Closing National Hog Market Review

DES MOINES - May 11/04 - 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 Tuesday, May 11, 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                             43,913     37,979     31,283     42,850
  Other Market Formula                   32,683     33,140     11,313     17,059
  Swine or Pork Market Formula          145,712     95,371     94,140     91,451
  Other Purchase Arrangement             35,566     33,906     30,972     31,374
Packer Sold (All Purchase Types):         6,774        698        247      1,104
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 27,462

Compared to Prior Day's closing weighted average (LM_HG200), 1.53 higher.

Base Price Range $71.50 - $85.01, Weighted Average $79.49

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 89.69   75.50 90.71   77.00 91.73   78.00 92.75   78.00 94.11
0.5         71.50 88.75   74.00 89.77   77.00 90.79   78.00 91.81   78.00 93.17
0.6         71.50 87.73   74.00 88.75   75.50 89.77   77.00 90.79   78.00 92.15
0.7         71.50 86.94   71.50 87.82   74.00 88.84   77.00 89.86   78.00 91.22
0.8         69.50 86.94   71.50 86.94   74.00 87.82   75.50 88.84   78.00 90.20
0.9         69.50 84.84   71.50 85.86   71.50 86.88   74.00 87.90   77.00 89.26
1.0         68.50 83.82   69.50 84.84   71.50 85.86   74.00 86.88   75.50 88.24
1.1         67.50 82.88   69.50 83.90   71.50 84.93   71.50 85.95   75.00 87.31
1.2         67.50 81.86   68.50 82.88   69.50 83.90   71.50 84.93   73.00 86.29
1.4         64.00 79.91   64.74 80.93   64.74 81.95   64.74 82.97   64.74 84.33
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                           CARCASS WEIGHT DIFFERENTIALS

     145#  -34.62 -7.30          175#   -4.05  0.00          205#   -5.84  0.00
     155#  -34.62  0.00          185#   -1.62  0.00          215#   -5.84  1.62
     165#  -13.28  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 - $88.84
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          SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 90,978

Base Price Range $64.52 - $83.07, Weighted Average $76.10
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                   NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-280 lbs): 6,658

Price Range $55.05 - $65.50, Weighted Average $60.84
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                                      SOWS
                   NEGOTIATED PURCHASE (Including Packer Sold)

Sows Purchased (live and carcass basis): 3,266

              Weight Range   Head Count    Avg Weight    Price Range     Wtd Avg
(Live Basis)  300-449 lbs.      1,654          399       35.34-49.20       46.06
              450-499 lbs.        492          467       33.39-48.25       45.55
              500/up  lbs.      1,120          568       37.00-49.63       47.34
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ALL SWINE PURCHASES BY STATE OF ORIGIN

Alabama                2,092              Arkansas                  156
Canada                 2,087              Colorado                  665
Georgia                1,193              Iowa                   69,659
Idaho                     39              Illinois               19,218
Indiana               15,917              Kansas                  4,066
Kentucky               1,162              Maryland                  476
Michigan              10,563              Minnesota              36,540
Missouri               5,455              Mississippi               394
Montana                  366              North Carolina          4,643
Nebraska              10,701              New York                  541
Ohio                   9,498              Oklahoma                  282
Pennsylvania           2,698              South Carolina            630
South Dakota           2,671              Tennessee                 882
Texas                  1,975              Utah                      154
Wisconsin              1,359
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Source:       USDA Market News, Des Moines, IA

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