  hours on a holiday,  the employee shall forfeit  holiday pay for
that day.

Section  14.5.  Employees on vacation  during the week in which a holiday  falls
shall receive holiday pay.

                                   ARTICLE 15

                                    INSURANCE

Section 15.1. The Company will provide a group  insurance  program for employees
covered  by  this   Agreement.   The  Company  will  continue  to  make  monthly
contributions  toward  group  insurance  premiums in the same  proportion  as is
currently in effect. Employees will bear the remaining costs of the insurance.

                                   ARTICLE 16

                                      WAGES

Section 16.1.  Wages shall be paid as provided in Appendix A attached hereto and
made a part of this Agreement.  Section 16.2.  Whenever a new job classification
is created by the Company, or there is a change or merger of job classifications
or the  job  content  of job  classifications,  the  Company  will  discuss  the
appropriate wage rate with the Union. If a mutually  satisfactory rate cannot be
agreed upon,  the Company  will set the rate.  The Union may file a grievance on
the rate, and the dispute shall be settled in accordance  with the grievance and
arbitration procedures of this contract.

Section 16.3.  Any employees  who, upon the effective  date of the wage rate set
forth in Appendix A, are earning in excess of the applicable rate, shall, during
the term of this  Agreement,  continue to receive  their  current rate until the
contract  rate equals or exceeds that rate.  This section shall not apply to any
employee  in a  classification  which has been paid on a salary  basis under any
past contract.

Section 16.4. If, during the term of this Agreement, Congress enacts new minimum
wage  legislation  which requires the payment of a minimum wage greater than the
rate provided in Appendix A for newly-hired employees,  the rate for newly-hired
employees  shall be raised to the federal  minimum rate,  and the spread between
the rates provided in this Agreement shall be maintained.  Any such change shall
be effective upon the effective date of the new federal minimum rate.

Section  16.5.  In  addition  to the  wage  rates as  provided  in  Appendix  A,
production  employees who have been  continuously  employed for five (5) or more
years shall  receive  seniority  pay of twenty (20) cents per hour.  Maintenance
employees and distribution drivers who have been continuously  employed for five
(5) or more years will receive seniority pay of fifty (50) cents per hour.

Section 16.6. Employees who have been continuously  employed for one (1) or more
years shall receive a night shift  differential  of  twenty-five  (25) cents per
hour for work performed on a shift  starting  during the hours  beginning  12:00
noon through 1:00 a.m. The starting time of a shift  determines if it is subject
to the shift differential.  Employees  performing work on a night shift which is
not their  regular  shift will receive  shift  differential  for such work if it
lasts  three (3) or more hours.  Distribution  drivers  shall not receive  shift
differential regardless of the time they begin work.

                                   ARTICLE 17

                                  MISCELLANEOUS

Section 17.1.  The Company shall maintain safe,  sanitary,  and healthy  working
conditions  at all  times,  and  employees  will be  required  to  cooperate  in
maintaining such conditions.  Any complaints regarding safety or health shall be
processed through the grievance and arbitration provisions of this Agreement.

Section  17.2.  The Company will provide any uniforms  required of employees who
have completed their probationary period.

      The Company will furnish required safety equipment,  gloves,  aprons, hair
nets,  freezer  gloves,  cotton  gloves,  and smocks at no cost to the employee.
Needed  replacements,  through  normal use, will be made at no cost provided the
worn out  article is returned to the  Company.  If an item is lost or  destroyed
through employee negligence, the employee will be charged for its replacement.

Section  17.3.  The  Employer  may  require  any  employee  to  take a  physical
examination at any time at the Employer's expense. Section 17.4. It shall be the
responsibility  of all employees to keep the Employer  apprised of their current
address, telephone number, marital status and number of dependents.

Section 17.5. It is the intent of the parties  hereto that no provisions of this
Agreement  shall require either party to perform any act which shall be unlawful
under any Mississippi or Federal statute.

                                   ARTICLE 18

                  EMPLOYEE STOCK OWNERSHIP PLAN - RETIREMENT

Section 18.1. Employees covered by this Agreement will continue to be covered by
the Employee  Stock  Ownership  Plan of Sanderson  Farms,  Inc. and  Affiliates.
Participation  and  benefits  in  the  plan  shall  be in  accordance  with  the
provisions of that plan.

                                   ARTICLE 19

                                NO DISCRIMINATION

Section  19.1.  The Company and the Union agree that they will not  discriminate
against any person  with regard to  employment  or Union  membership  because of
race,  creed,  color,  sex,  religion,  age,  national origin, or disability (as
defined  in  the  Americans  With  Disabilities  Act).  Section  19.2.  Whenever
masculine  gender  is used in this  Agreement,  it shall  apply to the  feminine
gender.

                                   ARTICLE 20

                AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF

Section  20.1.  During  the term of this  Agreement,  the  Company  will  deduct
initiation  fees,  assessments,  and Union dues from the wages of employees  who
individually  authorize the Company on a form in  compliance  with Appendix B to
this Agreement.

Section  20.2.  The Union shall save the Company  harmless  against and from all
claims,  demands,  suits or other  forms of  liability  that  arise out of or by
reason  of  action  taken  or not  taken  by the  Company  in  reliance  upon or
compliance with any provisions of this Article.

Section 20.3. It is agreed that by reason of institution of the above  check-off
system,   collections  by  any  other  method  on  the  Company's  premises  are
prohibited, except with the permission of the Company.


<PAGE>


                                   ARTICLE 21

                                 UNION SECURITY

Section 21.1.  It shall be a condition of  employment  that all employees of the
Employer  covered by this Agreement become members of the Union in good standing
not later than  thirty-one (31) days after the effective date of this Agreement,
and remain  members in good standing of the Union.  It shall also be a condition
of employment that all employees covered by this Agreement and hired on or after
its effective date shall on the thirty-first  (31st) day following the beginning
of such employment become and remain members in good standing in the Union.

      The Union  shall save the  Company  harmless  against and from all claims,
demands,  suits,  or other forms of liability  that arise out of or by reason of
action taken or not taken by the Company in reliance upon or compliance with any
provisions of this Article.

      It is understood  and agreed that the  provisions of this Article shall be
effective only to the extent permitted by applicable law.

                                   ARTICLE 22

                              DURATION OF AGREEMENT

Section 22.1. This Agreement shall remain in full force and effect from the 26th
day of July,  1999  until the 31st day of  December,  2002,  and shall  continue
thereafter  from year to year until  either party to this  Agreement  desires to
terminate this Agreement by giving written notice at least sixty (60) days prior
to December 31, 2002, or at least sixty (60) days'  written  notice prior to any
anniversary  date  thereafter.  The parties to this Agreement  shall endeavor to
satisfactorily  negotiate  any  contemplated  change or execute a new  Agreement
during the sixty (60) day period,  after proper notice in writing has been given
as provided  herein and above.  Notice,  as specified in this Article,  shall be
mailed via United States Certified Mail.


<PAGE>


      IN WITNESS  WHEREOF,  the parties have hereunto  signed their names this
______ day of ___________________________, 1999.
SANDERSON FARMS, INC.                     LABORERS' INTERNATIONAL UNION
(Hazlehurst Processing Division)          OF NORTH AMERICA, PROFESSIONAL
                                          EMPLOYEES LOCAL UNION #693
 /s/Larry Lampkin                         AFL-CIO
- --------------------------------          -----------------------------------
/s/Tony Waltman                           /s/Bobbie Jackson
- --------------------------------          -----------------------------------
                                          /s/Joe W. Brown
- --------------------------------          -----------------------------------
                                          /s/Martha Jackson
                                          -----------------------------------
                                          /s/Priscilla Morris
                                          -----------------------------------

                                          -----------------------------------

                                          -----------------------------------

                                          -----------------------------------


<PAGE>

                                  APPENDIX "A"

                                  WAGE SCHEDULE

                                                       EFFECTIVE

                                           7/26/99   1/2/00   1/7/01   1/6/02
PROCESSING

Receiving

      Forklift Operator ................     8.00     8.25     8.45     8.80
      Hanging Dock .....................     7.85     8.10     8.30     8.65
Picking

      Killer ...........................     8.10     8.35     8.55     8.90
      Floorworker ......................     7.75     8.00     8.20     8.55
      Line Operator ....................     7.60     7.85     8.05     8.40
Eviscerating

      Floorworker ......................     7.75     8.00     8.20     8.55
      Bird Chiller Operator ............     7.75     8.00     8.20     8.55
      Line Operator ....................     7.60     7.85     8.05     8.40
By-Products Department

      By-Products Operator .............     7.85     8.10     8.30     8.65

CUSTOMER SERVICE

Saws

      Floorworker ......................     7.75     8.00     8.20     8.55
      Line Operator ....................     7.60     7.85     8.05     8.40
Packing

      Scale Operator ...................     7.85     8.10     8.30     8.55
      Floorworker ......................     7.75     8.00     8.20     8.55
      Giblet Chiller Operator 7.75 .....     8.00     8.20     8.55
      Grader ...........................     7.70     7.95     8.15     8.50
      Line Operator ....................     7.60     7.85     8.05     8.40
Specialty

      Forklift Operator ................     8.05     8.30     8.50     8.85
      Scale Operator ...................     7.85     8.10     8.30     8.65
      Floorworker ......................     7.75     8.00     8.20     8.55
      Stackoff .........................     7.70     7.95     8.15     8.50
      Line Operator ....................     7.60     7.85     8.05     8.40
Marination

      Scale Operator ...................     7.85     8.10     8.30     8.65
      Formulating Mixer ................     7.75     8.00     8.20     8.55
      Floorworker ......................     7.75     8.00     8.20     8.55
      Stack Off ........................     7.70     7.95     8.15     8.50
      Line Operator ....................     7.60     7.85     8.05     8.40


<PAGE>






                                   EFFEC

                              7/26/99   0            1/7/01            1/6/02

SHIPPING

      Forklift Operator ................     8.05     8.30     8.50     8.85

      Cooler & Shipping Dock ...........     7.70     7.95     8.15     8.60

      Distribution Driver ..............    10.15    10.40    10.60    10.95

DEBONE DEPARTMENT

Deboning

      Forklift Operator ................     8.00     8.25     8.45     8.80
      Scale Operator ...................     7.85     8.10     8.30     8.65
      Floorworker ......................     7.75     8.00     8.20     8.55
      Front Half Puller ................     7.70     7.95     8.15     8.50
      Combo Packer .....................     7.70     7.95     8.15     8.50
      Stack Off ........................     7.70     7.95     8.15     8.50
      Line Operator ....................     7.60     7.85     8.05     8.40

MAINTENANCE DEPARTMENT

      Master Skilled Operator I ........    12.40    12.65    12.85    13.20
      Master Skilled Operator II .......    10.90    11.15    11.35    11.70
      Skilled Maintenance Men 10.00 ....    10.25    10.45    10.80
      Mechanic .........................     9.40     9.65     9.85    10.20

      Mechanic Helper ..................     7.90     8.15     8.35     8.70

      Clean-Up Line Operators ..........     7.60     7.85     8.05     8.40

Probationary  employees  shall receive a training rate of $6.05 per hour for the
first  ninety  (90) days of their  employment,  which  shall be $6.15  effective
January 2, 2000, $6.25 effective January 7, 2001, and $6.35 effective January 6,
2002. Upon the expiration of the ninety (90) day period, the rate shall be $6.75
per hour,  which  shall be $7.05  effective  January  2, 2000,  $7.15  effective
January  7,  2002  and  $7.25  effective  January  6,  2002.  After  one year of
employment,  an  employee's  rate  shall be as shown  hereinabove.  Newly  hired
employees  in  premium  classifications  above  shall  receive  the rate of that
classification upon the expiration of a forty-five (45) day period.


<PAGE>






                                          APPENDIX "B"

                             CHECK-OFF AUTHORIZATION AND ASSIGNMENT

                            TO: ALL EMPLOYERS BY WHOM I AM EMPLOYED


      I,  _________________________________________________________,  do  hereby
      assign to Local Union No. 693, LIUNA Professional Employees, AFL-CIO, such
      amounts  from my wages as shall be  required to pay the  initiation  fees,
      readmission  fees,  membership  dues and assessments of the Local Union as
      may be established from time to time. My Employer is hereby  authorized to
      deduct  amounts  from my wages and pay the same to the Local Union  and/or
      its  authorized   representative,   in  accordance   with  the  collective
      bargaining agreement in existence between the Local Union and my Employer.

      This authorization  shall become operative upon the effective date of each
      collective  bargaining  agreement entered into between my Employer and the
      Local Union.

      This authorization shall be irrevocable for a period of one year, or until
      the  termination  of the  collective  bargaining  agreement  in  existence
      between my Employer and the Local Union,  whichever  occurs sooner;  and I
      agree and direct that this  authorization  shall be automatically  renewed
      and shall be irrevocable  for successive  periods of one year each, or for
      the period of such succeeding  applicable  collective bargaining agreement
      between my Employer  and the Local Union,  whichever be shorter,  unless I
      give  written  notice to my  Employer  and the  Local  Union not more than
      twenty  days and not less than ten days  prior to the  expiration  of each
      period of one year, or of each applicable  collective bargaining agreement
      between my Employer and the Local Union, whichever occurs sooner.

      Dues and fees paid to Local Union No. 693 are not deductible as charitable
      contributions for federal income tax purposes. Dues and fees paid to Local
      Union  693,  however,  may  qualify  as  business  expenses,  and  may  be
      deductible  in  limited  circumstances  subject  to  various  restrictions
      imposed by the Internal Revenue Service.

      This    assignment    has   been    executed    this    _____   day   of
______________________________, 19_______

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>0005.txt
<DESCRIPTION>COLLINS PROCESSING UNION AGREEMENT
<TEXT>



A G R E E M E N T

                                     BETWEEN

                              SANDERSON FARMS, INC.

                          (COLLINS PROCESSING DIVISION)

                                       AND

                      LABORERS' INTERNATIONAL UNION OF NORTH AMERICA,

                      PROFESSIONAL EMPLOYEES LOCAL UNION #693, AFL-CIO

                      JANUARY 13, 2000 - DECEMBER 31, 2003


<PAGE>


                               TABLE OF CONTENTS

ARTICLE                                                                   PAGE
- -------                                                                   ----



<PAGE>


1.    AGREEMENT                                                              1

2.    RECOGNITION                                                            1

3.    MANAGEMENT PREROGATIVES                                                1

4.    SHOP STEWARDS                                                          2

5.    UNION BULLETIN BOARD                                                   2

6.    NO STRIKE - NO LOCK OUT                                                2

7.    GRIEVANCE PROCEDURE                                                    3

      STEP 1                                                                 3

      STEP 2                                                                 3

      STEP 3                                                                 3

8.    ARBITRATION                                                            4

9.    SENIORITY                                                              5

10.   SENIORITY LIST                                                         6

11.   HOURS OF WORK                                                          7

12.   LEAVES  OF  ABSENCE                                                    8

13.   VACATIONS                                                              9

14.   HOLIDAYS                                                              10

15.   INSURANCE                                                             11

16.   WAGES                                                                 11

17.   MISCELLANEOUS                                                         12

18.   EMPLOYEE STOCK OWNERSHIP PLAN                                         13

19.   NO DISCRIMINATION                                                     13

20.   AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF                        13

21.   UNION SECURITY                                                        13

22.   DURATION OF AGREEMENT                                                 14

      SIGNATURES                                                            14

      APPENDIX A  -  WAGE RATES                                              *

      APPENDIX B  -  CHECK-OFF                                               *


<PAGE>



                                   ARTICLE 1
                                   AGREEMENT

Section 1. This Agreement made and entered into this 13th day of January,  2000,
by and between  Sanderson  Farms,  Inc.  (Collins  Processing  Division)  at its
Collins,  Mississippi,  location (hereinafter referred to as the "Company"), and
Laborers'  International  Union of North America,  Professional  Employees Local
Union #693, AFL-CIO (hereinafter referred to as the "Union".

                                   ARTICLE 2
                                  RECOGNITION

Section 2.1. The Employer recognizes the Union as the sole exclusive  bargaining
agency for all production and maintenance employees, including truck drivers and
rendering employees,  employed at its Collins,  Mississippi facility,  excluding
office clerical employees, truck shop employees, guards, professional employees,
and supervisors,  as defined in the Act,  certified on February 23, 1995, by the
National Labor Relations Board through an NLRB election, Case No. 15-RC-7846.

      The following jobs are excluded from coverage:

      (1)   Office Clerical Employees     (2)   Cost Counting Records Clerks
      (3)   Processing Accounting Clerks  (4)   Sales Clerks
      (5)   Live Haul Drivers             (6)   Cage Repair Employees
      (7)   Professional Employees        (8)   Guards and Supervisors
      (9)   Child Care Employees          (10)  Maintenance Parts Buyers

                                   ARTICLE 3
                            MANAGEMENT PREROGATIVES
Section 3.1.  Nothing in this Agreement shall be deemed to limit the Employer in
any way in the  exercise of the  customary  functions  of  management  which are
recognized  as the  Employer's  exclusive  responsibility,  including,  but  not
limited to, the right to plan,  direct, and control  operations,  to utilize the
services of  contractors,  to  determine  the number,  size and  location of its
establishments,  to close an establishment or departments  thereof,  to hire, to
promote, to demote, and for proper cause to discipline, suspend or discharge, to
assign and schedule  work and transfer  employees  from one job or department to
another,  and to make and enforce  reasonable rules and regulations  relative to
any and all of these  matters or to the  management of its  operation,  provided
that the reasonableness of rules may be tested in the grievance  procedure.  The
Employer  shall  be  the  exclusive  judge  of  all  matters  pertaining  to its
operations and their scheduling and the methods, processes,  equipment, means of
operation and size of workforce.

Section 3.2. The Employer  retains all prerogatives and rights of management and
all privileges and responsibilities not specifically limited by this Agreement.

                                   ARTICLE 4
                                 SHOP STEWARDS
Section 4.1. The Employer  recognizes  the right of the Union to designate  shop
stewards,  not to exceed  eleven (11) in number,  who shall be assigned to serve
specific areas of the plant to handle such Union business as may arise. The shop
stewards  shall be employees of the Company.  The Union shall notify the Company
in writing as to the names of the stewards and of any changes in  designation of
stewards.

Section 4.2. A representative of the Union shall be permitted to enter the plant
at  reasonable  times,  upon  Employer's  premises  and  plant,   provided  such
representative  shall in no way  interfere  with the  operations  of  Employer's
business and shall make arrangements with the Employer's manager.

                                   ARTICLE 5
                              UNION BULLETIN BOARD

Section 5.1. The Employer will provide a bulletin board in the plant for posting
of Union  notices.  All matters to be posted  shall be submitted to the Division
Manager or a  designated  representative  for  approval  prior to  posting,  and
management's decision shall be final.

                                    ARTICLE 6

                             NO STRIKE - NO LOCK OUT

Section  6.1.  For the  duration  of this  Agreement,  there shall be no strike,
stoppages,  slowdowns,  picketing, or other interruption of or interference with
the operations of the plant.

Section 6.2. The Company  shall not lock out  employees for the duration of this
Agreement.  Section  6.3.  Neither  the  violation  of  any  provisions  of  the
Agreement,  nor the commission of any act constituting an unfair labor practice,
or otherwise  made  unlawful,  shall  excuse the  employees,  the Union,  or the
Company from their obligations under the provisions of this Article.

Section 6.4. An employee  discharged or otherwise  disciplined  for violation of
this  Article,  may seek review of such  discipline  through the  grievance  and
arbitration  procedures  provided herein. In this event, the only question to be
reviewed  shall be whether or not the employee  participated  in the  prohibited
conduct.


<PAGE>


                                    ARTICLE 7

                              GRIEVANCE PROCEDURE

Section 7.1.  Grievances  arising  under this  contract are herein  defined as a
claim by a party to this Agreement or an employee covered by this Agreement that
the Company or the Union has violated a provision of this Agreement.

                                    STEP I

      The employee  shall discuss the grievance or complaint  with the immediate
supervisor  within five (5)  working  days after the event  giving rise  thereto
occurs, or within five (5) working days following the date on which the grievant
had or reasonably would have had knowledge thereof. In the event the employee so
requests,  the appropriate steward shall be present at this step. The supervisor
shall  give an answer  within  five (5)  working  days  after the  grievance  is
received.

                                    STEP 2

      If there is no settlement in Step 1, the grievance may be presented by the
employee and/or shop steward within five (5) working days from the date on which
the supervisor's  answer was given in Step 1. The grievance must be presented in
writing  to  the  department   superintendent   and  must  state  the  following
information:

      (a) name or names of employee or employees involved; (b) the department or
      departments involved; (c) the date and time of the occurrence or discovery
      of the  grievance;  (d) the  facts of the  incident  on which the claim is
      based;

      (e)  the  specific  provision  of this  Agreement  alleged  to  have  been
      violated; (f) the remedy requested.

The department  superintendent shall give the Company's answer in writing within
five (5) working days after the grievance is received by the superintendent.

                                     STEP 3

      In the event the  grievance  is not settled in Step 2, then the  grievance
may  be  appealed  in  writing  to  the   division   manager  or  a   designated
representative  by the  Union to Step 3 within  five (5)  working  days from the
Company's answer in Step 2. The division manager or a designated  representative
shall give an answer in writing  within five (5)  working  days from the date of
the appeal.  In the event the grievance is not settled then the aggrieved  party
or parties shall have the right to request arbitration.

      In the event a  grievance  arises on behalf of the  Employer,  the  matter
shall be presented to the Union Business Agent in writing,  who shall have seven
(7) days from the date of  submission  within which to endeavor to reconcile the
grievance presented and shall give an answer in writing within that time. If not
settled within that time, the aggrieved party or parties shall have the right to
request arbitration.

Section 7.2. Discharge  grievances shall be processed  initially under Step 3 of
the grievance procedure.  The written grievance shall be filed with the division
manager within five (5) working days following the date of discharge.

Section 7.3. A failure to observe the time limit  specified  herein for original
presentation  of a  grievance  or  presentation  in any  subsequent  step of the
grievance  procedure  on the part of either the  grievant  or the Union shall be
conclusive evidence that the grievance has been settled and abandoned.

      Failure  on the part of the  Company  to comply  with the time  limits for
delivering its answer in any step of the grievance procedure shall automatically
advance the grievance to the next step of the grievance procedure.

      The time  limits of the  grievance  procedure  may be  extended  by mutual
consent of the Union and the Company.

                                    ARTICLE 8

                                   ARBITRATION

Section  8.1.  If a party  to this  Agreement  desires  to take a  grievance  to
arbitration,  it shall within fifteen (15) calendar days after the denial of the
grievance,  give written  notice of his  intention to the other party,  together
with a  written  statement  of the  specific  provision  or  provisions  of this
Agreement at issue.

Section 8.2. The parties  shall  attempt to select an impartial  arbitrator.  If
they are unable to agree upon a choice  within seven (7) calendar days after the
receipt of Notice of Intent to  Arbitrate,  either party may request the Federal
Mediation  and  Conciliation  Service to submit a list of five (5)  arbitrators,
from  which the  arbitrator  will be  selected.  Selection  shall be made by the
parties  alternately  striking any name from the list (the first to strike shall
be the party requesting  arbitration) until only one (1) name remains. The final
name remaining shall be the arbitrator of the grievance.

Section  8.3.  The  jurisdiction  and  the  decision  of the  arbitrator  of the
grievance   shall  be  confined  to  a   determination   of  the  acts  and  the
interpretation  or application  of the specific  provision or provisions of this
Agreement at issue.  The  Arbitrator  shall be bound by terms and  provisions of
this  Agreement  and  shall  have the  authority  to  consider  only  grievances
representing  solely an arbitration  issue under this Agreement.  The arbitrator
shall have no authority to add to, alter, amend, or modify any provision of this
Agreement.  The  decision  of the  arbitrator  in writing on any issue  properly
before the arbitrator in accordance with the provisions of this Agreement, shall
be final and binding on the aggrieved employee or employees,  the Union, and the
Employer.

Section 8.4. Multiple grievances shall not be heard before one arbitrator at the
same hearing except by mutual  agreement of the parties.  Section 8.5. The Union
and the Employer shall each bear its own costs in these arbitration proceedings,
except  that  they  shall  share  equally  the fee  and  other  expenses  of the
arbitrator in connection with the grievance.

                                    ARTICLE 9

                                    SENIORITY

Section  9.1.  Seniority  is defined as the length of an  employee's  continuous
employment in the bargaining unit at the Company's Collins, Mississippi, poultry
processing  plant since the last permanent  date of employment.  For purposes of
layoff,  recall,  promotion,  and vacation only,  this shall include  continuous
service which began prior to the acquisition of the plant by the Company.

Section  9.2.  All newly  hired or  rehired  employees  shall be  considered  as
probationary employees for a period of ninety (90) days during which period they
shall not acquire  seniority,  and during which they may be  discharged  without
recourse  to the  grievance  and  arbitration  procedures  provided  herein.  If
retained as a regular employee upon satisfactory  completion of the probationary
period, seniority shall be retroactive to the first day of employment.

Section 9.3. In matters of layoff, recall, and promotion,  consideration will be
given  to an  employee's  skill,  ability,  attendance,  versatility,  training,
physical fitness,  and seniority;  and when, in the opinion of the Company,  the
factors  other  than  seniority  are  relatively  equal,  seniority  will be the
deciding factor.

Section 9.4. An employee's  seniority  shall be lost and  employment  considered
terminated by:
      (a)    discharge for just cause;
      (b)   failure to return  from layoff  within  five (5) working  days after
            written  notice  by  certified  mail is sent by the  Company  to the
            employee's last known address on the Company's books.  Actual notice
            to the employee of recall by any other means shall satisfy the terms
            of this provision;

      (c)   voluntary termination of employment;
      (d)   failure to report after  termination of a leave of absence  approved
            by the Company in writing on the first  scheduled  day following the
            expiration of such leave of absence;

      (e)   engaging in a gainful occupation while on leave of absence;
      (f)   absence  from work for three (3)  consecutive  working  days without
            notice to the  Company,  which  shall be  considered  as a voluntary
            quit,  unless  notice was prevented by a cause beyond the control of
            the employee;

      (g)   separation  from  the  Company's  active  payroll  for  any  reason,
            exclusive of leaves of absence approved by the Company, for a period
            exceeding an employee's  length of service in the Collins plant,  or
            three (3) months, whichever is less.

Section 9.5. For the purposes of this Agreement,  layoffs shall be classified as
(a) "short term" and (b) "long term". A short term layoff is a layoff which will
not exceed ten (10)  workdays in length.  Short term layoffs may be made without
regard to  seniority.  A long term layoff is a layoff which will exceed ten (10)
workdays in length. Long term layoffs shall be made subject to Section 3 of this
Article.

Section 9.6. All permanent job vacancies in premium rated  classifications shall
be posted for two (2)  consecutive  working  days on the plant  bulletin  board.
Employees in lower rated  classifications  desiring promotion to such jobs shall
sign a bid sheet  posted on the  bulletin  board.  An employee who does not sign
such bid sheet shall have no right to  consideration  for the vacancy.  However,
the fact that an  employee  did not sign the bid sheet  will not  preclude  that
employee's  selection  for the job by the  Company  if  none of the  signers  is
determined  to be  qualified.  If no  qualified  employee  bids  on  the  posted
position,  the Company  may fill the  position in its  discretion.  If,  after a
reasonable  period not to exceed thirty (30) days, the employee selected for the
posted position achieves an acceptable level of performance,  the employee shall
receive the rate of the new  position.  If the  employee  fails to perform in an
acceptable  manner,  such  employee  shall  return  to a  job  in  their  former
classification  and the  premium  job shall be posted  again.  An  employee  who
self-disqualifies shall return to the extra board at the line operator's rate of
pay and shall not be  eligible  for bidding on a premium job for a period of six
(6) months.

Section  9.7.  Assignments  involving  employees  on the extra board shall be in
order of  seniority.  Within a  department,  no extra  board  employee  shall be
retained over a permanently assigned employee.

                                   ARTICLE 10

                                 SENIORITY LIST

Section 10.1. Upon request at any reasonable  time, the Company shall furnish to
the Union a current seniority list.

                                   ARTICLE 11

                                  HOURS OF WORK

Section 11.1. The regular work week shall consist of five (5) days or forty (40)
hours.  This shall not be  construed  as a  guarantee  of any amount of hours or
work.  The basic  work week  shall be the seven (7) day  period  from 12:01 a.m.
Sunday until midnight the following  Saturday.  Employees will be given at least
one (1) calendar week's notice of any change by the Company of the payroll week.

Section  11.2.  An employee who works more than forty (40) hours in any one week
shall be paid at time and  one-half  the  regular  rate of pay for all  hours in
excess of forty (40).  Section 11.3.  When  employees are called to work a shift
outside their regularly scheduled shift and report for work, or when they report
to work at their  regularly  scheduled time, they shall be given the opportunity
to work a minimum of three (3) hours or receive  pay for same at the  applicable
hourly rate, except that no such pay shall be made when the plant cannot operate
for  reasons  beyond the control of the  Employer,  such as, but not limited to,
strikes,  utility failure,  fire, flood, storms or other acts of God interfering
with work,  or a breakdown of machinery or equipment  when the Company  notifies
the  employees  not to  report  to work at  least  four (4)  hours  prior to the
scheduled time to work.

Section 11.4.  Employees will be paid at their regular rate for all waiting time
of thirty (30)  minutes or less,  so long as they do any job they are  assigned.
Employees will not be paid for waiting time which exceeds thirty (30) minutes if
(1) they are  relieved of all duties,  (2) are free to leave the plant,  and (3)
are told the time  they  must  return to work.  Employees  will not be  relieved
without pay more than once in any  workday  except for a lunch break of not more
than one (1) hour.

Section  11.5.  The Company  will  provide one (1) unpaid break of not less than
thirty (30)  minutes for lunch  during  each  shift,  and shall  provide one (1)
twelve (12) minute paid rest period  prior to lunch each day. In  addition,  all
employees  will be allowed one (1) twelve (12) minute paid rest period after the
lunch  break  provided  the work  time is  expected  to be not less than two and
one-half  (2 1/2) hours.  No unpaid  break  shall be  provided  for  maintenance
employees and truck drivers.

      The Company shall have the right to provide a twenty-four (24) minute paid
lunch break to Clean-Up Line Operators on restricted hours in lieu of all breaks
provided  in this  Section.  Section  11.6.  A Clean-Up  Line  Operator  who has
completed  the  probationary  period and is  permanently  assigned to restricted
hours in the clean up department  shall  receive an hourly  adjustment of ninety
(90) cents for each hour worked in that assignment.


<PAGE>


Section 11.7.  Employees  who have  completed  the  probationary  period and are
temporarily  assigned for one or more consecutive hours to perform the duties of
an absent  employee in a higher paid  classification  shall  receive the rate of
that classification while performing the duties of the classification. Employees
who work at more than one pay rate  during a week in which  they  earn  overtime
shall receive overtime pay based upon an average of the rates earned during that
week.

                                  ARTICLE 12

                               LEAVES OF ABSENCE

Section  12.1.  An employee who has  completed  the  probationary  period may be
granted,  at the  Company's  discretion,  a leave of absence  without  pay for a
reasonable  period  of time,  not to exceed  one (1)  month,  for the  following
reasons:

      (a)   emergency personal business;
      (b)   serious illness in the immediate family (spouse,
            children or parents), supported by a doctor's certificate; and
      (c)   Union business, upon written request by the Union's
            Business  Manager,  provided  that no more than three (3)  employees
            shall be on such leave simultaneously.

Section  12.2.  Employees  who have  completed  their  probationary  period  are
eligible  for up to  thirteen  (13) weeks per year of unpaid  family and medical
treatment leave for the following reasons:

      (a) Employee's serious health condition -- a medical certification will be
required  which states that the  employee is unable to perform the  functions of
the employee's position.

      (b) Family serious health condition -- spouse, parent, or child. A medical
certification  will be required  stating the employee is "needed to care for the
individual." (c) New child leave -- the birth, adoption or foster care placement
by a state agency of a child,  and,  the need to care for the child;  such leave
may be prior to the actual birth or placement.

      The provisions of this Section shall be  administered  in accordance  with
the Family and Medical  Leave Act of 1993 (FMLA).  Section  12.3.  Employees who
have completed their  probationary  period who lose actual work time in order to
attend the funeral of a family  member shall  receive a paid  funeral  leave for
time necessarily lost during the employee's regularly scheduled shift,  provided
the employee  would have been  scheduled and at work during that day. Said leave
shall be up to three (3) days with pay for a  deceased  parent,  spouse,  child,
brother, or sister and one (1) day for a deceased father-in-law,  mother-in-law,
grandparent,  brother-in-law,  or  sister-in-law.  In order to receive pay under
this Section,  an employee must be actively  working,  must make application for
such  paid  leave,  and  must  attend  the  funeral.  The  Company  may  require
satisfactory  evidence of attendance at the funeral and the  relationship of the
deceased.

Section 12.4. If the Company has knowledge that an employee,  in a premium-rated
classification,  will be on family and  medical  leave,  military  leave,  or an
industrial injury leave for more than thirty (30) calendar days, the job will be
posted and filled on a temporary basis.  The successful  bidder will receive the
rate of the premium classification for the period its duties are performed. When
employees on leave under this Section return, they shall be immediately assigned
to their old job;  employees  temporarily  filling the job shall return to their
regular classification and pay rate.

Section 12.5.  The Company  shall pay each active  employee who reports for jury
duty the  difference  between  pay up to eight  times the  hourly  rate for time
actually lost and the juror's daily fee for each day the employee is required to
serve on a jury.  The  employee  must  report to work  during  those days of his
regularly  scheduled  shift  during which the employee is not required to report
for jury duty or be  available  at court for jury  service.  The  employee  must
present proof of jury service and the amount of  compensation  received from the
court.

                                   ARTICLE 13

                                    VACATIONS

Section 13.1.  Regular full-time  employees shall be eligible for one (1) week's
vacation after the first  anniversary date of continuous  employment,  and after
the anniversary date of each succeeding year.

      Employees shall be eligible for a second week of vacation after the second
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be eligible for a third week of vacation  after the tenth
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be  eligible  for a fourth  week of  vacation  after  the
twentieth  anniversary  date of continuous  employment and after the anniversary
date of each succeeding year of continuous employment.

Section  13.2.  To be  eligible  for a vacation,  an  employee  must have worked
sixteen hundred (1,600) hours during the preceding  twelve (12) months or eighty
(80) percent of available  hours for that period,  whichever is less.  Vacations
and  holidays not worked  shall be  considered  time worked for purposes of this
Section.

Section 13.3.  Vacation pay shall be computed at forty (40) times the Employee's
regular straight time hourly rate. Section 13.4. Due consideration will be given
employees'  choice of vacation time, but all vacations  scheduled are subject to
the final  approval  of the  Company in keeping  with the  Company's  scheduling
needs.  In the event that two or more  employees  cannot be released at the same
time,  the  employee  with the longest  service  with the Company  will be given
preference.  An employee who notifies  the Company of a vacation  choice  thirty
(30) days in advance  shall not lose that vacation  choice to another  employee.
Vacations  may  not be  scheduled  for  periods  of less  than a  week,  and all
vacations must be taken within an anniversary year.

Section 13.5.  The Company  reserves the right to schedule a plant  shutdown for
one .(l) week in any year,  which shall be treated as a vacation  week for those
employees entitled to vacation.

                                   ARTICLE 14

                                    HOLIDAYS

Section 14.1.  The following shall be considered holidays:

      New Year's Day                      Labor Day
      Martin Luther King's Birthday       Thanksgiving Day
      Memorial Day                        Christmas Day
      July Fourth                         Birthday Holiday

      The birthday  holiday shall be taken on the  employee's  birthday.  If the
birthday  falls on a Saturday  or Sunday,  the  holiday  shall be taken on a day
agreed upon by the Company and the employee within one week of the birthday.

Section  14.2.  All  regular  full-time   employees  who  have  completed  their
probationary  period shall be paid for eight (8) hours at their regular straight
time rate for each holiday  enumerated above,  provided they report for work and
work all scheduled hours on the workday preceding and the workday next following
the holiday, unless the employee was necessarily absent due to personal illness,
supported by a doctor's certificate, or because of an emergency occurring to the
employee or the employee's immediate family (meaning only spouse,  children,  or
parents).  No  employee  shall lose  holiday pay because of missing no more than
thirty (30) minutes on the workday before or the workday following the holiday.

      In any  event,  an  employee  must  work at least one (1) day  during  the
calendar  week in which a holiday falls in order to be eligible for holiday pay,
except the employee who is on vacation.

Section 14.3.  Employees  required to work on a holiday shall be paid the amount
provided  above,  in addition to their regular  earnings for that day. Hours not
worked  on a holiday  shall not be  considered  as work  time in  computing  any
additional compensation due under the overtime provisions of this contract.

Section 14.4. If an employee is required to work and fails to report or fails to
work scheduled  hours on a holiday,  the employee shall forfeit  holiday pay for
that day. Section 14.5. Employees on vacation during the week in which a holiday
falls shall receive holiday pay.

                                  ARTICLE 15
                                   INSURANCE

Section 15.1. The Company will provide a group  insurance  program for employees
covered  by  this   Agreement.   The  Company  will  continue  to  make  monthly
contributions  toward  group  insurance  premiums in the same  proportion  as is
currently in effect. Employees will bear the remaining costs of the insurance.

                                   ARTICLE 16

                                      WAGES

Section 16.1.  Wages shall be paid as provided in Appendix A attached hereto and
made a part of this Agreement.  Section 16.2.  Whenever a new job classification
is created by the Company, or there is a change or merger of job classifications
or the  job  content  of job  classifications,  the  Company  will  discuss  the
appropriate wage rate with the Union. If a mutually  satisfactory rate cannot be
agreed upon,  the Company  will set the rate.  The Union may file a grievance on
the rate, and the dispute shall be settled in accordance  with the grievance and
arbitration procedures of this contract.

Section 16.3.  Any employees  who, upon the effective  date of the wage rate set
forth in Appendix A, are earning in excess of the applicable rate, shall, during
the term of this  Agreement,  continue to receive  their  current rate until the
contract  rate equals or exceeds that rate.  This section shall not apply to any
employee  in a  classification  which has been paid on a salary  basis under any
past contract.

Section  16.4.  In  addition  to the  wage  rates as  provided  in  Appendix  A,
production  employees who have been  continuously  employed for five (5) or more
years shall  receive  seniority  pay of twenty (20) cents per hour.  Maintenance
employees and distribution drivers who have been continuously  employed for five
(5) or more years will receive  seniority pay of fifty (50) cents per hour. Long
haul  drivers who have been  continuously  employed for five (5) more years will
receive an additional one (1) cent on the applicable mileage rate.

Section 16.5. Employees who have been continuously  employed for one (1) or more
years shall receive a night shift  differential  of  twenty-five  (25) cents per
hour for work performed on a shift  starting  during the hours  beginning  12:00
noon through 1:00 a.m. The starting time of a shift  determines if it is subject
to the shift differential.  Employees  performing work on a night shift which is
not their  regular  shift will receive  shift  differential  for such work if it
lasts  three (3) or more hours.  Distribution  drivers  shall not receive  shift
differential regardless of the time they begin work.

                                  ARTICLE 17
                                 MISCELLANEOUS

Section 17.1.  The Company shall maintain safe,  sanitary,  and healthy  working
conditions  at all  times,  and  employees  will be  required  to  cooperate  in
maintaining such conditions.  Any complaints regarding safety or health shall be
processed through the grievance and arbitration provisions of this Agreement.

Section  17.2.  The Company will provide any uniforms  required of employees who
have completed their probationary period.

      The Company will furnish required safety equipment,  gloves,  aprons, hair
nets,  freezer  gloves,  cotton  gloves,  and smocks at no cost to the employee.
Needed  replacements,  through  normal use, will be made at no cost provided the
worn out  article is returned to the  Company.  If an item is lost or  destroyed
through employee negligence, the employee will be charged for its replacement.

Section  17.3.  The  Employer  may  require  any  employee  to  take a  physical
examination at any time at the Employer's expense. Section 17.4. It shall be the
responsibility  of all employees to keep the Employer  apprised of their current
address, telephone number, marital status and number of dependents.

Section 17.5. It is the intent of the parties  hereto that no provisions of this
Agreement  shall require either party to perform any act which shall be unlawful
under any Mississippi or Federal statute.

                                  ARTICLE 18

                  EMPLOYEE STOCK OWNERSHIP PLAN - RETIREMENT

Section 18.1. Employees covered by this Agreement will continue to be covered by
the Employee  Stock  Ownership  Plan of Sanderson  Farms,  Inc. and  Affiliates.
Participation  and  benefits  in  the  plan  shall  be in  accordance  with  the
provisions of that plan.

                                  ARTICLE 19

                                NO DISCRIMINATION

Section  19.1.  The Company and the Union agree that they will not  discriminate
against any person  with regard to  employment  or Union  membership  because of
race,  creed,  color,  sex,  religion,  age,  national origin, or disability (as
defined in the Americans With Disabilities Act).

Section 19.2.  Whenever  masculine  gender is used in this  Agreement,  it shall
apply to the feminine gender.

                                  ARTICLE 20

                AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF

Section  20.1.  During  the term of this  Agreement,  the  Company  will  deduct
initiation  fees,  assessments,  and Union dues from the wages of employees  who
individually  authorize the Company on a form in  compliance  with Appendix B to
this Agreement.  Section 20.2. The Union shall save the Company harmless against
and from all claims,  demands,  suits or other forms of liability that arise out
of or by reason of action taken or not taken by the Company in reliance  upon or
compliance with any provisions of this Article.

Section 20.3. It is agreed that by reason of institution of the above  check-off
system,   collections  by  any  other  method  on  the  Company's  premises  are
prohibited, except with the permission of the Company.

                                   ARTICLE 21

                                 UNION SECURITY

Section 21.1.  It shall be a condition of  employment  that all employees of the
Employer  covered by this Agreement become members of the Union in good standing
not later than  thirty-one (31) days after the effective date of this Agreement,
and remain  members in good standing of the Union.  It shall also be a condition
of employment that all employees covered by this Agreement and hired on or after
its effective date shall on the thirty-first  (31st) day following the beginning
of such employment become and remain members in good standing in the Union.

     The Union  shall save the  Company  harmless  against  and from all claims,
demands,  suits,  or other forms of liability  that arise out of or by reason of
action taken or not taken by the Company in reliance upon or compliance with any
provisions of this Article.

     It is  understood  and agreed that the  provisions of this Article shall be
effective only to the extent permitted by applicable law.

                                   ARTICLE 22

                              DURATION OF AGREEMENT

Section 22.1. This Agreement shall remain in full force and effect from the 13th
day of January,  2000 until the 31st day of December,  2003,  and shall continue
thereafter  from year to year until  either party to this  Agreement  desires to
terminate this Agreement by giving written notice at least sixty (60) days prior
to December 31, 2003, or at least sixty (60) days'  written  notice prior to any
anniversary  date  thereafter.  The parties to this Agreement  shall endeavor to
satisfactorily  negotiate  any  contemplated  change or execute a new  Agreement
during the sixty (60) day period,  after proper notice in writing has been given
as provided  herein and above.  Notice,  as specified in this Article,  shall be
mailed via United States Certified Mail.

      IN WITNESS  WHEREOF,  the parties have hereunto  signed their names this
 ______ day of January, 2000.

SANDERSON FARMS, INC.                     LABORERS' INTERNATIONAL UNION
(Collins Processing Division)                   OF NORTH AMERICA, PROFESSIONAL
                                          EMPLOYEES LOCAL UNION #693
                                          AFL-CIO
/c/Daniel J. Nicovich                     /s/Charles Carney
- --------------------------------          -----------------------------------
                                          /s/Jimmie Funelin
- --------------------------------          -----------------------------------
                                          /s/Sheila Richardson
- --------------------------------          -----------------------------------
                                          /s/Jerry Barnes
                                          -----------------------------------
                                          /s/Easter Ducksworth
                                          -----------------------------------
                                          /s/Cassandra Magee
                                          -----------------------------------

                                          -----------------------------------

                                          -----------------------------------

                                          -----------------------------------


<PAGE>

<TABLE>
<CAPTION>

                                 APPENDIX "A"

                                 WAGE SCHEDULE

                                                              EFFECTIVE

                                              1/16/00   1/07/01   1/06/02   1/05/03
<S>                                              <C>       <C>       <C>       <C>

PROCESSING
Receiving
      Forklift Operator ................         8.25      8.45      8.80      9.15
      Hanging Dock .....................         8.10      8.30      8.65      9.00
Picking
      Killer ...........................         8.35      8.55      8.90      9.25
      Floorworker ......................         8.00      8.20      8.55      8.90
      Line Operator ....................         7.85      8.05      8.40      8.75
Eviscerating
      Floorworker ......................         8.00      8.20      8.55      8.90
      Bird Chiller Operator ............         8.00      8.20      8.55      8.90
      Line Operator ....................         7.85      8.05      8.40      8.75
PACKING
Drip Line
      Forklift Operator ................         8.30      8.50      8.85      9.20
      Scale Operator ...................         8.10      8.30      8.65      9.00
      Floorworker ......................         8.00      8.20      8.55      8.90
      Giblet Chiller Operator ..........         8.00      8.20      8.55      8.90
      Grader ...........................         7.95      8.15      8.50      8.85
      Line Operator ....................         7.85      8.05      8.40      8.75
Specialty
      Scale Operator ...................         8.10      8.30      8.65      9.00
      Floorworker ......................         8.00      8.20      8.55      8.90
      Line Operator ....................         7.85      8.05      8.40      8.75
Polybag
      Scale Operator ...................         8.10      8.30      8.65      9.00
      Floorworker ......................         8.00      8.20      8.55      8.90
      Line Operator ....................         7.85      8.05      8.40      8.75
Paw Line
      Scale Operator ...................         8.10      8.30      8.65      9.00
      Chiller Operator .................         8.00      8.20      8.55      8.90
      Line Operator ....................         7.85      8.05      8.40      8.75
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                                                           EFFECTIVE

                                              1/16/00   1/07/01   1/06/02   1/05/03
<S>                                             <C>       <C>       <C>       <C>

CHILLING/PREPRICE/SHIPPING
Chilling
      Forklift Operator ................         8.30      8.50      8.85      9.20
      Chilling Room Operator ...........         7.95      8.15      8.50      8.85
Preprice
      Data Printer Operator ............         8.10      8.30      8.65      9.00
      Line Operator ....................         7.85      8.05      8.40      8.75
Shipping
      Forklift Operator ................         8.30      8.50      8.85      9.20
      Billing Clerk ....................         8.00      8.20      8.55      8.90
      Loading Crew .....................         7.95      8.15      8.50      8.85
      Distribution Driver ..............        10.40     10.60     10.95     11.30
DEBONE DEPARTMENT
Deboning
      Scale Operator ...................         8.10      8.30      8.65      9.00
      Floorworker ......................         8.00      8.20      8.55      8.90
      Knife Sharpener ..................         8.00      8.20      8.55      8.90
      Cooler Arranger ..................         7.95      8.15      8.50      8.85
      Combo Packer .....................         7.95      8.15      8.50      8.85
      Dumper ...........................         7.95      8.15      8.50      8.85
      Stack Off ........................         7.95      8.15      8.50      8.85
      Line Operator ....................         7.85      8.05      8.40      8.75
QUALITY CONTROL
      Quality Control Technician .......         8.10      8.30      8.65      9.00
Purchasing
      Supply Clerk .....................         8.30      8.50      8.85      9.20
      Line Operator ....................         7.85      8.05      8.40      8.75
Waste Water
      Waste Treatment Operator .........         7.95      8.15      8.50      8.85

</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                                EFFECTIVE

                                                 1/16/00  1/07/01  1/06/02  1/05/03
<S>                                                <C>      <C>      <C>      <C>
MAINTENANCE DEPARTMENT
      Master Skilled Operator I ............       12.65    12.85    13.20    13.55
      Master Skilled Operator II ...........       11.15    11.35    11.70    12.05
      Skilled Maintenance Men 10.25 ........       10.45    10.80    11.15
      Mechanic .............................        9.65     9.85    10.20    10.55
      Mechanic Helper ......................        8.15     8.35     8.70     9.05
      Clean-Up Floor Worker ................        8.00     8.20     8.55     8.90
      Clean-Up Line Operators ..............        7.85     8.05     8.40     8.75
BY-PRODUCTS (Rendering)
Maintenance
      Master Skilled Maint. I ..............       12.65    12.85    13.20    13.55
      Master Skilled Maint. II .............       11.15    11.35    11.70    12.05
      Skilled Maintenance ..................       10.25    10.45    10.80    11.15
      Mechanic .............................        9.65     9.85    10.20    10.55
Mechanic Production
      Feather Loader .......................        8.30     8.50     8.85     9.20
      Feather Cooker Operator 8.30 .........        8.50     8.85              9.20
      Meat Cooker Operator .................        8.30     8.50     8.85     9.20
      Utility ..............................        8.30     8.50     8.85     9.20
      By-Products Crew .....................        8.30     8.50     8.85     9.20
      Bobcat Loader ........................        8.10     8.30     8.65     9.00
Driver
      Raw Material Driver ..................        9.05     9.25     9.60     9.95
      Finish Material Driver ...............        9.05     9.25     9.60     9.95
</TABLE>

                  Probationary  employees shall receive a training rate of $6.15
            per hour for the first ninety (90) days of their  employment,  which
            shall be $6.25 effective January 7, 2001, $6.35 effective January 6,
            2002, and $6.45  effective  January 5, 2003.  Upon the expiration of
            the ninety (90) day period,  the rate shall be $7.05 per hour, which
            shall be $7.15 effective January 7, 2001, $7.25 effective January 6,
            2002,  and  $7.35  effective  January  5,  2003.  After  one year of
            employment, an employee's rate shall be as shown hereinabove.  Newly
            hired employees in premium  classifications  above shall receive the
            rate of that classification upon the expiration of a forty-five (45)
            day period.

            Long haul drivers will be paid on a per mile basis as follows:

            Trips in excess of 100 miles from Collins:

                  Less than one year            28 cents per mile
                  One year to five years        30 cents per mile
                  Over five years               32 cents per mile

            Trips up to 100 miles from Collins:

                  Less than one year            32 cents per mile
                  One year to five years        34 cents per mile
                  Over five years               36 cents per mile

            Double team operation:

                  Less than five years          19 cents per mile
                  After five years              22 cents per mile

            Miscellaneous  paid  time,  including  breakdowns,  is  paid  at the
            distribution driver hourly rate.


<PAGE>






                                  APPENDIX "B"

                     CHECK-OFF AUTHORIZATION AND ASSIGNMENT

                     TO: ALL EMPLOYERS BY WHOM I AM EMPLOYED

                  I,  _________________________________________________________,
            do  hereby  assign  to  Local  Union  No.  693,  LIUNA  Professional
            Employees,  AFL-CIO, such amounts from my wages as shall be required
            to pay the initiation fees,  readmission  fees,  membership dues and
            assessments  of the Local Union as may be  established  from time to
            time.  My Employer is hereby  authorized  to deduct  amounts from my
            wages  and pay the same to the Local  Union  and/or  its  authorized
            representative,   in  accordance  with  the  collective   bargaining
            agreement in existence between the Local Union and my Employer.

                  This  authorization  shall become operative upon the effective
            date of each collective bargaining agreement entered into between my
            Employer and the Local Union.

                  This  authorization  shall be irrevocable  for a period of one
            year,  or  until  the  termination  of  the  collective   bargaining
            agreement  in  existence  between my Employer  and the Local  Union,
            whichever   occurs  sooner;   and  I  agree  and  direct  that  this
            authorization   shall  be   automatically   renewed   and  shall  be
            irrevocable  for  successive  periods of one year  each,  or for the
            period of such succeeding applicable collective bargaining agreement
            between my  Employer  and the Local  Union,  whichever  be  shorter,
            unless I give written  notice to my Employer and the Local Union not
            more  than  twenty  days  and not less  than  ten days  prior to the
            expiration  of  each  period  of one  year,  or of  each  applicable
            collective  bargaining  agreement  between my Employer and the Local
            Union, whichever occurs sooner.

                  Dues and fees paid to Local  Union No. 693 are not  deductible
            as charitable  contributions  for federal income tax purposes.  Dues
            and fees paid to Local Union 693,  however,  may qualify as business
            expenses,  and may be deductible in limited circumstances subject to
            various restrictions imposed by the Internal Revenue Service.

                  This   assignment   has  been   executed  this  _____  day  of
            ______________________________, 2000.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>6
<FILENAME>0006.txt
<DESCRIPTION>BRAZOS PROCESSING UNION AGREEMENT
<TEXT>

A G R E E M E N T

                                     BETWEEN

                              SANDERSON FARMS, INC.

                          (BRAZOS PROCESSING DIVISION)

                                       AND

         UNITED FOOD AND COMMERCIAL WORKERS UNION, LOCAL 408, AFL-CIO

                                Chartered by the

            UNITED FOOD AND COMMERCIAL WORKERS INTERNATIONAL UNION,
                                  AFL-CIO, CLC

                        OCTOBER 7, 1999 - OCTOBER 6, 2002


<PAGE>


                                TABLE OF CONTENTS

ARTICLE                                                                   PAGE
- -------                                                                   ----

1.    AGREEMENT                                                              4

2.    RECOGNITION                                                            4

3.    MANAGEMENT PREROGATIVES                                                5

4.    SHOP STEWARDS                                                          6

5.    UNION BULLETIN BOARD                                                   7

6.    NO STRIKE - NO LOCK OUT                                                7

7.    GRIEVANCE PROCEDURE                                                    7

      STEP 1                                                                 7

      STEP 2                                                                 8

      STEP 3                                                                 8

8.    ARBITRATION                                                            9

9.    SENIORITY                                                             10

10.   SENIORITY LIST                                                        12

11.   HOURS OF WORK                                                         12

12.   LEAVES  OF  ABSENCE                                                   14

13.   VACATIONS                                                             15

14.   HOLIDAYS                                                              16

15.   INSURANCE                                                             17

16.   EMPLOYEE STOCK OWNERSHIP PLAN                                         18

17.   WAGES                                                                 18

18.   MISCELLANEOUS                                                         19

19    NO DISCRIMINATION                                                     20

20.   COMPLETE AGREEMENT AND SEPARABILITY                                   20

21.   AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF                        21

22.   DURATION OF AGREEMENT                                                 21

      SIGNATURES                                                            22

      APPENDIX A - WAGE RATES                                               *

      APPENDIX B - CHECK OFF AUTHORIZATION                                  *



<PAGE>


                                    ARTICLE 1

                                    AGREEMENT

Section  1.1.  This   Agreement  made  and  entered  into  this  _7th   day  of
October,  1999, by and between  Sanderson Farms,  Inc.  (Brazos  Processing
Division)  at its Bryan,  Texas  processing  plant  (hereinafter  referred to as
"Employer" or "Company"),  and United Food and Commercial  Workers Union,  Local
408, AFL-CIO,  chartered by the United Food and Commercial Workers International
Union, AFL-CIO, CLC (hereinafter referred to as the "Union".

                                   WITNESSETH

Section 1.2. WHEREAS,  the Company and the Union are desirous of entering into a
contractual  relationship  covering  rates of pay, hours of work and other terms
and  conditions  of  employment  of  employees   employed  within  the  unit  of
representation as hereinafter  described;  and Section 1.3. WHEREAS, the parties
have  conferred,  negotiated  and  agreed  upon  the  terms  and  conditions  of
employment to be applicable to the employees  covered by this  Agreement for the
contract  period  as  herein  specified.   Section  1.4.  NOW,   THEREFORE,   in
consideration  of the mutual  covenants and  agreements  herein  contained,  the
parties do hereby agree as follows:

                                    ARTICLE 2

                                   RECOGNITION

Section 2.1.  The  Employer  recognizes  the Union as the  certified  bargaining
representative  (NLRB Case No.  16-RC-10107)  for all production and maintenance
employees  employed at its Bryan,  Texas  Poultry  Processing  Plant,  excluding
office clerical employees,  guards,  professional employees, and supervisors, as
defined in the Act.

Section  2.2.  No  employee  shall be  required  to make any  written  or verbal
agreement  that  will  conflict  with  this  Agreement.  No  employee  shall  be
reclassified so as to defeat the purpose of this Agreement.


<PAGE>


                                    ARTICLE 3

A.    MANAGEMENT RIGHTS

Section 3.1

      There shall remain in the Company the  exclusive and  unilateral  right of
management  of the  Company's  plant  and  facilities  and  the  assignment  and
direction of the working forces, not limited to but including the following:  to
determine the number,  location and type of plants it may operate; to decide the
products to be  manufactured,  the methods of  manufacture,  the materials to be
used and the  continuance  or  discontinuance  of any product mater or method of
production; to introduce new equipment,  machinery or processes and to change or
eliminate   existing   equipment,   machinery  or  processes;   to  discontinue,
temporarily  or  permanently,  in whole or in part,  conduct of its  business or
operations;  and to relocate its business or  operations in whole or in part; to
decide the nature of materials,  supplies, equipment or machinery to be used and
the price to be paid;  to decide  upon the sales  methods and sales price of all
products;  to subcontract any work performed by or for the Company;  to hire the
workforce in accordance with the  requirements  set by management;  to transfer,
promote  or  demote  employees  subject  to the  seniority  provisions  of  this
Agreement;  to  lay  off  employees  for  economic  reasons  and  to  terminate,
discharge,  suspend or otherwise  relieve  employee from duty for just cause; to
direct and control the  workforce;  to establish  and enforce  reasonable  rules
governing employment,  conduct, and working conditions; to determine the size of
the  workforce;  to determine the number of employee  assigned to any particular
operation;  to determine the workplace and to set  reasonable  work  performance
levels;  to establish,  change,  combine or abolish job  classifications  and to
determine  the  length of the work  week;  to  utilize  job  rotation  as deemed
necessary by the company;  to determine  work  starting and stopping  time,  the
length of the work day, when overtime shall be worked, to require overtime;  and
to determine the qualifications of employees. All other rights of Management are
also expressly  retained even though not  particularly  enumerated  above unless
they are clearly  limited by the explicit  language of some other  provisions of
this Agreement.

      It is understood that the word "unilateral right" as used herein mean that
the company shall have the unquestioned  right to take such action without prior
notification or consultation with the Union,  except that any such action,  once
taken,  may  be  questioned,  to the  extent  provided  in  this  Article  or as
specifically  provided  elsewhere in this  Agreement,  through the grievance and
arbitration procedures.

Section 3.2.

      If the  sub-contracting  of work  usually  performed  by  bargaining  unit
employees  or partial or complete  plant  relocation  will have the  foreseeable
effect of causing the layoff of any unit employee,  the Company will give notice
to the Union and the parties will negotiate on the effects of the layoff.  It is
further  understood  that none of the  provisions of this Article shall have the
effect  to  reduce  or waive any  rights  of unit  employees  under  the  Worker
Adjustment and Retraining Notification Act (WARN). Section 3.3.

      Failure  of the  Company  to  exercise  rights  herein  reserved  to it or
exercising  them in a particular way shall not be deemed a waiver of said rights
of the  Company's  rights to exercise  said  rights in some other  manner not in
conflict with the terms of this Agreement.

                                    ARTICLE 4

                                  SHOP STEWARDS

Section 4.1. The Employer  recognizes  the right of the Union to designate  shop
stewards,  not to exceed  twenty  (20) in number who shall be  assigned to serve
specific areas of the plant to handle such Union business as may arise. The shop
stewards  shall be employees of the Company.  The Union shall notify the Company
in writing as to the names of the stewards and of any changes in  designation of
stewards.

Section 4.2. A representative of the Union shall be permitted to enter the plant
at  reasonable  times,  upon  Employer's  premises  and  plant,   provided  such
representative  shall in no way  interfere  with the  operations  of  Employer's
business and shall make arrangements with the Employer's manager.

Section 4.3. Upon reasonable  notice from the Union, the Employer shall grant an
unpaid  leave of  absence  to  stewards  up to one  week  per year for  training
purposes.  The Union  agrees that it will not seek such leave for more than half
of the stewards at any one time.


<PAGE>


                                    ARTICLE 5

                                UNION BULLETIN BOARD

Section 5.1. The Employer will provide a bulletin board in the plant for posting
of Union  notices.  All matters to be posted  shall be submitted to the Division
Manager or a  designated  representative  for  approval  prior to  posting,  and
management's decision shall be final.

                                    ARTICLE 6

                             NO STRIKE - NO LOCK OUT

Section  6.1.  For the  duration  of this  Agreement,  there shall be no strike,
stoppages,  slowdowns,  picketing, or other interruption of or interference with
the operations of the plant.

Section 6.2. The Company  shall not lock out  employees for the duration of this
Agreement.  Section  6.3.  Neither  the  violation  of  any  provisions  of  the
Agreement,  nor the commission of any act constituting an unfair labor practice,
or otherwise  made  unlawful,  shall  excuse the  employees,  the Union,  or the
Company from their  obligations  under the  provisions of this Article.  Section
6.4. An employee  discharged  or  otherwise  disciplined  for  violation of this
Article,   may  seek  review  of  such  discipline  through  the  grievance  and
arbitration  procedures  provided herein. In this event, the only question to be
reviewed  shall be whether or not the employee  participated  in the  prohibited
conduct.

                                    ARTICLE 7

                               GRIEVANCE PROCEDURE

Section 7.1.  Grievances  arising  under this  contract are herein  defined as a
claim by a party to this Agreement or an employee covered by this Agreement that
the Company or the Union has violated a provision of this Agreement.

                                     STEP I

      The employee  shall discuss the grievance or complaint  with the immediate
supervisor  within five (5)  working  days after the event  giving rise  thereto
occurs, or within five (5) working days following the date on which the grievant
had or reasonably would have had knowledge thereof. In the event the employee so
requests,  the appropriate steward shall be present at this step. The supervisor
shall  give an answer  within  five (5)  working  days  after the  grievance  is
received.


<PAGE>



                                     STEP 2

      If there is no settlement in Step 1, the grievance may be presented by the
employee and/or shop steward within five (5) working days from the date on which
the supervisor's  answer was given in Step 1. The grievance must be presented in
writing  to  the  department   superintendent   and  must  state  the  following
information:

      (a) name or names of employee or employees involved; (b) the department or
      departments involved; (c) the date and time of the occurrence or discovery
      of the  grievance;  (d)  the  facts  complained  about  (e)  the  specific
      provision of this Agreement alleged to have been

violated;
            (failure to designate  the correct  provision  will not affect the
merits of the grievance);
      (f)   the remedy requested.
The  superintendent  shall give the Company's  answer in writing within five (5)
working days after the grievance is received by the superintendent.

                                     STEP 3

      In the event the  grievance  is not settled in Step 2, then the  grievance
may  be  appealed  in  writing  to  the   division   manager  or  a   designated
representative  by the  Union to Step 3 within  five (5)  working  days from the
Company's answer in Step 2. The division manager or a designated  representative
shall give an answer in writing  within five (5)  working  days from the date of
the appeal.  In the event the grievance is not settled then the aggrieved  party
or parties shall have the right to request arbitration.

      In the event a  grievance  arises on behalf of the  Employer,  the  matter
shall be presented to the Union Business Agent in writing,  who shall have seven
(7) days from the date of  submission  within which to endeavor to reconcile the
grievance presented and shall give an answer in writing within that time. If not
settled within that time, the aggrieved party or parties shall have the right to
request arbitration.

Section 7.2. Discharge  grievances shall be processed  initially under Step 3 of
the grievance procedure.  The written grievance shall be filed with the division
manager within five (5) working days following the date of discharge.

Section 7.3. A failure to observe the time limit  specified  herein for original
presentation  of a  grievance  or  presentation  in any  subsequent  step of the
grievance  procedure  on the part of either the  grievant  or the Union shall be
conclusive evidence that the grievance has been settled and abandoned.

            Failure on the part of the  Company to comply  with the time  limits
for  delivering  its  answer  in any  step  of  the  grievance  procedure  shall
automatically advance the grievance to the next step of the grievance procedure.

            The time limits of the grievance procedure may be extended by mutual
consent of the Union and the Company.

                                    ARTICLE 8

                                   ARBITRATION

Section  8.1.  If a party  to this  Agreement  desires  to take a  grievance  to
arbitration,  it shall within fifteen (15) calendar days after the denial of the
grievance,  give written  notice of his  intention to the other party,  together
with a  written  statement  of the  specific  provision  or  provisions  of this
Agreement at issue.

Section 8.2. The parties  shall  attempt to select an impartial  arbitrator.  If
they are unable to agree upon a choice  within seven (7) calendar days after the
receipt of Notice of Intent to  Arbitrate,  either party may request the Federal
Mediation  and  Conciliation  Service to submit a list of five (5)  arbitrators,
from  which the  arbitrator  will be  selected.  Selection  shall be made by the
parties  alternately  striking any name from the list (the first to strike shall
be the party requesting  arbitration) until only one (1) name remains. The final
name remaining shall be the arbitrator of the grievance.

Section  8.3.  The  jurisdiction  and  the  decision  of the  arbitrator  of the
grievance   shall  be  confined  to  a   determination   of  the  acts  and  the
interpretation  or application  of the specific  provision or provisions of this
Agreement at issue.  The  Arbitrator  shall be bound by terms and  provisions of
this  Agreement  and  shall  have the  authority  to  consider  only  grievances
representing  solely an arbitration  issue under this Agreement.  The arbitrator
shall have no authority to add to, alter, amend, or modify any provision of this
Agreement.  The  decision  of the  arbitrator  in writing on any issue  properly
before the arbitrator in accordance with the provisions of this Agreement, shall
be final and binding on the aggrieved employee or employees,  the Union, and the
Employer.

Section 8.4. Multiple grievances shall not be heard before one arbitrator at the
same hearing except by mutual  agreement of the parties.  Section 8.5. The Union
and the Employer shall each bear its own costs in these arbitration proceedings,
except  that  they  shall  share  equally  the fee  and  other  expenses  of the
arbitrator  in  connection  with  the  grievance.  Section  8.6.  The  Grievance
Committee of the Union shall have the sole authority to determine whether or not
the  employee's  grievance is qualified  to be submitted to  arbitration  by the
Union.  The  decision  of the  Grievance  Committee  shall be made at its  first
meeting after the Company's  Step 3 answer,  and the Union will promptly  inform
the Company of its decision.

                                    ARTICLE 9

                                    SENIORITY

Section  9.1.  Seniority  is defined as the length of an  employee's  continuous
employment  in the  bargaining  unit  at the  Company's  Bryan,  Texas,  poultry
processing  plant since the last permanent  date of employment.  For purposes of
layoff,  recall,  promotion,  and vacation only,  this shall include  continuous
service which began prior to the acquisition of the plant by the Company.

Section  9.2.  All newly  hired or  rehired  employees  shall be  considered  as
probationary employees for a period of ninety (90) days during which period they
shall not acquire  seniority,  and during which they may be  discharged  without
recourse  to the  grievance  and  arbitration  procedures  provided  herein.  If
retained as a regular employee upon satisfactory  completion of the probationary
period, seniority shall be retroactive to the first day of employment.

Section  9.3  In  matters  of  promotion,  consideration  will  be  given  to an
employee's skill, ability, attendance,  versatility, training, physical fitness,
and seniority;  and when, in the opinion of the Company,  the factors other than
seniority  are  relatively  equal,  seniority  will be the deciding  factor.  In
layoffs and recalls, seniority will prevail, provided the employees involved are
relatively  equal in ability and fitness to  immediately  perform the  available
work.

Section 9.4.      An  employee's   seniority  shall  be  lost  and  employment
- ------------
considered terminated by:
      (a)    discharge for just cause;
      (b)   failure to return  from layoff  within  five (5) working  days after
            written  notice  by  certified  mail is sent by the  Company  to the
            employee's last known address on the Company's books.  Actual notice
            to the employee of recall by any other means shall satisfy the terms
            of this provision;

      (c)   voluntary termination of employment;
      (d)   failure to report after  termination of a leave of absence  approved
            by the Company in writing on the first  scheduled  day following the
            expiration of such leave of absence;

      (e)   engaging in a gainful occupation while on leave of absence;

      (f)   absence  from work for three (3)  consecutive  working  days without
            notice to the  Company,  which  shall be  considered  as a voluntary
            quit,  unless  notice was prevented by a cause beyond the control of
            the employee;

      (g)   separation  from  the  Company's  active  payroll  for  any  reason,
            exclusive of leaves of absence approved by the Company, for a period
            exceeding an  employee's  length of service in the Bryan  plant,  or
            three (3) months, whichever is less.

Section 9.5. For the purposes of this Agreement,  layoffs shall be classified as
(a) "short term" and (b) "long term". A short term layoff is a layoff which will
not exceed ten (10)  workdays in length.  Short term layoffs may be made without
regard to  seniority.  A long term layoff is a layoff which will exceed ten (10)
workdays in length. Long term layoffs shall be made subject to Section 3 of this
Article.

Section 9.6. All permanent job vacancies in premium rated  classifications shall
be posted for two (2)  consecutive  working  days on the plant  bulletin  board.
Employees in lower rated  classifications  desiring promotion to such jobs shall
sign a bid sheet  posted on the  bulletin  board.  An employee who does not sign
such bid sheet shall have no right to  consideration  for the vacancy.  However,
the fact that an  employee  did not sign the bid sheet  will not  preclude  that
employee's  selection  for the job by the  Company  if  none of the  signers  is
determined  to be  qualified.  If no  qualified  employee  bids  on  the  posted
position,  the Company  may fill the  position in its  discretion.  If,  after a
reasonable  period not to exceed thirty (30) days, the employee selected for the
posted position achieves an acceptable level of performance,  the employee shall
receive the rate of the new  position.  If the  employee  fails to perform in an
acceptable  manner,  such  employee  shall  return  to a  job  in  their  former
classification  and the  premium  job shall be posted  again.  An  employee  who
self-disqualifies shall return to the extra board at the line operator's rate of
pay and shall not be  eligible  for bidding on a premium job for a period of six
(6) months.  Section  9.7.  Assignments  involving  employees on the extra board
shall be in order of  seniority.  Within a department,  no extra board  employee
shall be retained over a permanently assigned employee.

                                   ARTICLE 10

                                 SENIORITY LIST

Section 10.1. Upon request at any reasonable  time, the Company shall furnish to
the Union a current  seniority  list. The list shall be  alphabetical  and shall
include department, social security number, date of hire, and rate of pay.

                                   ARTICLE 11

                                  HOURS OF WORK

Section 11.1. The regular work week shall consist of five (5) days or forty (40)
hours.  This shall not be  construed  as a  guarantee  of any amount of hours or
work.  The basic  work week  shall be the seven (7) day  period  from 12:01 a.m.
Sunday until midnight the following  Saturday.  Employees will be given at least
one (1) calendar week's notice of any change by the Company of the payroll week.

Section  11.2.  An employee who works more than forty (40) hours in any one week
shall be paid at time and  one-half  the  regular  rate of pay for all  hours in
excess of forty (40).

Section 11.3.  When employees are called to work a shift outside their regularly
scheduled  shift  and  report  for work,  or when  they  report to work at their
regularly  scheduled time, they shall be given the opportunity to work a minimum
of three (3) hours or receive pay for same at the applicable hourly rate, except
that no such pay shall be made when the plant cannot  operate for reasons beyond
the  control of the  Employer,  such as, but not limited  to,  strikes,  utility
failure,  fire,  flood,  storms or other acts of God interfering with work, or a
breakdown of machinery or equipment when the Company  notifies the employees not
to report to work at least four (4) hours prior to the scheduled time to work.

Section 11.4.  Employees will be paid at their regular rate for all waiting time
of thirty (30)  minutes or less,  so long as they do any job they are  assigned.
Employees will not be paid for waiting time which exceeds thirty (30) minutes if
(1) they are  relieved of all duties,  (2) are free to leave the plant,  and (3)
are told the time  they  must  return to work.  Employees  will not be  relieved
without pay more than once in any  workday  except for a lunch break of not more
than one (1) hour.  Section 11.5.  The Company will provide one (1) unpaid break
of not less than thirty  (30)  minutes  for lunch  during each shift,  and shall
provide one (1) twelve (12) minute paid rest period  prior to lunch each day. In
addition,  all  employees  will be allowed  one (1) twelve (12) minute paid rest
period  after the lunch break  provided the work time is expected to be not less
than two and  one-half (2 1/2)  hours.  No unpaid  break  shall be provided  for
maintenance employees.

      The Company shall have the right to provide a twenty-four (24) minute paid
lunch break to Clean-Up Line Operators on restricted hours in lieu of all breaks
provided in this Section.

Section 11.6. A Clean-Up Line Operator who has completed the probationary period
and is permanently assigned to restricted hours in the clean up department shall
receive an hourly  adjustment  of ninety (90) cents for each hour worked in that
assignment.

Section 11.7.  Employees  who have  completed  the  probationary  period and are
temporarily  assigned for one or more consecutive hours to perform the duties of
an absent  employee in a higher paid  classification  shall  receive the rate of
that classification while performing the duties of the classification. Employees
who work at more than one pay rate  during a week in which  they  earn  overtime
shall receive overtime pay based upon an average of the rates earned during that
week  Section  11.8.  When daily  overtime in excess of fifteen  (15) minutes is
required for processing employees, they shall be notified by second break, or as
soon as the Company knows such overtime is required.

                                   ARTICLE 12

                                LEAVES OF ABSENCE

Section  12.1.  An employee who has  completed  the  probationary  period may be
granted,  at the  Company's  discretion,  a leave of absence  without  pay for a
reasonable  period  of time,  not to exceed  one (1)  month,  for the  following
reasons:

      (a)   emergency personal business;  and
      (b)   Union  business,  upon  written  request  by  the  Union's  Business
            Manager,  provided that no more than three (3) employees shall be on
            such leave simultaneously..

Section  12.2.  Employees  who have  completed  their  probationary  period  are
eligible  for up to  thirteen  (13) weeks per year of unpaid  family and medical
treatment leave for the following reasons:

            (a) Employee's  serious health condition -- a medical  certification
            will be required which states that the employee is unable to perform
            the functions of the employee's position.  (b) Family serious health
            condition -- spouse,  parent, or child. A medical certification will
            be  required  stating  the  employee  is  "needed  to  care  for the
            individual."  (c) New child  leave -- the birth,  adoption or foster
            care  placement by a state agency of a child,  and, the need to care
            for the  child;  such  leave  may be  prior to the  actual  birth or
            placement.

      The provisions of this Section shall be  administered  in accordance  with
the Family and Medical  Leave Act of 1993 (FMLA).  Section  12.3.  Employees who
have completed their  probationary  period who lose actual work time in order to
attend the funeral of a family  member shall  receive a paid  funeral  leave for
time necessarily lost during the employee's regularly scheduled shift,  provided
the employee  would have been  scheduled and at work during that day. Said leave
shall be up to three (3) days with pay for a  deceased  parent,  spouse,  child,
brother, or sister and one (1) day for a deceased father-in-law,  mother-in-law,
grandparent,  brother-in-law,  or  sister-in-law.  In order to receive pay under
this Section,  an employee must be actively  working,  must make application for
such  paid  leave,  and  must  attend  the  funeral.  The  Company  may  require
satisfactory  evidence of attendance at the funeral and the  relationship of the
deceased.

Section 12.4. If the Company has knowledge that an employee,  in a premium-rated
classification,  will be on family and  medical  leave,  military  leave,  or an
industrial injury leave for more than thirty (30) calendar days, the job will be
posted and filled on a temporary basis.  The successful  bidder will receive the
rate of the premium classification for the period its duties are performed. When
employees on leave under this Section return, they shall be immediately assigned
to their old job;  employees  temporarily  filling the job shall return to their
regular  classification  and pay rate.  Section 12.5. The Company shall pay each
active employee who reports for jury duty the difference between pay up to eight
times the hourly rate for time  actually lost and the juror's daily fee for each
day the  employee is required to serve on a jury.  The  employee  must report to
work  during  those  days of his  regularly  scheduled  shift  during  which the
employee is not  required to report for jury duty or be  available  at court for
jury service.  The employee must present proof of jury service and the amount of
compensation received from the court.

                                   ARTICLE 13

                                    VACATIONS

Section 13.1.  Regular full-time  employees shall be eligible for one (1) week's
vacation after the first  anniversary date of continuous  employment,  and after
the anniversary date of each succeeding year.

      Employees shall be eligible for a second week of vacation after the second
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be eligible for a third week of vacation  after the tenth
anniversary  date of continuous  employment,  and after the anniversary  date of
each succeeding year of continuous employment.

      Employees  shall be  eligible  for a fourth  week of  vacation  after  the
twentieth  anniversary  date of continuous  employment and after the anniversary
date of each succeeding year of continuous employment.

Section  13.2.  To be  eligible  for a vacation,  an  employee  must have worked
sixteen hundred (1,600) hours during the preceding  twelve (12) months or eighty
(80) percent of available  hours for that period,  whichever is less.  Vacations
and  holidays not worked  shall be  considered  time worked for purposes of this
Section.

Section 13.3.  Vacation pay shall be computed at forty (40) times the Employee's
regular straight time hourly rate. Section 13.4. Due consideration will be given
employees'  choice of vacation time, but all vacations  scheduled are subject to
the final  approval  of the  Company in keeping  with the  Company's  scheduling
needs.  In the event that two or more  employees  cannot be released at the same
time,  the  employee  with the longest  service  with the Company  will be given
preference.  An employee who notifies  the Company of a vacation  choice  thirty
(30) days in advance  shall not lose that vacation  choice to another  employee.
Vacations  may  not be  scheduled  for  periods  of less  than a  week,  and all
vacations must be taken within an anniversary year.

Section 13.5.  The Company  reserves the right to schedule a plant  shutdown for
one .(l) week in any year,  which shall be treated as a vacation  week for those
employees entitled to vacation.

                                   ARTICLE 14

                                    HOLIDAYS

Section 14.1.           The following shall be considered holidays:
- -------------
                  New Year's Day                      Labor Day
                  Martin Luther King's Birthday       Thanksgiving Day
                  Memorial Day                        Christmas Day
                  July Fourth                         Birthday Holiday

      The birthday  holiday shall be taken on the  employee's  birthday.  If the
birthday  falls on a Saturday  or Sunday,  the  holiday  shall be taken on a day
agreed upon by the Company and the employee within one week of the birthday.

      In the event any other holiday falls on a Saturday or Sunday,  the Company
will announce  whether it will be observed on the Friday preceding or the Monday
following  the  holiday.  Such  notice  shall be given at least four (4) days in
advance.

Section  14.2.  All  regular  full-time   employees  who  have  completed  their
probationary  period shall be paid for eight (8) hours at their regular straight
time rate for each holiday  enumerated above,  provided they report for work and
work all scheduled hours on the workday preceding and the workday next following
the holiday, unless the employee was necessarily absent due to personal illness,
supported by a doctor's certificate, or because of an emergency occurring to the
employee or the employee's immediate family (meaning only spouse,  children,  or
parents).  No  employee  shall lose  holiday pay because of missing no more than
thirty (30) minutes on the workday before or the workday following the holiday.

      In any  event,  an  employee  must  work at least one (1) day  during  the
calendar  week in which a holiday falls in order to be eligible for holiday pay,
except the employee who is on vacation.

Section 14.3.  Employees  required to work on a holiday shall be paid the amount
provided  above,  in addition to their regular  earnings for that day. Hours not
worked  on a holiday  shall not be  considered  as work  time in  computing  any
additional compensation due under the overtime provisions of this contract.

Section 14.4. If an employee is required to work and fails to report or fails to
work scheduled  hours on a holiday,  the employee shall forfeit  holiday pay for
that day.

Section  14.5.  Employees on vacation  during the week in which a holiday  falls
shall receive holiday pay.

                                   ARTICLE 15

                                    INSURANCE

Section 15.1. The Company shall provide a group insurance  program for employees
covered  by  this   Agreement.   The  Company  will  continue  to  make  monthly
contributions  toward  group  insurance  premiums in the same  proportion  as is
currently in effect. Employees will bear the remaining costs of the insurance.

                                   ARTICLE 16

                  EMPLOYEE STOCK OWNERSHIP PLAN - RETIREMENT

Section 16.1. Employees covered by this Agreement will continue to be covered by
the Employee  Stock  Ownership  Plan of Sanderson  Farms,  Inc. and  Affiliates.
Participation  and  benefits  in  the  plan  shall  be in  accordance  with  the
provisions of that plan.

                                   ARTICLE 17

                                      WAGES

Section 17.1.  Wages shall be paid as provided in Appendix A attached hereto and
made a part of this Agreement.  Section 17.2.  Whenever a new job classification
is created by the Company, or there is a change or merger of job classifications
or the  job  content  of job  classifications,  the  Company  will  discuss  the
appropriate wage rate with the Union. If a mutually  satisfactory rate cannot be
agreed upon,  the Company  will set the rate.  The Union may file a grievance on
the rate, and the dispute shall be settled in accordance  with the grievance and
arbitration procedures of this contract.

Section  17.3.  The rates of pay set forth in Appendix A of this  Agreement  are
minimum straight time hourly wage rates,  and nothing  contained herein shall be
construed as prohibiting or requiring the Company to grant individual employees,
for  length of  service,  efficiency,  productivity,  or other  reasons,  a wage
increase which would result in such employee's regular straight time hourly wage
rate being in excess of the  minimum  wage rate  herein  specified  for the work
operation  he or she  performs.  The Company will notify the Union of any change
pursuant to this Section in advance.  Section 17.4.  Any employees who, upon the
effective  date  of this  Agreement,  are  receiving  a wage  in  excess  of the
applicable rate set forth in Appendix A, shall continue to receive their current
rate until the contract rate equals or exceeds that rate.

Section  17.5.  In  addition  to the  wage  rates as  provided  in  Appendix  A,
production  employees who have been  continuously  employed for five (5) or more
years shall  receive  seniority  pay of twenty (20) cents per hour.  Maintenance
employees  who have been  continuously  employed for five (5) or more years will
receive seniority pay of fifty (50) cents per hour. Section 17.6.  Employees who
have been continuously  employed for one (1) or more years shall receive a night
shift  differential  of twenty-five  (25) cents per hour for work performed on a
shift  starting  during the hours  beginning  12:00 noon  through  1:00 a.m. The
starting time of a shift determines if it is subject to the shift  differential.
Employees performing work on a night shift which is not their regular shift will
receive shift differential for such work if it lasts three (3) or more hours.

                                   ARTICLE 18

                                  MISCELLANEOUS

Section 18.1.  The Company shall maintain safe,  sanitary,  and healthy  working
conditions  at all  times,  and  employees  will be  required  to  cooperate  in
maintaining such conditions.  Any complaints regarding safety or health shall be
processed through the grievance and arbitration provisions of this Agreement.

Section 18.2. There shall be a Safety  Committee  consisting of members selected
from the bargaining unit,  one-half  selected by the Union and one-half selected
by the Company. A management  representative shall be designated Chairman of the
committee by the Division  Manager.  The Safety Committee shall perform whatever
functions are assigned, which shall include periodic meetings;  review of safety
related  suggestions  from any source;  and recommending  corrective  actions to
facilitate safety related changes in work environment and work practices.

Section  18.3.  The Company will provide any uniforms  required of employees who
have completed their probationary period.

      The Company will furnish required safety equipment,  gloves,  aprons, hair
nets,  freezer gloves,  cotton gloves,  raincoats,  and smocks at no cost to the
employee.  Needed  replacements,  through  normal  use,  will be made at no cost
provided the worn out article is returned to the Company.  If an item is lost or
destroyed  through  employee  negligence,  the employee  will be charged for its
replacement.

Section  18.4.  The  Employer  may  require  any  employee  to  take a  physical
examination at any time at the Employer's expense. Section 18.5. It shall be the
responsibility  of all employees to keep the Employer  apprised of their current
address, telephone number, marital status and number of dependents.

Section 18.6. It is the intent of the parties  hereto that no provisions of this
Agreement  shall require either party to perform any act which shall be unlawful
under any Texas or  Federal  statute  Section  18.7.  Employees  will be allowed
reasonable relief from the line to visit the restroom.  Employees who abuse this
privilege will be subject to discipline up to and including discharge.

Section  18.8.  Verified  emergency  messages will be relayed to the employee as
soon as possible  after  receipt of the message.  Section 18.9.  This  Agreement
shall be in both English and Spanish.  If there is a discrepancy  in translation
regarding  contract  language or  interpretation,  the English language contract
shall prevail. The Company shall pay the cost of translation which shall be done
by a qualified translator.

                                   ARTICLE 19

                                NO DISCRIMINATION

Section  19.1.  The Company and the Union agree that they will not  discriminate
against any person  with regard to  employment  or Union  membership  because of
race,  creed,  color,  sex,  religion,  age,  national origin, or disability (as
defined  in  the  Americans  With  Disabilities  Act).  Section  19.2.  Whenever
masculine  gender  is used in this  Agreement,  it shall  apply to the  feminine
gender.

                                   ARTICLE 20

                       COMPLETE AGREEMENT AND SEPARABILITY

Section 20.1. Complete  Agreement:  The parties expressly declare that they have
bargained  between  themselves  on all  phases  of  hours,  wages,  rate of pay,
conditions  of  employment  and  working  conditions,  and  that  this  contract
represents their full and complete agreement without reservations or unexpressed
understanding.  Any  aspect  of  hours,  rates  of  pay,  wages,  conditions  of
employment and working conditions not covered by a particular  provision of this
agreement  is  declared  to have been  expressly  eliminated  as a  subject  for
bargaining  and during the life of this  Agreement may not be raised for further
bargaining in negotiations without written consent of all parties hereto.

      It is further  understood  and agreed that  neither  party hereto has been
induced to enter into this Agreement by any  representations or promises made by
the other  which are not  expressly  set forth  herein,  and that this  document
correctly sets forth the effect of all preliminary negotiations, understandings,
and  agreements,  and supersedes  any previous  agreements,  whether  written or
verbal. This contract constitutes the entire Agreement and understanding between
the  parties  and shall not be  modified,  altered,  change,  or  amended in any
respect  except on mutual  agreement  set forth in  writing  and  signed by both
parties.

Section 20.2. Separability: In the event any of the provisions of this Agreement
are held to be in conflict with or in violation of any state or federal  statute
or another  applicable  law,  administrative  rule or regulation,  such decision
shall not affect the validity of the remaining provisions of the Agreement.  The
parties   further  agree  that  they  will  meet  within  thirty  (30)  days  to
re-negotiate  the provisions of the Agreement held to be invalid,  provided that
Article 6 shall remain in full force and effect during all such negotiations.


<PAGE>


                                   ARTICLE 21

                AUTHORIZATION FOR REPRESENTATION AND CHECK-OFF

Section  21.1.  During  the term of this  Agreement,  the  Company  will  deduct
initiation  fees,  assessments,  and Union dues from the wages of employees  who
individually  authorize the Company on a form in  compliance  with Appendix B to
this Agreement.

Section  21.2.  The Union shall save the company  harmless  against and from all
claims,  demands,  suits or other  forms of  liability  that  arise out of or by
reason  of  action  taken  or not  taken  by the  company  in  reliance  upon or
compliance with any provisions of this Article.

Section 21.3. It is agreed that by reason of institution of the above  check-off
system,   collections  by  any  other  method  on  the  Company's  premises  are
prohibited,  except with the  permission of the Company.  Section  21.4.  Credit
Union:  Upon receipt of a signed  authorization,  the Company  shall deduct from
employees'  wages and turn  over to the  proper  official  of the  Credit  Union
deductions from the pay of such members of the Credit Union as individually  and
voluntarily  certify in writing that they authorize such  deductions.  Employees
and  officers of UFCW Local 408 Credit  Union may,  with five (5)  working  days
notice to  management,  be allowed  access to break  areas to sign up new credit
union members and promote credit union activity only four (4) times a year.

                                   ARTICLE 22

                             DURATION OF AGREEMENT

Section 22.1.  This Agreement shall remain in full force and effect from the 7th
day of October,  1999 until the 6th day of  October,  2002,  and shall  continue
thereafter  from year to year until  either party to this  Agreement  desires to
terminate this Agreement by giving written notice at least sixty (60) days prior
to October 6, 2002,  or at least sixty (60) days'  written  notice  prior to any
anniversary  date  thereafter.  The parties to this Agreement  shall endeavor to
satisfactorily  negotiate  any  contemplated  change or execute a new  Agreement
during the sixty (60) day period,  after proper notice in writing has been given
as provided  herein and above.  Notice,  as specified in this Article,  shall be
mailed via United States Certified Mail.

      IN WITNESS  WHEREOF,  the parties have hereunto  signed their names this
18th day of November, 1999.


SANDERSON FARMS, INC.                     UNITED FOOD AND COMMERCIAL
(Brazos Processing Division)              WORKERS UNION, LOCAL 408
                                          AFL-CIO
/s/Doug Lee                               /s/Emilio Gomez
- -------------------------------------     ------------------------------------
/s/Eric Erickson                          /s/Steve Gault
- -------------------------------------     ------------------------------------
/s/Lionel Garcia
- -------------------------------------     ------------------------------------

                                          ------------------------------------

                                          ------------------------------------

                                          ------------------------------------

                                          ------------------------------------

                                          ------------------------------------

                                          ------------------------------------



<PAGE>
<TABLE>
                                  APPENDIX "A"

                                  WAGE SCHEDULE
<CAPTION>

                                                        EFFECTIVE

                                          CURRENT   1/2/00   1/7/01   1/6/02
<S>                                         <C>      <C>      <C>     <C>

PROCESSING

RECEIVING

      Lift Truck Operator ................   8.00     8.25     8.45     8.80
      Receiving Dock .....................   7.85     8.10     8.30     8.65

PICKING

      Killer .............................   8.10     8.35     8.55     8.90
      Floorworker ........................   7.75     8.00     8.20     8.55
      Line Operator ......................   7.60     7.85     8.05     8.40

EVISCERATING

      Floorworker ........................   7.75     8.00     8.20     8.55
      Bird Chiller Operator ..............   7.75     8.00     8.20     8.55
      Line Operator ......................   7.60     7.85     8.05     8.40

DRIP LINE

      Lift Truck Operator ................   8.05     8.30     8.50     8.85
      Scale Operator .....................   7.85     8.10     8.30     8.65
      Floorworker ........................   7.75     8.00     8.20     8.55
      Giblet Chiller Operator ............   7.75     8.00     8.20     8.55
      Grader .............................   7.70     7.95     8.15     8.50
      Line Operator ......................   7.60     7.85     8.05     8.40

SPECIALTY

      Scale Operator .....................   7.85     8.10     8.30     8.65
      Floorworker ........................   7.75     8.00     8.20     8.55
      Line Operator ......................   7.60     7.85     8.05     8.40
      Grader .............................   7.70     7.95     8.15     8.50
      Lift Truck Operator ................   8.05     8.30     8.50     8.85

OVERWRAP

      Line Operator ......................   7.60     7.85     8.05     8.40

PAWLINE

      Chiller Operator ...................   7.75     8.00     8.20     8.55
      Line Operator ......................   7.60     7.85     8.05     8.40
      Floorworker ........................   7.75     8.00     8.20     8.55

BOX WASH

      Line Operator ......................   7.60     7.85     8.05     8.40
      Lift Truck Operator ................   8.05     8.30     8.50     8.85

MARINATION

      Line Operator ......................   7.60     7.85     8.05     8.40
      Formulation Mixer ..................   7.75     8.00     8.20     8.55
      Floorworker ........................   7.75     8.00     8.20     8.55
      Scale Operator .....................   7.85     8.10     8.30     8.65

DEBONING

      Line Operator ......................   7.60     7.85     8.05     8.40
      Stack Off ..........................   7.70     7.95     8.15     8.50
      Front Half Puller ..................   7.70     7.95     8.15     8.50
      Floorworker ........................   7.75     8.00     8.20     8.55
      Scale Operator .....................   7.85     8.10     8.30     8.65

SAW CUT

      Line Operator ......................   7.60     7.85     8.05     8.40
      Floorworker ........................   7.75     8.00     8.20     8.55
      Scale Operator .....................   7.85     8.10     8.30     8.65

POLY BAG

      Line Operator ......................   7.60     7.85     8.05     8.40
      Grader .............................   7.70     7.95     8.15     8.50
      Floorworker ........................   7.75     8.00     8.20     8.55

MDM

      Line Operator ......................   7.60     7.85     8.05     8.40
      Machine Operator ...................   7.70     7.95     8.15     8.50
      Jack Operator ......................   7.70     7.95     8.15     8.50
      Floorworker ........................   7.75     8.00     8.20     8.55
      Forklift Operator ..................   8.05     8.30     8.50     8.85

CHILLING

      Lift Truck Operator ................   8.05     8.30     8.50     8.85
      Chilling Room Operator .............   7.70     7.95     8.15     8.50

PREPRICE

      Data Print Operator ................   7.85     8.10     8.30     8.65
      Line Operator ......................   7.60     7.85     8.05     8.40

SHIPPING

      Lift Truck Operator ................   8.05     8.30     8.50     8.85
      Billing Clerk ......................   7.75     8.00     8.20     8.55
      Loading Crew .......................   7.70     7.95     8.15     8.50

QUALITY CONTROL
      QC Operator ........................   7.85     8.10     8.30     8.65
      QC Lab Tech ........................   7.85     8.10     8.30     8.65

<PAGE>



PURCHASING ...............................
      Supply Clerk .......................   8.05     8.30     8.50     8.85
      Line Operator ......................   7.60     7.85     8.05     8.40

WASTEWATER

      Waste Treatment Operator ...........   7.70     7.95     8.15     8.50

BY-PRODUCTS
      By-Products Operator ...............   7.85     8.10     8.30     8.65

MAINTENANCE

      Master Skilled Operator I ..........  12.40    12.65    12.85    13.20
      Master Skilled Operator II .........  10.90    11.15    11.35    11.70
      Skilled Maintenance Men 10.00 ......  10.25    10.45    10.80
      Mechanic ...........................   9.40     9.65     9.85    10.20
      Mechanic Helper ....................   7.90     8.15     8.35     8.70
      Clean-Up Floor Worker ..............   7.75     8.00     8.20     8.55
      Clean-Up Line Operators 7.60 .......   7.85     8.05     8.40
</TABLE>

Probationary  employees  shall receive a training rate of $6.05 per hour for the
first  ninety  (90) days of their  employment,  which  shall be $6.15  effective
January 2, 2000, $6.25 effective January 7, 2001, and $6.35 effective January 6,
2002. Upon the expiration of the ninety (90) day period, the rate shall be $6.75
per hour,  which  shall be $7.05  effective  January  2, 2000,  $7.15  effective
January  7,  2002  and  $7.25  effective  January  6,  2002.  After  one year of
employment,  an  employee's  rate  shall be as shown  hereinabove.  Newly  hired
employees  in  premium  classifications  above  shall  receive  the rate of that
classification upon the expiration of a forty-five (45) day period.


<PAGE>


                                  APPENDIX "B"

                             CHECK-OFF AUTHORIZATION

To:   Any Employer  under  contract  with United Food and  Commercial  Workers
      Union, Local 408, AFL-CIO.

      You are hereby authorized and directed to deduct from my wages, commencing
      with the next payroll period,  an amount equivalent to dues and initiation
      fees as shall be  certified  by the  President of Local 408, of the United
      Food and Commercial Workers  International Union,  AFL-CIO, and remit same
      to said President.

      This authorization and assignment is voluntary,  made in consideration for
      the cost of representation and collective bargaining and is not contingent
      upon my present or future membership in the Union. This  authorization and
      assignment shall be irrevocable for a period of one (1) year from the date
      of execution or until the  termination  date of the Agreement  between the
      Employer and Local 408,  whichever  occurs  sooner,  and from year to year
      thereafter,  unless  not less  than  thirty  (30)  days and not more  than
      forty-five (45) days prior to the end of any subsequent  yearly period,  I
      give the  Employer  and Union  written  notice of  revocation  bearing  my
      signature  thereto.  The  President of Local 480 is  authorized to deposit
      this  authorization  with any Employer under contract with Local 408and is
      further  authorized to transfer this  authorization  to any other Employer
      under  contract  with  Local  408  in  the  event  that  I  should  change
      employment.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>7
<FILENAME>0007.txt
<DESCRIPTION>TEAMSTERS UNION AGREEMENT - BRAZOS PRODUCTION
<TEXT>

 A G R E E M E N T

                                     BETWEEN

                              SANDERSON FARMS, INC.

                          (BRAZOS PRODUCTION DIVISION)

                                       AND

                              SANDERSON FARMS, INC.

                          (BRAZOS PROCESSING DIVISION)

                                       AND

                          TEAMSTERS LOCAL UNION NO. 968

                                 Affiliated with

                     INTERNATIONAL BROTHERHOOD OF TEAMSTERS

                      DECEMBER 27, 1999 - DECEMBER 26, 2002


<PAGE>


                                TABLE OF CONTENTS

ARTICLE                                                          PAGE
- -------                                                          ----

1.     AGREEMENT                                                   4

2.     RECOGNITION                                                 4

3.     MANAGEMENT RIGHTS                                           4

4.     JOB STEWARDS                                                5

5.     UNION BULLETIN BOARD                                        6

6.     NO STRIKE - NO LOCK OUT                                     6

7.     GRIEVANCE PROCEDURE                                         6

       STEP 1                                                      6

       STEP 2                                                      7

       STEP 3                                                      7

8.     ARBITRATION                                                 8

9.     SENIORITY                                                   9

10.    SENIORITY LIST                                             11

11.    HOURS OF WORK                                              11

12.    LEAVES  OF  ABSENCE                                        12

13.    VACATIONS                                                  13

14.    HOLIDAYS                                                   14

15.    INSURANCE                                                  15

16.    EMPLOYEE STOCK OWNERSHIP PLAN                              16

17.    WAGES                                                      16

18.    MISCELLANEOUS                                              16

19     NO DISCRIMINATION                                          17

20.    COMPLETE AGREEMENT AND SEPARABILITY                        17

21.    CHECK-OFF                                                  18

22.    DURATION OF AGREEMENT                                      19

       SIGNATURES                                                 19

       APPENDIX A - WAGE RATES                                    20

       APPENDIX B - CHECK OFF AUTHORIZATION                       21



<PAGE>



                                    ARTICLE 1

                                    AGREEMENT

Section  1.1.  This  Agreement  made and entered into this 27TH day of December,
1999, by and between  SANDERSON  FARMS,  INC. (BRAZOS  PRODUCTION  DIVISION) and
SANDERSON  FARMS,  INC.  (BRAZOS  PROCESSING  DIVISION)  at their  Bryan,  Texas
facilities  (hereinafter referred to as "Employer" or "Company"),  and TEAMSTERS
LOCAL  No.  968,   affiliated  with   INTERNATIONAL   BROTHERHOOD  OF  TEAMSTERS
(hereinafter referred to as the "Union".

                                   WITNESSETH

Section 1.2. WHEREAS,  the Company and the Union are desirous of entering into a
contractual  relationship  covering  rates of pay, hours of work and other terms
and  conditions  of  employment  of  employees   employed  within  the  unit  of
representation as hereinafter  described;  and Section 1.3. WHEREAS, the parties
have  conferred,  negotiated  and  agreed  upon  the  terms  and  conditions  of
employment to be applicable to the employees  covered by this  Agreement for the
contract  period  as  herein  specified.   Section  1.4.  NOW,   THEREFORE,   in
consideration  of the mutual  covenants and  agreements  herein  contained,  the
parties do hereby agree as follows:

                                    ARTICLE 2

                                   RECOGNITION

Section 2.1.  The  Employer  recognizes  the Union as the  certified  bargaining
representative   (NLRB  Case  No.   16-RC-10102)  for  all  forklift  operators,
distribution,  feed mill and live  haul  drivers  in and  around  Bryan,  Texas,
excluding  all  other  employees,   guards,   watchmen,   office  clerical,  and
supervisors as defined in the Act.

                                    ARTICLE 3

                                MANAGEMENT RIGHTS

Section 3.1.  Nothing in this Agreement shall be deemed to limit the Employer in
any way in the  exercise of the  customary  functions  of  management  which are
recognized  as the  Employer's  exclusive  responsibility,  including,  but  not
limited to, the right to plan,  direct, and control  operations,  to utilize the
services of  contractors,  to  determine  the number,  size and  location of its
establishments,  to close an establishment or departments  thereof,  to hire, to
promote, to demote, and for proper cause to discipline, suspend or discharge, to
assign and schedule  work and transfer  employees  from one job or department to
another,  and to make and enforce  reasonable rules and regulations  relative to
any and all of these  matters or to the  management of its  operation,  provided
that the reasonableness of rules may be tested in the grievance  procedure.  The
Employer  shall  be  the  exclusive  judge  of  all  matters  pertaining  to its
operations and their scheduling and the methods, processes,  equipment, means of
operation  and  size  of  workforce.  Section  3.2.  The  Employer  retains  all
prerogatives  and rights of management and all  privileges and  responsibilities
not specifically limited by this Agreement.

Section 3.3. If the sub-contracting of work usually performed by bargaining unit
employees  or partial or complete  plant  relocation  will have the  foreseeable
effect of causing the layoff of any unit employee,  the Company will give notice
to the Union and the parties will negotiate on the effects of the layoff.  It is
further  understood  that none of the  provisions of this Article shall have the
effect  to  reduce  or waive any  rights  of unit  employees  under  the  Worker
Adjustment and Retraining Notification Act (WARN).

                                    ARTICLE 4

                                  JOB STEWARDS

Section  4.1. The Employer  recognizes  the right of the Union to designate  job
stewards, not to exceed two (2) in each department. Alternates may be designated
but there  shall be only one active  steward  during each shift at any one time.
The Union shall notify the Company in writing as to the names of the stewards.

Section  4.2. A  representative  of the Union  shall be  permitted  to enter the
Employer's premises at reasonable times,  provided such representative  complies
with all safety  requirements  and does not  interfere  with the  operations  of
Employer's business and shall make arrangements with the Employer's manager.

                                    ARTICLE 5

                              UNION BULLETIN BOARD

Section 5.1. The Employer will provide a bulletin  board in each  department for
posting union  notices.  All matters to be posted shall be of union matters such
as meeting  notices,  information  pertaining  to union  business and must be on
union letterhead signed by a union representative.

                                    ARTICLE 6

                             NO STRIKE - NO LOCK OUT

Section  6.1.  For the  duration  of this  Agreement,  there shall be no strike,
stoppages,  slowdowns,  picketing, or other interruption of or interference with
Employer's operations. Section 6.2. The Company shall not lock out employees for
the  duration of this  Agreement.  Section  6.3.  Neither the  violation  of any
provisions  of the  Agreement,  nor the  commission of any act  constituting  an
unfair labor practice,  or otherwise made unlawful,  shall excuse the employees,
the Union,  or the Company from their  obligations  under the provisions of this
Article.

Section 6.4. An employee  discharged or otherwise  disciplined  for violation of
this  Article,  may seek review of such  discipline  through the  grievance  and
arbitration  procedures  provided herein. In this event, the only question to be
reviewed  shall be whether or not the employee  participated  in the  prohibited
conduct.

                                    ARTICLE 7

                               GRIEVANCE PROCEDURE

Section 7.1.  Grievances  arising  under this  contract are herein  defined as a
claim by a party to this Agreement or an employee covered by this Agreement that
the Company or the Union has violated a provision of this Agreement.

                                     STEP I

         The  employee  shall  discuss  the  grievance  or  complaint  with  the
immediate  supervisor  within five (5) working  days after the event giving rise
thereto occurs,  or within five (5) working days following the date on which the
grievant had or reasonably  would have had knowledge  thereof.  In the event the
employee so requests, the appropriate steward shall be present at this step. The
supervisor shall give an answer within five (5) working days after the grievance
is received.

                                     STEP 2

         If there is no  settlement in Step 1, the grievance may be presented by
the employee  and/or shop steward  within five (5) working days from the date on
which  the  supervisor's  answer  was  given  in Step 1. The  grievance  must be
presented  in  writing  to the  department  superintendent  and must  state  the
following information:

         (a) name or names of employee or employees involved;
         (b) the department or departments involved;
         (c) the date and time of the occurrence or discovery of the grievance;
         (d) the facts of the incident on which the claim is based;
         (e) the specific provision of this Agreement alleged to have been
             violated;
         (f) the remedy requested.
The  superintendent  shall give the Company's  answer in writing within five (5)
working days after the grievance is received by the superintendent.

                                     STEP 3

         In the event the grievance is not settled in Step 2, then the grievance
may  be  appealed  in  writing  to  the   division   manager  or  a   designated
representative  by the  Union to Step 3 within  five (5)  working  days from the
Company's answer in Step 2. The division manager or a designated  representative
shall give an answer in writing  within five (5)  working  days from the date of
the appeal.  In the event the grievance is not settled then the aggrieved  party
or parties shall have the right to request arbitration.

         In the event a grievance  arises on behalf of the Employer,  the matter
shall be presented to the Union Business Agent in writing,  who shall have seven
(7) days from the date of  submission  within which to endeavor to reconcile the
grievance presented and shall give an answer in writing within that time. If not
settled within that time, the aggrieved party or parties shall have the right to
request arbitration.

Section 7.2. Discharge  grievances shall be processed  initially under Step 3 of
the grievance procedure.  The written grievance shall be filed with the division
manager  within five (5) working days  following the date of discharge.  Section
7.3.  A  failure  to  observe  the time  limit  specified  herein  for  original
presentation  of a  grievance  or  presentation  in any  subsequent  step of the
grievance  procedure  on the part of either the  grievant  or the Union shall be
conclusive evidence that the grievance has been settled and abandoned.

         Failure on the part of the  Company to comply  with the time limits for
delivering its answer in any step of the grievance procedure shall automatically
advance the grievance to the next step of the grievance procedure.

         The time limits of the  grievance  procedure  may be extended by mutual
consent of the Union and the Company.

                                    ARTICLE 8

                                   ARBITRATION

Section  8.1.  If a party  to this  Agreement  desires  to take a  grievance  to
arbitration,  it shall within fifteen (15) calendar days after the denial of the
grievance,  give written  notice of his  intention to the other party,  together
with a  written  statement  of the  specific  provision  or  provisions  of this
Agreement at issue.

Section 8.2. The parties  shall  attempt to select an impartial  arbitrator.  If
they are unable to agree upon a choice  within seven (7) calendar days after the
receipt of Notice of Intent to  Arbitrate,  either party may request the Federal
Mediation  and  Conciliation  Service to submit a list of five (5)  arbitrators,
from  which the  arbitrator  will be  selected.  Selection  shall be made by the
parties  alternately  striking any name from the list (the first to strike shall
be the party requesting  arbitration) until only one (1) name remains. The final
name remaining shall be the arbitrator of the grievance.

Section  8.3.  The  jurisdiction  and  the  decision  of the  arbitrator  of the
grievance  shall  be  confined  to  a   determination   of  the  facts  and  the
interpretation  or application  of the specific  provision or provisions of this
Agreement at issue. The Arbitrator shall be bound by terms and provisions of the
Agreement and shall have the authority to consider only grievances  representing
solely an arbitration  issue under this Agreement.  The arbitrator shall have no
authority to add to, alter,  amend,  or modify any provision of this  Agreement.
The  decision  of the  arbitrator  in writing on any issue  properly  before the
arbitrator in accordance with the provisions of this  Agreement,  shall be final
and binding on the aggrieved employee or employees, the Union, and the Employer.
Section 8.4. Multiple grievances shall not be heard before one arbitrator at the
same hearing except by mutual agreement of the parties.

Section 8.5.  The Union and the Employer  shall each bear its own costs in these
arbitration proceedings,  except that they shall share equally the fee and other
expenses of the arbitrator in connection with the grievance.

                                    ARTICLE 9

                                    SENIORITY

Section  9.1.  Company  seniority  is  defined  as the  length of an  employee's
continuous  employment in the  bargaining  unit since the last permanent date of
employment.  Departmental  seniority  is defined as the length of an  employee's
continuous   employment  in  a  department   within  the  bargaining  unit.  The
departments  are  (1)  Live  Haul  Driver  Department,   (2)  Feed  Mill  Driver
Department,  and (3) Distribution  Driver Department.  Eligibility for vacation,
holidays, and other company benefits shall be determined by company seniority.

Section  9.2.  All newly  hired or re-hired  employees  shall be  considered  as
probationary employees for a period of ninety (90) days during which, they shall
not acquire  any  seniority,  and during  which they may be  discharged  without
recourse  to the  grievance  and  arbitration  procedures  provided  herein.  If
retained as a regular employee upon satisfactory  completion of the probationary
period, seniority shall be retroactive to the first day of employment.

Section  9.3.  Beginning  departmental  seniority  shall be the date of  company
seniority as of the effective date of this agreement.  Thereafter,  departmental
seniority  shall begin on the date of entry into the  department.  In matters of
layoff, recall, promotion and choice of vacation, departmental seniority will be
the deciding factor,  provided employees have the skill and ability  immediately
to perform required duties.

Section  9.4.     Departmental seniority shall prevail as follows:
- -------------
(a) All  starting  times in the Live Haul Driver  Department  shall be filled in
accordance with Section 9.8 of this Article; (b) Shifts in the Field Mill Driver
Department  shall be filled in accordance with Section 9.8 of this Article;  and
(c)  Vacancies  in all  departments  shall  be  filled  in  accordance  with the
procedures in Section 9.8 and Section 9.9.

Section 9.5.  Distribution  drivers shall indicate their preference for not more
than two scheduled days off for the following week to their  supervisor no later
than the preceding  Thursday.  In the event two or more  employees seek the same
days off,  the  employee  with the most  departmental  seniority  will  prevail.
Special  requests  for days off shall be granted if the  request (1) is received
not less than two weeks prior to the week when the days off are needed,  (2) the
time has not already been claimed by another  employee,  and (3) customer  needs
can be met. The weekly schedule shall be prepared on the preceding  Friday,  but
it is  understood  that it is subject to change  based upon  employee  absences,
customer  orders,  and  availability  of  experienced  drivers.

Section 9.6. An employee's  seniority  shall be lost and  employment  considered
terminated by:

(a)  discharge  for just cause;
(b)  failure to return  from layoff  within five (5) working days after written
     notice by certified mail is sent by the Company to the  employee's last
     known  address on the  Company's  books.  Actual  notice to the employee
     of recall by any other means shall satisfy the terms of this provision;
(c)  voluntary termination of employment;
(d)  failure to report  after  termination  of a leave of absence  approved  by
     the Company in writing on the first  scheduled  day
     following the expiration of such leave of absence;
(e)  engaging in a gainful occupation while on leave of absence;
(f)  absence  from  work for  three (3)  consecutive  days  without notice  to
     the  Company,  which  shall  be  considered  as a voluntary quit, unless
     notice was prevented by a cause beyond the control of the employee;
(g)  layoff  for a period  exceeding  an  employee's  length of  service  in the
     bargaining  unit,  or three  months,  whichever  is less.

Section 9.7. For thepurposes of this  Agreement,  layoffs shall be classified as
(a) "short term" and (b) "long term". A short term layoff is a layoff which will
not exceed ten (10)  workdays in length.  Short term layoffs may be made without
regard to  seniority.  A long term layoff is a layoff which will exceed ten (10)
workdays in length. Long term layoffs shall be made subject to Section 3 of this
Article.

Section  9.8.  All  permanent  job  vacancies  shall be  posted  for  three  (3)
consecutive  working days on the  bulletin  board.  Employees in the  department
desiring,  respectively,  the  starting  time or the shift,  as the case may be,
shall sign a bid sheet  posted on the bulletin  board.  An employee who does not
sign such bid sheet shall have no right to consideration for the vacancy.  If no
employee within the department bids on the posted position, the company may fill
the  position in its  discretion.  If an employee  from another  department  has
requested transfer into the department with a vacancy,  said employee shall have
preference over any new hire.  Section 9.9.  Employees  desiring a transfer to a
different  department  within the bargaining unit shall indicate their desire by
notifying their immediate  supervisor.  Any opening in that department  shall be
offered to the requesting  employee before a new employee is hired. In the event
two or more employees from outside the department have requested  transfer,  the
vacancy shall be filled by the employee with the greatest company seniority.

Section  9.10. An employee laid off in a reduction in force shall have the right
to bid into an  existing  vacancy in another  department,  and his  departmental
seniority in that  department  shall begin on the date of the  successful  move.
Section 9.11 The Company will  continue  its  practice of  permitting  live haul
drivers  access to  available  casual  overtime,  which  shall be offered to the
senior available driver.

                                   ARTICLE 10

                                 SENIORITY LIST

Section 10.1. Upon request at any reasonable  time, the Company shall furnish to
the Union a current seniority list. The list shall be by departmental  seniority
and shall include social security number, date of hire, and rate of pay.

                                   ARTICLE 11

                                  HOURS OF WORK

Section 11.1. The regular work week shall consist of five (5) days or forty (40)
hours.  This shall not be  construed  as a  guarantee  of any amount of hours or
work.  The basic  work week  shall be the seven (7) day  period  from 12:01 a.m.
Sunday until midnight the following  Saturday.  Employees will be given at least
one (1) calendar week's notice of any change by the Company of the payroll week.

Section  11.2.  An employee who works more than forty (40) hours in any one week
which includes work in either the Feed Mill or Distribution Departments shall be
paid at time and  one-half  the  regular  rate of pay for all hours in excess of
forty (40). If pending  litigation  finally  establishes live haul drivers to be
covered under the Fair Labor  Standards  Act,  they also shall receive  overtime
premium.

Section 11.3.  When employees are called to work a shift outside their regularly
scheduled  shift  and  report  for work,  or when  they  report to work at their
regularly  scheduled time, they shall be given the opportunity to work a minimum
of three (3) hours or receive pay for same at the applicable hourly rate, except
that no such pay shall be made when the plant cannot  operate for reasons beyond
the  control of the  Employer,  such as, but not limited  to,  strikes,  utility
failure,  fire,  flood,  storms or other acts of God interfering with work, or a
breakdown of machinery or equipment when the Company  notifies the employees not
to report to work at least four (4) hours prior to the scheduled time to work.

                                   ARTICLE 12

                                LEAVES OF ABSENCE

Section  12.1.  An employee who has  completed  the  probationary  period may be
granted,  at the  Company's  discretion,  a leave of absence  without  pay for a
reasonable  period  of time,  not to exceed  one (1)  month,  for the  following
reasons:

         (a)  emergency personal business; and
         (b)  Union business,  upon written request by the Union's  Business
              Manager,  provided that no more than three (3) employees shall
              be on such leave simultaneously.

Section  12.2.  Employees  who have  completed  their  probationary  period  are
eligible  for up to  thirteen  (13) weeks per year of unpaid  family and medical
treatment leave for the following reasons:

          (a)  Employee's   serious   health   condition  --  a  medical
          certification  will be required which states that the employee
          is unable to perform the functions of the employee's position.
          (b) Family  serious  health  condition -- spouse,  parent,  or
          child. A medical  certification  will be required  stating the
          employee is "needed to care for the individual." (c) New child
          leave -- the birth,  adoption  or foster care  placement  by a
          state agency of a child,  and, the need to care for the child;
          such leave may be prior to the actual birth or placement.

         The provisions of this Section shall be administered in accordance with
the Family and Medical  Leave Act of 1993 (FMLA).  Section  12.3.  Employees who
have completed their  probationary  period who lose actual work time in order to
attend the funeral of a family  member shall  receive a paid  funeral  leave for
time necessarily lost during the employee's regularly scheduled shift,  provided
the employee  would have been  scheduled and at work during that day. Said leave
shall be up to three (3) days with pay for a  deceased  parent,  spouse,  child,
brother, or sister and one (1) day for a deceased father-in-law,  mother-in-law,
grandparent,  brother-in-law,  or  sister-in-law.  In order to receive pay under
this Section,  an employee must be actively  working,  must make application for
such  paid  leave,  and  must  attend  the  funeral.  The  Company  may  require
satisfactory  evidence of attendance at the funeral and the  relationship of the
deceased.

Section 12.4.  If the Company has  knowledge  that an employee will be on family
and medical leave,  military leave, or an industrial  injury leave for more than
thirty  (30)  calendar  days,  the job will be posted and filled on a  temporary
basis within the department.  When employees on leave under this Section return,
they  shall be  immediately  assigned  to their old job;  employees  temporarily
filling the job shall return to their  regular jobs  Section  12.5.  The Company
shall pay each active employee who reports for jury duty the difference  between
pay up to eight  times the hourly  rate for time  actually  lost and the juror's
daily fee for each day the employee is required to serve on a jury. The employee
must report to work during those days of his  regularly  scheduled  shift during
which the  employee is not  required to report for jury duty or be  available at
court for jury service.  The employee must present proof of jury service and the
amount of compensation received from the court.

                                   ARTICLE 13

                                    VACATIONS

Section 13.1.  Regular full-time  employees shall be eligible for one (1) week's
vacation after the first  anniversary date of continuous  employment,  and after
the anniversary date of each succeeding year.

         Employees  shall be eligible  for a second  week of vacation  after the
second anniversary date of continuous employment, and after the anniversary date
of each succeeding year of continuous employment.

         Employees  shall be  eligible  for a third week of  vacation  after the
tenth anniversary date of continuous employment,  and after the anniversary date
of each succeeding year of continuous employment.

         Employees  shall be eligible  for a fourth  week of vacation  after the
twentieth  anniversary  date of continuous  employment and after the anniversary
date of each  succeeding  year of  continuous  employment.  Section  13.2. To be
eligible for a vacation,  an employee must have worked sixteen  hundred  (1,600)
hours  during  the  preceding  twelve  (12)  months or eighty  (80)  percent  of
available hours for that period,  whichever is less.  Vacations and holidays not
worked shall be considered time worked for purposes of this Section.

Section 13.3.  Vacation pay shall be computed at forty (40) times the Employee's
regular straight time hourly rate. Section 13.4. Due consideration will be given
employees'  choice of vacation time, but all vacations  scheduled are subject to
the final  approval  of the  Company in keeping  with the  Company's  scheduling
needs.  In the event that two or more  employees  cannot be released at the same
time,  the  employee  with the longest  service  with the Company  will be given
preference.  An employee who notifies  the Company of a vacation  choice  thirty
(30) days in advance  shall not lose that vacation  choice to another  employee.
Vacations  may  not be  scheduled  for  periods  of less  than a  week,  and all
vacations  must be taken within an anniversary  year.  Section 13.5. The Company
reserves  the right to schedule a plant  shutdown for one .(l) week in any year,
which  shall be treated  as a  vacation  week for those  employees  entitled  to
vacation.


<PAGE>



                                   ARTICLE 14

                                    HOLIDAYS

Section 14.1.   The following shall be considered holidays:
- -------------
                    New Year's Day                     Labor Day
                    Martin Luther King's Birthday      Thanksgiving Day
                    Memorial Day                       Christmas Day
                    July Fourth                        Birthday Holiday

         The birthday holiday shall be taken on the employee's birthday.  If the
birthday  falls on a Saturday  or Sunday,  the  holiday  shall be taken on a day
agreed upon by the Company and the employee within one week of the birthday.

         In the event any other  holiday  falls on a  Saturday  or  Sunday,  the
Company will announce whether it will be observed on the Friday preceding or the
Monday following the holiday.  Such notice shall be given at least four (4) days
in advance.  Section 14.2.  All regular  full-time  employees who have completed
their  probationary  period  shall be paid for eight (8) hours at their  regular
straight time rate for each holiday  enumerated above,  provided they report for
work and work all scheduled hours on the workday  preceding and the workday next
following  the  holiday,  unless  the  employee  was  necessarily  absent due to
personal  illness,  supported  by a  doctor's  certificate,  or  because  of  an
emergency occurring to the employee or the employee's  immediate family (meaning
only spouse,  children,  or parents). No employee shall lose holiday pay because
of missing no more than thirty (30) minutes on the workday before or the workday
following the holiday.

         In any  event,  an  employee  must work at least one (1) day during the
calendar  week in which a holiday falls in order to be eligible for holiday pay,
except the employee who is on vacation. Section 14.3. Employees required to work
on a holiday  shall be paid the amount  provided  above,  in  addition  to their
regular  earnings  for that  day.  Hours not  worked  on a holiday  shall not be
considered as work time in computing any additional  compensation  due under the
overtime provisions of this contract.

Section 14.4. If an employee is required to work and fails to report or fails to
work scheduled  hours on a holiday,  the employee shall forfeit  holiday pay for
that day. Section 14.5. Employees on vacation during the week in which a holiday
falls shall receive holiday pay.

                                   ARTICLE 15

                                    INSURANCE

Section 15.1. The Company shall provide a group insurance  program for employees
covered  by  this   Agreement.   The  Company  will  continue  to  make  monthly
contributions  toward  group  insurance  premiums in the same  proportion  as is
currently in effect. Employees will bear the remaining costs of the insurance.

                                   ARTICLE 16

                   EMPLOYEE STOCK OWNERSHIP PLAN - RETIREMENT

Section 16.1. Employees covered by this Agreement will continue to be covered by
the Employee  Stock  Ownership  Plan of Sanderson  Farms,  Inc. and  Affiliates.
Participation  and  benefits  in  the  plan  shall  be in  accordance  with  the
provisions of that plan.

                                   ARTICLE 17

                                      WAGES

Section 17.1.  Wages shall be paid as provided in Appendix A attached hereto and
made a part of this Agreement.  Section 17.2.  Whenever a new job classification
is created by the Company, or there is a change or merger of job classifications
or the  job  content  of job  classifications,  the  Company  will  discuss  the
appropriate wage rate with the Union. If a mutually  satisfactory rate cannot be
agreed upon,  the Company  will set the rate.  The Union may file a grievance on
the rate, and the dispute shall be settled in accordance  with the grievance and
arbitration  procedures of this contract  Section 17.3.  Loader  Operators shall
receive  downtime pay for delays  exceeding thirty (30) minutes on a farm due to
truck delays,  slow startup,  excessive  distance  between farms,  and the like,
unless the delay is due to reasons  described in Section 11.3 of this Agreement.
Travel time to the first farm and travel time from the last farm are included in
the piece rate.  Downtime shall be paid an hourly rate in addition to piece rate
earnings.

Section  17.4.  In addition to the wage rates as provided in Appendix A, drivers
who have been  continuously  employed  for five (5) or more years shall  receive
seniority  pay of fifty  (50)  cents per  hour,  effective  on their  respective
anniversary  dates.  Section  17.5.  It is  understood  by the parties  that the
Company is engaged in a review of payment  methods  for its  drivers  which will
possibly  result  in  changes  to be  effective  on or about  January  1,  2000.
Beginning  on that date the  contract  will be  automatically  reopened  for the
purpose of  considering  the  adoption of revised  payment  methods.  Only those
portions of the  contract  affected by such  changes  will be  reopened,  as the
remaining  provisions  shall  remain in effect.  In the event the parties  reach
impasse on the  reopener,  the parties may exercise  their legal  rights.  It is
specifically  agreed  that  Article  6 shall be  suspended  until  agreement  is
reached.

                                   ARTICLE 18

                                  MISCELLANEOUS

Section 18.1.  The Company shall maintain safe,  sanitary,  and healthy  working
conditions  at all  times,  and  employees  will be  required  to  cooperate  in
maintaining such conditions.  Any complaints regarding safety or health shall be
processed through the grievance and arbitration provisions of this Agreement.

Section  18.2.  The Company will provide any uniforms  required of employees who
         have  completed  their  probationary  period.  The Company will furnish
         required safety equipment,  gloves,  aprons, hair nets, freezer gloves,
         cotton gloves, and smocks at

no cost to the employee.  Needed replacements,  through normal use, will be made
at no cost provided the worn out article is returned to the Company.  If an item
is lost or destroyed through employee  negligence,  the employee will be charged
for its  replacement.  Section 18.3. The Employer may require an employee,  upon
return from on the job injury, to take a physical  examination at the Employer's
expense.

Section  18.4.  It  shall be the  responsibility  of all  employees  to keep the
Employer apprised of their current address, telephone number, marital status and
number of  dependents.  Section  18.5.  The Company  will  continue  its current
practice to reimburse  employees for hotel/motel and meal expenses  required for
overnight  travel.   The  meal  allowance  shall  not  exceed  $17.00  within  a
twenty-four  hour period.  Section 18.6. It is the intent of the parties  hereto
that no provisions of this  Agreement  shall require either party to perform any
act which shall be unlawful under any Texas or Federal statute

                                   ARTICLE 19

                                NO DISCRIMINATION

Section  19.1.  The Company and the Union agree that they will not  discriminate
against any person  with regard to  employment  or Union  membership  because of
race,  creed,  color,  sex,  religion,  age,  national origin, or disability (as
defined in the Americans With Disabilities Act).

Section 19.2.  Whenever  masculine  gender is used in this  Agreement,  it shall
apply to the feminine gender.
- ------------
                                   ARTICLE 20

                       COMPLETE AGREEMENT AND SEPARABILITY

Section 20.1. Complete  Agreement:  The parties expressly declare that they have
bargained  between  themselves  on all  phases  of  hours,  wages,  rate of pay,
conditions  of  employment  and  working  conditions,  and  that  this  contract
represents their full and complete agreement without reservations or unexpressed
understanding.  Any  aspect  of  hours,  rates  of  pay,  wages,  conditions  of
employment and working conditions not covered by a particular  provision of this
agreement  is  declared  to have been  expressly  eliminated  as a  subject  for
bargaining  and during the life of this  Agreement may not be raised for further
bargaining in negotiations without written consent of all parties hereto.

         It is further  understood and agreed that neither party hereto has been
induced to enter into this Agreement by any  representations or promises made by
the other  which are not  expressly  set forth  herein,  and that this  document
correctly sets forth the effect of all preliminary negotiations, understandings,
and  agreements,  and supersedes  any previous  agreements,  whether  written or
verbal. This contract constitutes the entire Agreement and understanding between
the  parties  and shall not be  modified,  altered,  change,  or  amended in any
respect  except on mutual  agreement  set forth in  writing  and  signed by both
parties.

Section 20.2. Separability: In the event any of the provisions of this Agreement
are held to be in conflict with or in violation of any state or federal  statute
or other applicable law, administrative rule or regulation,  such decision shall
not affect the  validity  of the  remaining  provisions  of the  Agreement.  The
parties   further  agree  that  they  will  meet  within  thirty  (30)  days  to
re-negotiate  the provisions of the Agreement held to be invalid,  provided that
Article 6 shall remain in full force and effect during all such negotiations.

                                   ARTICLE 21

                                    CHECK-OFF

Section 21.1 The Employer  agrees that it will deduct the initiation fee and all
current  monthly  Union dues on a monthly  basis from the wages of the employees
who have made  application  for  membership  in the Union and who are covered by
this  Agreement,  provided the  Employer  receives  from each  employee on whose
account such  deductions  are made,  a written  assignment  individually  signed
authorizing  the  Employer  to make  such  deductions  in the  form as  shown on
Appendix  "B".  Dues shall be deducted from the payroll each month no later than
the fifteenth day of each month and forwarded to the Union within ten (10) days.
Section 21.2  Deductions are made for the convenience of the Union and the Union
shall  indemnify  and save the Employer  harmless  against any claims,  demands,
suits or other forms of liability that shall arise out of or by reason of action
taken or not taken by the Employer for the purpose of complying  with any of the
provisions of this Article.

Section 21.3 The Company agrees to make Credit Union  deductions  from the wages
of employees who duly authorize same.  Deductions will be made on a weekly basis
as requested by the employee with the following restrictions: An employee during
any  calendar  year may  authorize a regular  weekly  deduction  and/or a single
one-time deduction.  An employee may further authorize an increase in deductions
to establish a loan  payment.  Except for those  instances  outlined  above,  no
employee may increase,  decrease or withdraw from the program more than one time
in any calendar  year.  Said  deductions  shall be forwarded to the Credit Union
(Charger No. 20147) on a monthly  basis.  The Union will  indemnify and hold the
Company  harmless  from any and all  claims of  nature,  whatsoever,  arising or
resulting  from the  operation of this  provision  and the making of  deductions
pursuant thereto.

                                   ARTICLE 22

                              DURATION OF AGREEMENT

Section 22.1. This Agreement shall remain in full force and effect from the 27th
day of December,  1999 until the 26th day of December,  2002, and shall continue
thereafter  from year to year until  either party to this  Agreement  desires to
terminate this Agreement by giving written notice at least sixty (60) days prior
to December 26, 2002, or at least sixty (60) days'  written  notice prior to any
anniversary  date  thereafter.  The parties to this Agreement  shall endeavor to
satisfactorily  negotiate  any  contemplated  change or execute a new  Agreement
during the sixty (60) day period,  after proper notice in writing has been given
as provided  herein and above.  Notice,  as specified in this Article,  shall be
mailed via United States Certified Mail.

IN WITNESS  WHEREOF,  the parties have hereunto  signed there names this 28th
day of December, 1999.


SANDERSON FARMS, INC.                          TEAMSTERS LOCAL UNION NO. 968
(Brazos Production Division)

/s/Kevin Crook                               /s/Leo Correa
- -------------------------------------       ------------------------------------

- -------------------------------------       ------------------------------------

- -------------------------------------       ------------------------------------




SANDERSON FARMS, INC.
(Brazos Procession Division)

/s/Eric Erickson
- -------------------------------------

- -------------------------------------

- -------------------------------------



<PAGE>



                                  APPENDIX "A"

                                  WAGE SCHEDULE

                                   EFFECTIVE:

                          Current     1/2/00      1/7/01      1/6/02



Distribution               10.15       10.40       10.60       10.95

Feed Mill                   8.95        9.20        9.40        9.75

Live Haul                   9.80       10.05       10.25       10.60

Loader Operators            8.65        8.90        9.10        9.45
 (Downtime)
 (Piece Rate)
Per thousand head:
 (4.00 lb. bird)
         Night              2.05        2.10        2.14        2.21
         Day                2.15        2.20        2.24        2.31
 (5.25 lb. bird)
         Night              2.25        2.31        2.36        2.44
         Day                2.35        2.41        2.46        2.54
 (6.25 lb. bird)
         Night              2.95        3.02        3.08        3.14
         Day                3.05        3.12        3.18        3.24




<PAGE>



                                  APPENDIX "B"

                     CHECK-OFF AUTHORIZATION AND ASSIGNMENT

         I, ________________________________________________, hereby authorize
                                    (Print Name)
my employer to deduct from my wages each and every month an amount  equal to the
monthly dues,  initiation  fees and uniform  assessments of Local Union 968, and
direct  such   amounts  so  deducted  to  be  turned  over  each  month  to  the
Secretary-Treasurer of such Local Union for and on my behalf.

         This authorization is voluntary and is not conditioned on my present or
future membership in the Union.

         This  authorization and assignment shall be irrevocable for the term of
the  applicable  contract  between  the union and the  employer or for one year,
whichever is the lesser,  and shall  automatically  renew itself for  successive
yearly or applicable contract periods thereafter,  whichever is lesser, unless I
give written  notice to the company and the union at least sixty (60) days,  but
not more than  seventy-five  (75) days before any periodic  renewal date of this
authorization and assignment of my desire to revoke same.

Signature: _____________________________________________________________________

Social Security Number: ___________________________________  Date: _____________

Address: ______________________________________________________________________

City: _________________________________ State: _____________ Zip Code: _________
Employer: ____________________________________________________________________
Original to  Employer  Copy to Local  Union  Union dues are not deductible as
charitable contributions for Federal Tax purposes.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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