Opening USDA Hog Market Comments

DES MOINES - May 15/08 - 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 Thursday, May 15, 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                             34,406      9,608     11,752     11,920
  Other Market Formula                   17,711        362      4,995      4,851
  Swine or Pork Market Formula           95,459     30,837     34,236     46,007
  Other Purchase Arrangement             35,157      7,821      8,165      6,951
Packer Sold (All Purchase Types):        14,272      3,977      6,491      7,856
--------------------------------------------------------------------------------
                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 6,148

Compared to Prior Day's closing weighted average (LM_HG200), 3.06 lower.

Base Price Range $70.00 - $84.46, Weighted Average $78.93

Base Price is the price from which no discounts are
subtracted and no premiums are added.
--------------------------------------------------------------------------------
              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         72.50 88.46   73.50 88.45   74.50 90.58   76.00 92.16   76.00 93.74
0.5         70.00 88.46   72.50 88.46   74.50 89.16   75.50 90.74   76.00 92.32
0.6         70.00 87.96   72.50 88.46   73.50 88.46   74.50 89.32   76.00 90.90
0.7         70.00 86.13   70.00 86.46   72.50 87.96   74.50 88.46   75.50 89.47
0.8         68.00 86.13   70.00 86.13   72.50 86.46   73.50 86.47   75.50 88.46
0.9         68.00 82.46   70.00 83.46   70.00 84.46   72.50 85.46   74.50 86.63
1.0         67.00 82.14   68.00 82.46   70.00 82.46   72.50 83.62   73.50 85.46
1.1         66.00 78.46   68.00 79.96   70.00 81.46   70.00 82.46   72.27 83.78
1.2         66.00 77.46   67.00 77.46   68.00 78.46   70.00 79.96   72.27 81.46
1.4         61.84 74.46   61.84 74.46   61.84 74.46   61.84 76.46   61.84 77.46
--------------------------------------------------------------------------------
                           CARCASS WEIGHT DIFFERENTIALS

     145#  -31.90 -1.58          175#   -3.00  0.00          205#   -6.32  0.00
     155#  -31.90  0.00          185#    0.00  0.00          215#   -6.32  0.00
     165#  -11.96  0.00          195#   -1.58  0.00          225#   -6.32  0.00
--------------------------------------------------------------------------------
                 MEASUREMENTS BASED ON SLAUGHTER DATA SUBMITTED

5-Day Rolling Average Market Hog: 197.23 lb carcass, 0.70 inch back-fat,
7.11 square inch loin/2.37 inch loin depth, FFLI: 52.20%

Price Range $74.50 - $88.46
--------------------------------------------------------------------------------
          SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 32,481

Base Price Range $72.97 - $85.28, Weighted Average $78.39
--------------------------------------------------------------------------------
                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-300 lbs): 365

Compared to Prior Day's closing weighted average (LM_HG200), 1.48 lower.

Price Range $56.54 - $62.52, Weighted Average $61.86
--------------------------------------------------------------------------------
                                      SOWS
                   NEGOTIATED PURCHASE (Including Packer Sold)

Sows Purchased (live and carcass basis): 600

              Weight Range   Head Count    Avg Weight    Price Range     Wtd Avg
(Live Basis)  300-449 lbs.         75          405       21.25-28.95       25.73
              450-499 lbs.        292          462       25.75-32.09       29.46
              500/up  lbs.        233          558       27.50-31.85       30.23
--------------------------------------------------------------------------------
ALL SWINE PURCHASES BY STATE OF ORIGIN

Alabama                  157              Arkansas                  100
Canada                   678              Delaware                  120
Iowa                  11,928              Illinois                  636
Indiana                3,781              Kansas                    535
Kentucky                 279              Michigan                  360
Minnesota             11,608              Missouri                  178
Mississippi            1,229              North Carolina            725
North Dakota              12              Nebraska                7,748
New York                 270              Ohio                    5,128
Oklahoma                  34              Pennsylvania            3,136
South Carolina            80              South Dakota              612
Tennessee              1,188              Virginia                   74
Wisconsin                358
--------------------------------------------------------------------------------
Source:       USDA Market News, Des Moines, IA

---

STAT News Service