Closing National Hog Market Review

DES MOINES - May 15/08 - 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 Thursday, May 15, 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                             39,923     33,343     39,573     29,917
  Other Market Formula                   66,768     40,913     28,005     10,245
  Swine or Pork Market Formula          103,252     57,443     65,875     72,320
  Other Purchase Arrangement             34,380     22,949     25,421     22,939
Packer Sold (All Purchase Types):        13,853      8,079      9,322     12,790
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 24,169

Compared to Prior Day's closing weighted average (LM_HG200), 1.31 lower.

Base Price Range $70.00 - $85.14, Weighted Average $80.68

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         72.50 89.14   73.50 88.45   74.50 90.58   76.00 92.16   76.00 93.74
0.5         70.00 89.14   72.50 89.14   74.50 89.16   75.50 90.74   76.00 92.32
0.6         70.00 88.64   72.50 89.14   73.50 89.14   74.50 89.32   76.00 90.90
0.7         70.00 86.94   70.00 87.14   72.50 88.64   74.50 89.14   75.50 89.47
0.8         68.00 86.94   70.00 86.94   72.50 87.14   73.50 87.14   75.50 89.14
0.9         68.00 83.14   70.00 84.14   70.00 85.14   72.50 86.14   74.50 87.50
1.0         67.00 82.92   68.00 83.14   70.00 83.14   72.50 84.75   73.50 86.75
1.1         66.00 79.14   68.00 80.64   70.00 82.14   70.00 83.75   72.27 85.75
1.2         66.00 78.75   67.00 78.75   68.00 80.75   70.00 82.75   72.27 84.75
1.4         61.84 78.75   61.84 78.75   61.84 78.75   61.84 80.75   61.84 82.75
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                           CARCASS WEIGHT DIFFERENTIALS

     145#  -32.20 -1.58          175#   -4.03  0.00          205#   -6.32  0.00
     155#  -32.20  0.00          185#   -1.50  0.00          215#   -6.32  0.00
     165#  -12.08  0.00          195#   -1.58  0.00          225#   -6.32  0.00
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                 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 - $89.14
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          SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 57,894

Base Price Range $72.97 - $85.81, Weighted Average $78.75
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-300 lbs): 4,456

Compared to Prior Day's closing weighted average (LM_HG200), 1.57 lower.

Price Range $54.82 - $63.00, Weighted Average $61.77
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                                      SOWS
                   NEGOTIATED PURCHASE (Including Packer Sold)

Sows Purchased (live and carcass basis): 4,042

              Weight Range   Head Count    Avg Weight    Price Range     Wtd Avg
(Live Basis)  300-449 lbs.      1,600          409       21.25-31.68       29.54
              450-499 lbs.        780          467       25.75-35.65       29.45
              500/up  lbs.      1,662          557       27.50-36.35       32.00
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ALL SWINE PURCHASES BY STATE OF ORIGIN

Alabama                  686              Arkansas                  100
Canada                 1,572              Colorado                  180
Delaware                 120              Georgia                   277
Iowa                  33,423              Illinois               15,514
Indiana               18,549              Kansas                    575
Kentucky               1,019              Michigan                3,362
Minnesota             50,361              Missouri                1,918
Mississippi            1,229              North Carolina          2,742
North Dakota             392              Nebraska               11,520
New York                 270              Ohio                    7,825
Oklahoma                  62              Pennsylvania            3,175
South Carolina           375              South Dakota            3,902
Tennessee              1,522              Virginia                   74
Wisconsin                407              Wyoming                   180
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Source:       USDA Market News, Des Moines, IA

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