Opening USDA Hog Market Comments

DES MOINES - May 11/04 - SNS -- The USDA's opening daily national hog market comment.

NATIONAL DAILY DIRECT MORNING HOG REPORT
PLANT DELIVERED PURCHASE DATA FOR Tuesday, May 11, 2004 (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                             32,188      9,821      9,089     11,313
  Other Market Formula                   11,731      3,068      3,971      8,080
  Swine or Pork Market Formula          144,280     67,058     68,959     18,701
  Other Purchase Arrangement             37,169      9,037      8,358     10,011
Packer Sold (All Purchase Types):         6,646        595      1,013        741
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 7,338

Compared to Prior Day's closing weighted average (LM_HG200), .11 higher.

Base Price Range $71.50 - $84.00, Weighted Average $78.07

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         74.00 87.50   75.50 87.50   77.00 89.04   78.00 90.72   78.00 89.68
0.5         71.50 86.50   74.00 86.52   77.00 88.20   78.00 89.88   78.00 89.88
0.6         71.50 86.40   74.00 86.50   75.50 87.36   77.00 89.04   78.00 90.72
0.7         71.50 86.40   71.50 86.40   74.00 86.52   77.00 88.20   78.00 89.88
0.8         69.50 86.40   71.50 86.40   74.00 86.40   75.50 87.36   78.00 89.04
0.9         69.50 82.50   71.50 82.50   71.50 84.84   74.00 86.52   77.00 88.20
1.0         68.50 82.40   69.50 82.50   71.50 83.16   74.00 85.68   75.50 87.36
1.1         67.50 79.80   69.50 80.64   71.50 82.32   71.50 84.84   75.50 86.52
1.2         67.50 78.96   68.50 79.80   69.50 81.48   71.50 83.16   73.68 85.68
1.4         64.00 77.28   65.22 78.12   65.57 79.80   65.57 81.48   65.57 83.16
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                           CARCASS WEIGHT DIFFERENTIALS

     145#  -34.40 -7.30          175#   -4.10  0.00          205#   -5.84  0.00
     155#  -34.40  0.00          185#   -1.64  0.00          215#   -5.84  1.64
     165#  -13.20  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: 196.84 lb carcass, 0.77 inch back-fat,
6.84 square inch loin/2.28 inch loin depth, FFLI: 50.92%

Price Range $75.50 - $87.36
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          SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 63,406

Base Price Range $64.52 - $81.93, Weighted Average $75.31
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-280 lbs): 2,726

Price Range $55.05 - $65.50, Weighted Average $60.97
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                                      SOWS
                   NEGOTIATED PURCHASE (Including Packer Sold)

Sows Purchased (live and carcass basis): 1,949

              Weight Range   Head Count    Avg Weight    Price Range     Wtd Avg
(Live Basis)  300-449 lbs.        889          396       37.00-49.20       46.67
              450-499 lbs.        343          467       33.39-48.25       44.82
              500/up  lbs.        717          568       37.00-49.62       46.78
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ALL SWINE PURCHASES BY STATE OF ORIGIN

Alabama                  353              Arkansas                   78
Canada                 1,339              Colorado                  665
Georgia                  536              Iowa                   35,965
Illinois               5,618              Indiana                 6,382
Kansas                 2,991              Kentucky                  299
Maryland                 476              Michigan                2,253
Minnesota             10,459              Missouri                2,200
Mississippi              168              North Carolina          2,575
Nebraska               6,387              New York                  541
Ohio                   6,377              Oklahoma                  179
Pennsylvania           2,698              South Carolina            570
South Dakota             583              Tennessee                 208
Texas                  1,460              Utah                      112
Wisconsin                475
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Source:       USDA Market News, Des Moines, IA

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