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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program,Wednesday March 12. Click on a stock ticker for more analysis.

Hormel (NYSE:HRL), Smithfield Foods (NYSE:SFD)

You don’t need to eat pork to buy pork stocks, said Cramer. The hog glut in the U. S is driving down pig prices and may make pork a more popular choice than beef, which is getting “astronomically expensive” due to ever-climbing grain prices. Cramer prefers Hormel to SFD, even though it is not a pure pork play, because it buys almost all of its hogs, while SFD purchases only half. HRL has a clean balance sheet and Cramer thinks it could climb to $48 and has only a $3 downside.

Carnival Cruise Lines (NYSE:CCL)

Cramer is in search of the ideal dividend stock and is setting sail with CCL, which has the most market share of any cruise line and yields 4.2%. While other companies offer a comparable dividend, CCL is “priced for catastrophe” given worries about discretionary spending and the negativity is priced in. In reality, 40% of CCL’s customers are from overseas and Cramer predicts CCL might benefit as people take longer vacations rather than more frequent short vacations, which can cost more money in the long run. Cramer predicts CCL will rise 40% to $55.

CEO Interview: Randall Stuewe, Darling International (NYSE:DAR)

Cramer likes DAR because it is a play on animal feed, biofuel and green energy, since the company recycles food products and produces energy. Cramer is surprised that an innovative company with no competitors is trading at only 16 times earnings. Stuewe replied, “excitement is still building as we continue to tell our story,” although the company has been in business for over a century; “We were green before green was cool,” he added. Stuewe said while he doesn’t think his fuel will answer all the energy needs, he does think it “may make a dent” in the industry. Cramer would buy DAR on a pullback.

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Source: Jim Cramer Mad Money In-Depth: 3/12/08: High on the Hogs