Opening USDA Hog Market Comments

DES MOINES - May 9/08 - SNS -- The USDA's opening daily national hog market comment.

This report is based on information provided by companies that agreed to
continue to participate in Livestock Mandatory Reporting on a voluntary basis.

NATIONAL DAILY DIRECT MORNING HOG REPORT
PLANT DELIVERED PURCHASE DATA FOR Friday, May 9, 2008 (As of 9:30 AM)

                         CURRENT VOLUME BY PURCHASE TYPE
                             LIVE AND CARCASS BASIS

                                      Estimated     Actual     Actual     Actual
                                          Today      Today   Week Ago   Year Ago
Producer Sold:
  Negotiated                             35,039     10,375     12,421     10,846
  Other Market Formula                   38,784     16,803      2,305        715
  Swine or Pork Market Formula          107,103     37,827     36,537     48,146
  Other Purchase Arrangement             55,230      8,585      7,630      7,008
Packer Sold (All Purchase Types):        14,356      4,772      5,467      5,596
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 8,302

Compared to Prior Day's closing weighted average (LM_HG200), .32 lower.

Base Price Range $72.50 - $81.00, Weighted Average $77.06

Base Price is the price from which no discounts are
subtracted and no premiums are added.
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              NATIONAL DAILY DIRECT NEGOTIATED HOG PURCHASE MATRIX
                               185 lb Carcass Basis
                           (Defined by Muscle and Fat)

                             LOIN AREA/DEPTH (INCHES)

BACK-FAT      4.0/1.4       5.0/1.7       6.0/2.0       7.0/2.3       8.0/2.7
0.4         75.00 85.05   76.00 85.86   77.00 87.48   78.50 89.10   78.50 90.01
0.5         72.50 84.24   75.00 85.05   77.00 86.67   78.00 88.29   78.50 89.91
0.6         72.50 83.43   75.00 84.24   76.00 85.86   77.00 87.48   78.50 89.10
0.7         72.50 82.62   72.50 83.43   75.00 85.05   76.50 86.67   78.00 88.29
0.8         70.50 81.23   72.50 82.62   75.00 84.24   75.00 85.86   76.50 87.48
0.9         70.50 80.19   72.50 81.00   72.50 83.43   75.00 85.05   75.00 86.67
1.0         69.50 79.38   70.50 80.19   72.00 82.62   74.00 84.24   75.00 85.86
1.1         68.50 78.57   70.00 79.38   72.00 81.00   72.00 83.43   74.00 85.05
1.2         68.00 77.76   68.00 78.57   70.00 80.19   70.00 82.62   72.00 84.24
1.4         62.00 76.14   65.00 76.95   65.00 78.57   66.68 80.19   68.00 82.62
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                           CARCASS WEIGHT DIFFERENTIALS

     145#  -28.35 -1.52          175#   -4.05  0.00          205#   -6.07  0.00
     155#  -13.50  0.00          185#   -0.81  0.00          215#   -6.07  0.00
     165#   -6.00  0.00          195#   -1.52  0.00          225#   -6.07  0.00
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                 MEASUREMENTS BASED ON SLAUGHTER DATA SUBMITTED

5-Day Rolling Average Market Hog: 196.82 lb carcass, 0.70 inch back-fat,
7.05 square inch loin/2.35 inch loin depth, FFLI: 52.17%

Price Range $76.50 - $86.67
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          SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 40,041

Base Price Range $71.78 - $80.82, Weighted Average $73.81
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-300 lbs): 1,773

Compared to Prior Day's closing weighted average (LM_HG200), .70 lower.

Price Range $53.56 - $62.17, Weighted Average $59.12
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                                      SOWS
                   NEGOTIATED PURCHASE (Including Packer Sold)

Sows Purchased (live and carcass basis): 555

              Weight Range   Head Count    Avg Weight    Price Range     Wtd Avg
(Live Basis)  300-449 lbs.     prices not reported due to confidentiality
              450-499 lbs.         74          487       24.35-29.45       26.26
              500/up  lbs.        481          559       25.55-30.54       27.55
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ALL SWINE PURCHASES BY STATE OF ORIGIN

Alabama                  822              Canada                    655
Iowa                  19,485              Illinois                2,190
Indiana                7,829              Kansas                  1,051
Kentucky               1,235              Michigan                1,135
Minnesota             12,417              Missouri                1,404
Mississippi            1,036              North Carolina            324
Nebraska               8,476              New York                  180
Ohio                  18,833              Pennsylvania            3,271
South Dakota           1,820              Tennessee                 890
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Source:       USDA Market News, Des Moines, IA

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STAT News Service