Item 7.01. Regulation FD Disclosure

On January 15, 2009, members of management of ConAgra Foods, Inc. (the "Company") will meet with members of the investment community. The Company expects to reaffirm its previously announced guidance that fiscal 2009 diluted EPS from continuing operations, excluding items impacting comparability, is expected to be slightly above $1.50. This reflects the Company's plans for year-over-year growth in Consumer Foods operating profits for the second half of the fiscal year, with the progress concentrated in the fiscal fourth quarter.

This Form 8-K contains forward-looking statements. These statements are based on management's current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. The Company undertakes no responsibility to update these statements. Readers of this Form 8-K should understand that these statements are not guarantees of performance or results. Many factors could affect the Company's actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. These factors include, among other things, availability and prices of raw materials, product pricing, future economic circumstances, industry conditions, the Company's ability to execute its operating and restructuring plans, competitive environment and related market conditions, operating efficiencies, the ultimate impact of the Company's recalls, access to capital, actions of governments and regulatory factors affecting the Company's businesses and other risks described in the Company's reports filed with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements included in this Form 8-K, which speak only as of the date made.

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