LM_HG205 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. IOWA/MINNESOTA DAILY DIRECT MORNING HOG REPORT BASED ON STATE OF ORIGIN PLANT DELIVERED PURCHASE DATA FOR Wednesday, May 14, 2008 (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 13,053 5,528 7,239 2,027 Other Market Formula 9,073 345 8,000 130 Swine or Pork Market Formula 41,229 21,083 23,015 22,423 Other Purchase Arrangement 10,307 5,605 7,245 4,315 Packer Sold (All Purchase Types): 5,179 2,923 2,474 5,040 -------------------------------------------------------------------------------- NEGOTIATED PURCHASE (Including Packer Sold) Barrows & Gilts (carcass basis): 4,935 Compared to Prior Day's closing weighted average (LM_HG204), 2.72 higher. Base Price Range $73.50 - $86.49, Weighted Average $84.62 Base Price is the price from which no discounts are subtracted and no premiums are added. -------------------------------------------------------------------------------- IOWA/MINNESOTA DAILY DIRECT NEGOTIATED HOG PURCHASES 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 75.71 90.49 75.71 89.49 75.71 88.99 75.71 89.45 75.71 89.45 0.5 75.71 90.49 75.71 90.49 75.71 90.49 75.71 89.49 75.71 90.27 0.6 79.38 89.99 79.38 90.49 79.38 90.49 79.38 90.49 79.38 89.49 0.7 79.38 87.49 79.38 88.49 79.38 89.99 79.38 90.49 79.38 90.49 0.8 79.00 86.49 79.38 87.49 79.38 88.49 79.38 88.49 79.38 90.49 0.9 75.71 84.49 75.71 85.49 75.71 86.49 75.71 87.49 75.71 88.49 1.0 75.71 83.49 75.71 84.49 75.71 84.49 75.71 85.49 75.71 87.49 1.1 71.30 80.49 71.30 81.99 71.30 83.49 71.30 84.49 71.30 85.49 1.2 71.30 79.49 71.30 79.49 71.30 80.51 71.30 82.95 71.30 84.57 1.4 61.01 76.49 61.01 77.25 61.01 78.88 61.01 80.51 61.01 82.95 -------------------------------------------------------------------------------- CARCASS WEIGHT DIFFERENTIALS 145# -31.80-13.50 175# -4.07 0.00 205# 0.00 0.00 155# -31.80 -6.32 185# -0.81 0.00 215# -0.81 0.00 165# -11.93 -3.00 195# 0.00 0.00 225# -5.25 0.00 -------------------------------------------------------------------------------- MEASUREMENTS BASED ON SLAUGHTER DATA SUBMITTED 5 Day Rolling Average Market Hog: 199.41 lb carcass, 0.70 inch back-fat, 7.14 square inch loin/2.38 inch loin depth, FFLI: 52.21% Price Range $79.38 - $90.49 -------------------------------------------------------------------------------- SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold) Barrows & Gilts (carcass basis): 20,441 Base Price Range $74.21 - $83.99, Weighted Average $76.64 -------------------------------------------------------------------------------- NEGOTIATED PURCHASE (Including Packer Sold) Barrows & Gilts (live basis, 240-300 lbs): 364 Compared to Prior Day's closing weighted average (LM_HG204), .19 higher. Price Range $56.90 - $64.00, Weighted Average $63.05 -------------------------------------------------------------------------------- SOWS NEGOTIATED PURCHASE (Including Packer Sold) Sows Purchased (live and carcass basis): 99 Weight Range Head Count Avg Weight Price Range Wtd Avg (Live Basis) 300-449 lbs. ***Prices not reported due to confidentiality*** 450-499 lbs. 99 481 28.00-31.36 31.09 500/up lbs. ***Prices not reported due to confidentiality*** -------------------------------------------------------------------------------- ALL SWINE PURCHASES BY STATE OF ORIGIN Iowa 21,805 Minnesota 10,959 -------------------------------------------------------------------------------- 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 1100C .