Check Out Sara Lee and Kraft Foods joining the “stronger dollar” bandwagon.

Both food makers cut their profit forecasts for the current year, citing the pain they expect from the stronger U.S. dollar decreasing the value of sales from international markets.

But currency alone is not to blame for oversease woes.

Sara Lee said it is seeing pressure in certain overseas markets due to worsening economic conditions.

“In our international business we are adjusting our plans and refocusing our resources to help offset significant economic downturns in many of our key markets, most notably Spain, France and the United Kingdom,” sad Brenda Barnes, the company’s chief executive officer.

Meanwhile, Kraft’s CEO said the company is seeing a slowdown in sales growth in the EU and developing markets.

Sara Lee, which makes Jimmy Dean breakfast sausages and its namesake bakery products, and Kraft, which sells Oreo cookies and its namesake cheese, have also faced increased competition from private label manufacturers as shoppers seek to save every dollar they can amid a deepening global recession.

Even though we all must eat, it looks like even food makers are being foiled by the recession.

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(Photo: Reuters)

Check out those higher prices at the grocery store helping General Mills and ConAgra to post quarterly results above Wall Street expectations.

Both food makers reported lower profits on a net basis.

But excluding various items, their earnings were stronger than analysts were expecting.

General Mills, the maker of Progresso soup and Cheerios cereal, has benefited along with other food companies as consumers buy more soup, cake mixes and yogurt to save money by eating at home more often. 

It raised its full-year forecast.

ConAgra was helped by strong results at its commercial foods business, which sells specialty potatoes, seasonings and other items.

But while General Mills was able to raise prices and sell more retail food in the United States, ConAgra saw sales volume fall in its consumer good business, hurt by weakness at its Banquet frozen dinner and Wesson cooking oil brands.

The maker of Chef Boyardee canned pasta and Orville Redenbacher popcorn stood by its full-year forecast for earnings slightly above $1.50 a share, excluding one-time items.

ConAgra said it expects improvement in the consumer foods business, especially in the fiscal fourth quarter.

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(Photos: Screenshots from the websites of ConAgra, General Mills)