LM_HG203 Des Moines, Iowa Wed, May 14, 2008 USDA Market News 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 Wednesday, May 14, 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 37,532 40,755 38,624 27,465 Other Market Formula 17,079 13,868 19,325 8,682 Swine or Pork Market Formula 113,051 64,342 70,071 75,147 Other Purchase Arrangement 30,485 25,177 27,462 24,563 Packer Sold (All Purchase Types): 15,676 8,006 8,204 13,637 -------------------------------------------------------------------------------- NEGOTIATED PURCHASE (Including Packer Sold) Barrows & Gilts (carcass basis): 29,856 Compared to Prior Day's closing weighted average (LM_HG200), .79 higher. Base Price Range $71.00 - $86.49, Weighted Average $82.05 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 73.50 90.49 74.50 89.49 75.50 90.58 75.71 92.16 75.71 93.74 0.5 71.00 90.49 73.50 90.49 75.50 90.49 75.71 90.74 75.71 92.32 0.6 71.00 89.99 73.50 90.49 74.50 90.49 75.50 90.49 77.00 90.90 0.7 71.00 87.49 71.00 88.49 73.50 89.99 75.50 90.49 76.50 90.49 0.8 69.00 86.49 71.00 87.49 73.50 88.49 74.50 88.49 76.50 90.49 0.9 69.00 84.49 71.00 85.49 71.00 86.49 73.50 87.49 75.50 88.49 1.0 68.00 83.49 69.00 84.49 71.00 84.49 73.50 85.49 74.50 87.49 1.1 67.00 80.49 69.00 81.99 71.00 83.49 71.00 84.49 71.30 86.10 1.2 67.00 79.49 68.00 79.95 69.00 81.18 71.00 83.64 71.30 85.28 1.4 61.01 79.00 61.01 79.00 61.01 79.54 61.01 81.18 61.01 83.64 -------------------------------------------------------------------------------- CARCASS WEIGHT DIFFERENTIALS 145# -32.00 -1.58 175# -4.10 0.00 205# -6.32 0.00 155# -32.00 0.00 185# -1.50 0.00 215# -6.32 0.00 165# -12.00 0.00 195# -1.58 0.00 225# -6.32 0.00 -------------------------------------------------------------------------------- MEASUREMENTS BASED ON SLAUGHTER DATA SUBMITTED 5-Day Rolling Average Market Hog: 197.19 lb carcass, 0.70 inch back-fat, 7.08 square inch loin/2.36 inch loin depth, FFLI: 52.18% Price Range $75.50 - $90.49 -------------------------------------------------------------------------------- SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold) Barrows & Gilts (carcass basis): 64,475 Base Price Range $71.52 - $86.25, Weighted Average $77.79 -------------------------------------------------------------------------------- NEGOTIATED PURCHASE (Including Packer Sold) Barrows & Gilts (live basis, 240-300 lbs): 8,274 Compared to Prior Day's closing weighted average (LM_HG200), 1.73 higher. Price Range $53.91 - $64.10, Weighted Average $63.30 -------------------------------------------------------------------------------- SOWS NEGOTIATED PURCHASE (Including Packer Sold) Sows Purchased (live and carcass basis): 3,082 Weight Range Head Count Avg Weight Price Range Wtd Avg (Live Basis) 300-449 lbs. 743 413 22.00-32.00 29.24 450-499 lbs. 763 469 26.00-35.10 28.87 500/up lbs. 1,576 562 27.59-36.75 30.91 -------------------------------------------------------------------------------- ALL SWINE PURCHASES BY STATE OF ORIGIN Alabama 1,355 Arkansas 192 Canada 1,821 Georgia 95 Iowa 47,319 Illinois 13,888 Indiana 16,031 Kansas 1,086 Kentucky 1,542 Michigan 5,340 Minnesota 23,900 Missouri 2,159 Mississippi 964 Montana 385 North Carolina 2,695 North Dakota 100 Nebraska 11,824 New York 360 Ohio 10,445 Oklahoma 222 Pennsylvania 3,667 South Carolina 277 South Dakota 5,453 Tennessee 460 Utah 167 Virginia 82 Wisconsin 349 Wyoming 239 -------------------------------------------------------------------------------- Source: USDA Market News, Des Moines, IA 515-284-4460 email: desm.lgmn@usda.gov 24 Hour recorded market information 515-284-4830 http://www.ams.usda.gov/LSMarketNews 1500C .