Closing National Hog Market Review

DES MOINES - May 10/04 - SNS -- Closing U.S. national hog market conditions and values were released by the USDA this afternoon.

NATIONAL DAILY DIRECT AFTERNOON HOG REPORT
PLANT DELIVERED PURCHASE DATA FOR Monday, May 10, 2004 (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                             40,450     31,330     28,606     40,120
  Other Market Formula                    9,724     12,555     22,963     18,043
  Swine or Pork Market Formula           80,258     58,165     65,364     97,309
  Other Purchase Arrangement             44,792     41,370     41,608     43,616
Packer Sold (All Purchase Types):         5,914      4,770      3,846      2,942
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 19,371

Compared to Prior Day's closing weighted average (LM_HG200), .76 higher.

Base Price Range $68.50 - $81.50, Weighted Average $77.55

Base Market Hog 185 lb Carcass Basis
(0.9-1.1 inch back-fat, 6 square inch loin/2.0 depth)
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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         71.00 86.08   72.50 86.42   74.00 87.39   75.00 88.36   75.00 89.66
0.5         68.50 85.08   71.00 85.53   74.00 86.50   75.00 87.47   75.00 88.77
0.6         68.50 86.40   71.00 86.40   72.50 86.40   74.00 86.50   75.00 88.02
0.7         68.50 86.40   68.50 86.40   71.00 86.40   74.00 86.40   75.00 87.21
0.8         66.50 86.40   68.50 86.40   71.00 86.40   72.50 86.40   75.00 86.40
0.9         66.50 82.40   68.50 82.40   68.50 82.77   71.00 83.95   74.00 85.58
1.0         65.50 82.40   66.50 82.40   68.50 82.40   71.00 83.13   72.50 84.76
1.1         64.50 78.97   66.50 79.94   68.50 80.91   68.50 82.32   72.50 83.95
1.2         64.50 77.99   65.50 78.97   66.50 79.94   68.50 80.91   71.00 83.13
1.4         61.00 76.13   64.33 77.10   64.33 78.07   64.33 79.06   64.33 80.69
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                           CARCASS WEIGHT DIFFERENTIALS

     145#  -33.97 -7.30          175#   -4.05  0.00          205#   -5.84  0.00
     155#  -33.97  0.00          185#   -1.62  0.00          215#   -5.84  1.62
     165#  -13.04  0.00          195#   -1.46  0.00          225#   -5.84  0.00
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                 MEASUREMENTS BASED ON SLAUGHTER DATA SUBMITTED

5-Day Rolling Average Market Hog: 197.14 lb carcass, 0.76 inch back-fat,
6.81 square inch loin/2.27 inch loin depth, FFLI: 51.06%

Price Range $72.50 - $86.40
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          SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 58,526

Base Price Range $62.91 - $82.01, Weighted Average $76.02
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-280 lbs): 5,647

Price Range $55.00 - $66.25, Weighted Average $59.79
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                                      SOWS
                   NEGOTIATED PURCHASE (Including Packer Sold)

Sows Purchased (live and carcass basis): 3,323

              Weight Range   Head Count    Avg Weight    Price Range     Wtd Avg
(Live Basis)  300-449 lbs.        953          407       36.00-50.60       45.54
              450-499 lbs.        747          467       35.00-47.85       45.33
              500/up  lbs.      1,623          559       45.00-52.10       47.35
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ALL SWINE PURCHASES BY STATE OF ORIGIN

Alabama                  613              Arkansas                  109
Arizona                   36              Canada                  1,198
Colorado                 370              Georgia                 1,115
Iowa                  52,580              Illinois               19,090
Indiana               11,223              Kansas                  1,827
Kentucky               1,651              Louisiana                 185
Maryland                 399              Michigan                2,545
Minnesota             23,354              Missouri                5,332
Mississippi            1,464              Montana                   573
North Carolina         5,451              North Dakota               86
Nebraska               8,459              New York                  180
Ohio                   7,824              Oklahoma                   83
Pennsylvania           1,849              South Carolina            459
South Dakota           1,884              Tennessee                 376
Texas                  1,229              Utah                    3,227
Wisconsin                736
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Source:       USDA Market News, Des Moines, IA

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