Closing National Hog Market Review

DES MOINES - May 9/08 - SNS -- Closing U.S. national hog market conditions and values were released by the USDA this afternoon.

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 AFTERNOON HOG REPORT
PLANT DELIVERED PURCHASE DATA FOR Friday, May 9, 2008 (As of 1:30 PM)

                         CURRENT VOLUME BY PURCHASE TYPE
                             LIVE AND CARCASS BASIS

                                      Estimated     Actual     Actual     Actual
                                          Today      Today   Week Ago   Year Ago
Producer Sold:
  Negotiated                             47,639     38,536     31,571     25,655
  Other Market Formula                   65,287     47,918     14,219     11,429
  Swine or Pork Market Formula          129,888     69,108     74,346     71,408
  Other Purchase Arrangement             58,019     27,472     59,000     44,807
Packer Sold (All Purchase Types):        16,716      8,887      8,185     10,118
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 29,779

Compared to Prior Day's closing weighted average (LM_HG200), .89 higher.

Base Price Range $68.00 - $81.76, Weighted Average $78.27

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         70.50 85.76   71.50 85.86   72.50 87.48   73.13 89.10   73.13 90.01
0.5         68.00 85.76   70.50 85.76   72.50 86.67   73.13 88.29   73.13 89.91
0.6         68.00 85.32   70.50 85.76   71.50 85.86   72.50 87.48   74.00 89.10
0.7         68.00 85.32   68.00 85.32   70.50 85.32   72.50 86.67   73.50 88.29
0.8         66.00 85.32   68.00 85.32   70.50 85.32   71.50 85.86   73.50 87.48
0.9         66.00 81.37   68.00 81.37   68.00 83.43   70.50 85.05   72.50 86.67
1.0         65.00 81.37   66.00 81.37   68.00 82.62   70.50 84.24   71.50 85.86
1.1         64.00 78.57   66.00 79.38   68.00 81.00   68.00 83.43   68.87 85.05
1.2         64.00 77.76   65.00 78.57   66.00 80.19   68.00 82.62   68.87 84.24
1.4         58.93 76.14   58.93 76.95   58.93 78.57   58.93 80.19   58.93 82.62
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                           CARCASS WEIGHT DIFFERENTIALS

     145#  -31.60 -1.52          175#   -4.05  0.00          205#   -6.07  0.00
     155#  -31.60  0.00          185#   -1.50  0.00          215#   -6.07  0.00
     165#  -11.85  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 $72.50 - $86.67
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          SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 69,395

Base Price Range $67.06 - $80.82, Weighted Average $74.30
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-300 lbs): 8,238

Compared to Prior Day's closing weighted average (LM_HG200), .56 higher.

Price Range $51.24 - $65.93, Weighted Average $60.38
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                                      SOWS
                   NEGOTIATED PURCHASE (Including Packer Sold)

Sows Purchased (live and carcass basis): 2,166

              Weight Range   Head Count    Avg Weight    Price Range     Wtd Avg
(Live Basis)  300-449 lbs.        698          409       21.25-27.80       25.46
              450-499 lbs.        409          480       24.35-30.98       26.86
              500/up  lbs.      1,059          559       25.55-30.72       27.88
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ALL SWINE PURCHASES BY STATE OF ORIGIN

Alabama                1,169              Canada                  3,478
Georgia                  284              Iowa                   57,571
Idaho                     35              Illinois               15,888
Indiana               19,688              Kansas                  1,093
Kentucky               2,289              Michigan                4,091
Minnesota             25,755              Missouri                2,647
Mississippi            1,036              Montana                   356
North Carolina         1,257              Nebraska               28,952
New York                 180              Ohio                   23,723
Oklahoma                 236              Pennsylvania            3,333
South Carolina            86              South Dakota            4,605
Tennessee              1,120              Wisconsin                 530
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Source:       USDA Market News, Des Moines, IA

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