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Tyson CEO: Meat demand outpaces rising prices

Food prices are expected to rise later this year, partly because of a severe drought in California and unpredictable weather around the world, but Tyson Foods CEO Donnie Smith said that won't stop his firm from posting record earnings for the year.

"Meat demand is still really good," Tyson Foods CEO Donnie Smith told CNBC on Wednesday. "We're able to pass those prices along. I think you should expect to see very high prices" for your meats this year.

He said the company has managed to increase its margins this year and reaffirmed that the company expects to post record earnings for the full year.

His comments come as California officials battle with one of that state's driest years in decades and a porcine disease is shrinking the pork market.

—By CNBC's Karma Allen