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Articles from 2009 In December

Hogs & Pigs Report Holds Few Surprises

First things first – Best wishes to all National Hog Farmer Weekly Preview readers from the staff, our sponsors and Paragon Economics for a happy and prosperous 2010!

USDA’s Quarterly Hogs and Pigs Report for December contained inventory estimates that were quite close to pre-report estimates but future production estimates that indicate more hogs than we had hoped for are coming in 2010. The report’s key numbers appear in Table 1.

Report highlights include:

• 59.957 million hogs kept for marketing. That is 1.8% fewer market hogs on hand vs. last year, but 0.5% more hogs than were expected, on average, by analysts in the pre-report survey. Every weight class was slightly higher than expected with the deviation being largest for the 120-179-lb. category. The 180-lb. and over category, at 97.8% of last year, agrees reasonably well with the slaughter count during December.

• Note that the data in Table 1 represent the new break point between the two lightest categories. USDA changed it from 60 lb. to 50 lb. to make U.S. and Canadian data more comparable. The report issued Wednesday contains revised data back to March 2008, to reflect this new delineation. However, any comparison between the new data and data for December 2007 and before must be made with care.

• 5.850 million breeding animals – a new low for the modern U.S. pork industry, 3.5% lower than the number of breeding animals on Dec.1, 2008. That number is slightly (0.1%) lower than the average of the trade estimates, but a full 1% lower than I had expected. There are two reasons for my higher estimate. The first was lower sow slaughter in the September-November period due to higher hog futures and, at least at the beginning of the quarter, lower corn prices. The second was lower gilt slaughter. The University of Missouri’s data for gilts as a percentage of total slaughter dropped to as low as 47.3% in late November and was below the steady-state level of 49.2 to 49.4% for seven of nine weeks during October and November. I hope USDA is correct, but I would not be surprised to see more pigs in 2010 than a “down 3.5%” breeding herd would suggest.

• The most important numbers in this report, in my opinion, are those for farrowings and farrowing intentions. Sep-Nov farrowings of 2.974 million litters were 1.8% lower than last year. That’s good news. But analysts expected that number to be down 3.1% – a difference of 1.3%. Ditto for the difference between estimates and actual for Dec-Feb farrowing intentions. While Mar-May intentions were close to analysts’ estimates, they are still high relative to the breeding herd. These higher farrowing numbers are no surprise either. I believe they are very likely correct due to last summer’s unusually cool temperatures.

• And litter sizes go marching merrily upward with the fall quarter’s 9.7 pigs saved/litter marking another new record and another quarter of year-on-year growth exceeding 2%. That makes nine quarters in a row with litter size growing by 2% or more.

• Finally, the Sep-Nov pig crop is estimated to be larger than last year’s. The increase is only 0.2%, but analysts had expected this pig crop to be 1.2% smaller than last year. Two years of huge losses would, one would think, cause pig numbers to shrink. But the pig number that eventually has the greatest impact on supplies is larger in spite of producers’ rationalization efforts. Fewer Canadian Hogs and Pigs
Readers should realize that imports of pigs from Canada will continue to decline in 2010, but the reduction will not be as large as last year primarily because the numbers are already quite low from a historic perspective. Figures 2 and 3 show weekly imports of market hogs and feeder pigs, respectively. I do not expect market hog imports to fall much below 10,000 head/week given the strong pattern that developed in 2009. I expect feeder pig imports to continue to fall as Canada’s breeding herd shrinks further, running around 20,000 head /week lower than in the past year. That reduction will reduce U.S. slaughter by about 0.5% from year-earlier levels on a more-or-less ongoing basis.

Pork Demand Holds the Key
The bottom line is that 2010 U.S. hog supplies are going to be very nearly as large as those of 2009. Many weeks will be virtually even with their year-earlier counterpart (Figure 3). My computations have quarterly federally inspected (FI) slaughter down only 1.2, 1.5, 0.6 and 1.2%, respectively, during 2010 with annual FI slaughter at 110.7 million head – just 1.3% lower than 2009’s total. It is doubtful that we will match the average slaughter weight of 2009, since it is unlikely that we will have another summer like last year. That will help hog supplies a bit, but total pork tonnage in 2010 appears to be headed for a number quite close to the 2009 figure.

That means demand will be the key issue. Will it be like 2008, with exports accounting for a growing share of U.S. output? Or, will it be like 2009, dodging bullets from all quarters to hold together just well enough to keep supplies moving?

I think hog prices will be higher because demand will be stronger. It had better be! Using a price flexibility of -3 and the percentage supply changes listed above only gets national net negotiated prices into the low $60s for the summer months. But those prices reflect this year’s demand challenges and I think we have to remove those from any forecasts. My quarterly forecasts as well as those of University of Missouri and Iowa State University economists are shown in Table 2. Note that all are still below the Dec. 30 closing Chicago Mercantile Exchange (CME) Lean Hogs futures prices.

Click to view graphs.

Steve R. Meyer, Ph.D.
Paragon Economics, Inc.
e-mail: [email protected]

New Publication Tracks Energy Use, Costs

A new Iowa State University (ISU) Extension publication can help farmers track their energy use and compare their usage and costs for various energy sources. “Tracking the Energy Use on Your Farm” is available to download from the Extension Online Store.

The publication includes an energy log that can be downloaded for use with Microsoft Excel or printed and completed by hand, says Jane Flammang, ISU Extension program coordinator for the new statewide Farm Energy Conservation and Efficiency educational initiative. Farmers can use the log to track total on-farm energy use, including electricity, diesel fuel, gasoline, propane or natural gas. The Excel spreadsheet will automatically calculate a farmer’s per-unit cost and the total energy cost month to month throughout the year.

This publication is part of a series of materials designed to increase farmer awareness of methods to improve efficient use of energy and help them explore alternatives to reduce farm energy demand and improve overall profitability.

The ISU effort is made possible by a grant from the Iowa Energy Center.

National Hog Farmer

Heintzelman Joins BIVI Swine Division Sales Team

ST. JOSEPH, Mo. (December 22, 2009) – Boehringer Ingelheim Vetmedica, Inc., (BIVI) announces the addition of Scott Heintzelman as a sales representative for the company’s swine division.

Heintzelman spent the past 12 years in sales and account management for swine and poultry products with Alltech, Inc. Most recently, he was integrated accounts sales manager for the company, working with swine and poultry production companies on the East Coast.

Heintzelman has more than 23 years experience in livestock health and nutrition industry. He received his bachelor of science degree in animal science from North Carolina State University. He will reside in Lebanon, Va. and is responsible for calling on selected swine accounts in the Southeast.

David Gocken, national sales manager for the swine division, says Heintzelman has a proven track record for exceptional sales and service to swine producers in the Southeast and will be a tremendous asset to the BIVI swine team. “Scott is one of the most experienced swine sales professionals in the region. He’s a proven performer and we look forward to adding him to our sales team.”

Boehringer Ingelheim Vetmedica, Inc. (St. Joseph, Mo.), is a subsidiary of Boehringer Ingelheim Corporation based in Ridgefield, Conn., and a member of the Boehringer Ingelheim group of companies.

The Boehringer Ingelheim group is one of the world’s 20 leading pharmaceutical companies. Headquartered in Ingelheim, Germany, it operates globally with 138 affiliates in 47 countries and approximately 41,300 employees. Since it was founded in 1885, the family-owned company has been committed to researching, developing, manufacturing and marketing novel products of high therapeutic value for human and veterinary medicine.

In 2008, Boehringer Ingelheim posted net sales of US $17 billion (11.6 billion euro) while spending approximately one-fifth of net sales in its largest business segment, Prescription Medicines, on research and development.

For more information, please visit:

For More Information, Contact:

R. Kelly Schwalbe at 816-474-3166

National Hog Farmer

Kemin promotes John Springate to president of Kemin Agrifoods

HERENTALS, Belgium – December 21, 2009 – Kemin Industries announces the appointment of John Springate to president of Kemin Agrifoods world wide. In this role, Springate is responsible for overseeing the global agrifoods business of Kemin.

Having served as president of Kemin Europe and Kemin Asia, Springate has significantly contributed to the global growth and overall success of Kemin Industries’ agrifoods business.

“John has been instrumental in achieving exponential growth of Kemin’s agrifoods business in both Europe and Asia,” says Chris Nelson, president and CEO of Kemin Industries. “Through his strategic leadership in this new role, John will continue to grow the Kemin agrifoods business world wide.”

“I look forward to leading Kemin Agrifoods as we evaluate and implement strategies for global animal production,” says Springate. “Through our regional operations we will continue to meet the unique needs of each market and to serve our customers. Our global unit will ensure that regional strategies align with the overall vision of Kemin Agrifoods.”

Having served as business manager, global product manager, commercial manager and senior vice president for companies including Unilever, Biomar and Roche, Springate has many years of experience of management in the global agricultural business.

Springate received his undergraduate degree in applied biology in London and Ph.D in aquaculture from the University of Aston in Birmingham.

Kemin® – Inspired Molecular Solutions™

Founded in 1961, the Kemin group of companies ( provide health and nutritional solutions to the agrifoods, food ingredients, pet food, human health and pharmaceutical industries. Kemin operates in more than 60 countries with manufacturing facilities in Belgium, Brazil, China, India, Singapore, South Africa, Thailand and the United States.

The AgriFoods businesses of Kemin focus on Total Nutrition™ to help customers achieve a highly effective, consistent system of profitable animal production. The essential combination of Kemin products with good nutrition and solid animal husbandry ensures that customers around the globe maintain profitability while enhancing the health and well being of animals.

For media inquiries, please contact:

Erin Hockman, 515-559-5349, [email protected]

Stephanie Wilson, 515-559-5482, [email protected]

A Brief Lesson in Pork Sales and Margins

The average retail pork price took a hit in November, according to USDA. The November price of $2.818/lb. (retail) was $0.062/lb. (2.2%) lower than in October and $0.185/lb. (6.2%) lower than one year earlier. See Figure 1. When combined with lower estimated domestic pork consumption in November, it appears that consumer-level pork demand was perhaps the softest we have seen for an entire month in 2009.

That statement leaves room for the domestic demand impacts of H1N1 in late April and early May. That episode was, for the most part, a short-lived situation and the fact that it was spread over parts of two months diminished its impact in these monthly data. National Pork Board research indicates that domestic demand rebounded rather quickly for most market sectors. An exception has been Hispanic markets where the safety of pork is still not trusted by some consumers.

It should be noted that retail prices have fallen by 8.8 cents/lb. (4%) since September, while hog and wholesale values have risen steadily. The result has been a 6% decline in the estimated farm-to-retail marketing margin (or price spread) since September. Farm and farm-wholesale (i.e. packer/processor) shares have risen during this time period.

An important point to keep in mind about the prices at the various levels of the marketing chain is that there are significant time lags involved in price transmission. The lower retail prices in October and November are largely the result of lower wholesale prices in August and September. Retailers, and to an even greater degree foodservice operators, plan well into the future and often buy product well ahead of the anticipated time of need, especially when running features. Lower costs in August and September allowed retail prices to fall in October and November. I think we will see higher retail prices for December and beyond because the cost of product is now rising for retailers and foodservice operators.

A Closer Look at the Marketing Chain
One reason I am highlighting retail prices is that we are going to hear a lot of talk about “price spreads” or “marketing margins” in the next year. The topic will be the focus of the last of the USDA/DOJ (Department of Justice) competition workshops next December, so it would help us all to get more familiar with the concept.

Figure 2 shows the value, on a retail weight basis, received by each level of the marketing chain. We have labeled the farm-wholesale spread as “Packers’ Share” and the wholesale-retail spread as “Retailers’ Share.” A few key points should be considered.

First, these spreads are not profits. The Producers’ Share represents total income to hog producers on a retail pork weight basis. The Packer and Retailer shares represent gross margins (total sales less cost of goods sold) of packers and retailers. Many other costs must be deducted from these spreads in order to determine profits.

There is no “right” amount for any of these. Perhaps a better way to view them would be as percentages of the total retail price (Figure 3). Anyone can debate what the percentages “ought” to be, but in the absence of cost data and information about consumer preferences and product characteristics, that debate would be pretty pointless.

Compare Figure 3 to Figure 4 – pork vs. beef. The charts are obviously different. Producers get a much larger share of the beef retail dollar while packers/processors get a much smaller share. Interestingly, the retailers’ share is about the same.

Some would conclude that the beef margin structure was “better.” But consider the fact that over 40% of most pork carcasses are cured and virtually no beef is cured. The packer/processor margin for pork must cover these extra costs and, thus, the packer/processor share for pork is greater than that for beef. In addition, the value of the beef hide creates a greater by-product credit that is applied to the packer share of the retail beef price. The beef shares structure that appears to treat beef producers better than pork producers may not be better at all. It is just different, perhaps only because the animals are different.

And finally, narrower margins are not necessarily better for anyone – even consumers or producers. What if Congress passed a law tomorrow that would make it illegal to sell anything but live pigs to consumers? The law would guarantee zero marketing margins and 100% shares for producers. It would be a boon for hog producers, right? Far from it. How many pigs do you think we might sell in downtown New York – or to the Meyer family in rural Iowa – if the buyer had to do all of the processing? My bet is that the number would be far short of the roughly 95 million pigs from which products were sold in the United States in 2008. A footnote: the 95 million head figure excludes the 20% of pork that was exported in 2008.

There is an optimal amount of marketing services (slaughter, processing, transportation, packaging, advertising, etc.) that optimize marketing margins and the utility that consumers derive from pork products. I don’t know of anyone who has determined those optimums. Theory tells us that highly competitive markets will achieve the output and marketing service levels needed to reach those optimums. The trick, of course, is determining whether markets are indeed competitive (or very close to it) and, if they are not, devising policy implements that are precise enough to approximate those results without causing other problems (inefficiencies, higher costs, etc.) that fritter away all of the gains. Let’s hope that is the focus of the policy debates in the coming year!

Click to view graphs.

Steve R. Meyer, Ph.D.
Paragon Economics, Inc.
e-mail: [email protected]

Good Riddance to 2009

That is the thought of many producers as they reflect on 2009 – a year likely to be remembered as one of the worst years, financially, for the swine industry. Often, while talking with pork producers and trying to make some sense of it all, inevitably one of us would declare, “I have never seen this before,”

In late April, the swine industry was being associated with a human influenza pandemic, which devastated hog prices at a time when we normally would see prices improve. In August, cash hog prices slipped to the lowest level seen since 1945. Then, in December, we saw cash prices and pork cutout values at the high for the year. It was a year to expect the unexpected. It also brought the swine industry to a point where it has lost money for over two years straight – a situation that cannot continue for much longer. We are at a point where the economics must improve in 2010 for many pork producers to remain in business a year from now.

Corn quality issues? I have been hearing numerous reports throughout the United States that producers are dealing with moldy and poor quality corn. Compounding the problem, if you are feeding corn distillers grains, the mold content may be even higher, which may cause more problems in swine diets. Pork producers are very creative. They will find a way to work through these feed quality issues, but it will come at a cost.

Two things to watch in 2010 – will slaughter weights hold steady to a year ago and will sow performance be affected by moldy corn? The only positive thing that could result from these issues is there could be less pork on the market.

Better days ahead? I certainly hope so. The biggest question I keep asking myself is whether we can average close to $75/cwt., carcass, just to make a little money? We have never been at that level. Where does supply and demand need to be in order to get to those levels? At current feed costs, breakeven costs for most producers are close to $68/cwt., carcass, so we need to average $70-75/cwt.

Hog price and pork demand projections look much better. Pork producers certainly need and deserve better days ahead. Let’s hope that 2010 will be a much better year than 2009.

Mark Greenwood
Swine Industry Consultant
Contact Greenwood at [email protected]

Petition Urges "Downer" Pigs Not Enter Food Supply

Farm Sanctuary, a farm animal protection organization, is petitioning the administration to issue regulations to “put an end” to the abuse to prevent “downer” animals from entering the food supply. Farm Sanctuary said, “The abuse of living, breathing, feeling pigs who (that) are too sick, injured and weak to stand is incongruent with our values of mercy and compassion.” Also, they are urging that USDA “extend legal protections to downed pigs and all farm animals.” USDA testified a few years back that “fatigued” hogs to do not pose a risk to the food supply.

Downed Animal and Food Safety Protection — Congressman Gary Ackerman (D-NY) plans to reintroduce the “Downed Animal and Food Safety Protection Act.” The proposed legislation would codify existing USDA regulations that prevent downed cattle – sick, diseased or injured cattle incapable of supporting their own body weight – from entering the food supply and requires that these animals be humanely euthanized. The legislation would close a loophole in the regulation that permits the slaughter of downed calves for human consumption.

Senate Passes Health Care — The Senate passed one of President Barack Obama’s major legislative initiatives, health care reform, on Christmas Eve. The “Patient Protection and Affordable Care Act” passed the Senate on a party line vote of 60-39. Democrats say the bill provides comprehensive health reform, decreases the number of uninsured, and increases access to affordable health care. The House and Senate Republican leaders vowed to continue to fight this legislation, which they say would increase premiums, cut Medicare benefits, and add to the national debt. Now the bill goes to a conference committee to resolve the differences between the House-passed version and the Senate-passed version.

Trade Negotiations — U.S. Trade Representative Ron Kirk has notified Congress that President Barrack Obama plans to enter into negotiations on the Trans-Pacific Partnership (TPP) Agreement. The first round of negotiations will be held in March 2010. The trade negotiations will include the United State, Peru, Chile, Singapore, Australia, New Zealand, Brunei and Vietnam.

P. Scott Shearer
Vice President
Bockorny Group
Washington, D.C.

USDA Begins Sign-up For SURE Jan. 4

Agriculture Secretary Tom Vilsack announced that the U.S. Department of Agriculture (USDA) will begin sign-up for the long-awaited Supplemental Revenue Assistance Payments program or SURE at county Farm Service Agency (FSA) offices Jan. 4.

USDA officials offered no explanation for why it took nearly 18 months for the Agriculture Department to implement the new permanent disaster program, which was authorized in the 2008 Food, Conservation and Energy Act.

“This program is an important component of the farm safety net and will provide financial assistance to producers who have suffered crop losses due to natural disasters," says Vilsack. “Producers will receive payments beginning in January, in time to help them with planning for next year’s crop.”

SURE provides crop disaster assistance payments to eligible producers on farms that have incurred crop production or crop quality losses. The program takes into consideration crop losses on all crops grown by a producer nationwide.

Under the program rules, SURE provides assistance in an amount equal to 60% of the difference between the SURE farm guarantee and total farm revenue. The farm guarantee is based on the amount of crop insurance and Non-insured Crop Disaster Assistance Program (NAP) coverage on the farm.

To be eligible for SURE, producers must have suffered at least a 10% production loss on a crop of economic significance. In addition, producers must meet the risk management purchase requirement by either obtaining a policy or plan of insurance, under the Federal Crop Insurance Act or NAP coverage, for all economically significant crops.

For 2008 crops, producers had the opportunity to obtain a waiver of the risk management purchase requirement through a buy-in provision. Producers considered socially disadvantaged, a beginning farmer or rancher, or a limited resource farmer may be eligible for SURE without a policy or plan of insurance or NAP coverage.

In addition to meeting the risk management purchase requirement, a producer must have a farming interest physically located in a county that was declared a primary disaster county or contiguous county by the agriculture secretary under a Secretarial Disaster Designation.

Regardless of a Secretarial Disaster Designation, individual producers may also be eligible for SURE if the actual production on the farm is less than 50% of the normal production on the farm due to a natural disaster. For SURE, a farm is defined as all crops in which a producer had an interest nationwide.
Total farm revenue takes into account the actual value of production on the farm as well as insurance indemnities and certain farm program payments.

For more information on the new SURE program, Vilsack says producers should visit their local FSA county office or go to

North Carolina Pigs Confirmed with Novel H1N1 Pandemic Flu Virus

North Carolina has become the fourth state with confirmed cases of novel H1N1 flu in pigs.

A federal laboratory has verified the presence of the 2009 novel H1N1 flu virus in samples taken from pigs at two North Carolina farms. Minnesota, Indiana and Illinois have previously reported cases of the novel H1N1 virus in pigs.

The pigs in North Carolina have been under the care of a swine veterinarian and have recovered from the illness. “The herd veterinarian noticed signs of mild illness in the pigs and conducted tests to determine the type,” reports State Veterinarian David Marshall. “Confirmatory tests by the U.S. Department of Agriculture’s National Veterinary Services Laboratory in Ames, IA, indicated the virus was H1N1.

“Pigs are subject to flu viruses just like humans, so it’s not unexpected to find it in a herd,” Marshall says. “These cases show that our surveillance system is working.”

Tom Ray, DVM, director of livestock health at the North Carolina Department of Agriculture and Consumer Services, says it appears that the pigs at both farms caught the H1N1 virus from humans. The herd owners reported workers in contact with the animals had shown flu-like symptoms days before the animals came down with the illness.

A new study conducted by the U.S. Department of Agriculture (USDA) scientists provides additional confirmation that the meat and tissue from pigs exposed to two strains of the 2009 novel pandemic H1N1 virus did not contain virus. The study was conducted at USDA’s Agricultural Research Service (ARS) at the National Animal Disease Center in Ames, IA.

“This research provides additional reassurances for consumers about the safety of pork,” says Edward B. Knipling, ARS administrator. “The information contained in the study will also benefit customers of U.S. pork products, both here and abroad.”

Researchers inoculated a group of 30, five-week-old pigs with the virus and five pigs not inoculated served as controls. The pigs were observed daily for clinical signs and then were euthanized at three, five or seven days after inoculation.

Researchers tested tissue samples of the pigs’ lungs, liver, muscle, spleen and other vital organs to detect for the presence of the virus. The inoculated animals showed signs of upper respiratory disease indicative of flu, but no evidence that the virus had spread to any other parts of the body.

These findings support recommendations from the World Health Organization that pork from infected swine that recovered from the virus can be safely handled or eaten, following basic hygiene practices for handling of meat.

The virus has also been identified in cats in Iowa, Oregon and Pennsylvania; ferrets in Oregon; turkeys in Virginia; a dog in New York and a cheetah in California. In all these cases, it appears the animals caught the virus from humans.

Illinois Grant Enhances Knowledge of Boar Semen

A $900,000 grant from the U.S. Department of Agriculture (USDA) will enable University of Illinois researchers to advance the knowledge and practical application of frozen boar semen in swine herds across the United States.

Project collaborators will examine how U.S. pork producers can achieve genetic progress and improve biosecurity measures through the use of frozen boar semen.

The project is funded by an Agriculture and Food Research Initiative grant from the National Institute of Food and Agriculture.

The integrated focus of this proposal to bring research and education components together through the collaboration of a multi-faceted team set it apart from the other 65 requests, according to Neal Merchen, head of the department of animal sciences at the University of Illinois.

Project director Rob Knox, an associate professor at the U of I and swine reproductive extension specialist, will lead one of the five approved projects for 2009.

“Our first aim of this project is to use multivariate analyses to identify in-vitro tests for predicting in-vivo fertility of cryopreserved boar sperm,” he says. “Our second aim is to identify methods that maintain fertility when inseminating reduced numbers of valuable frozen sperm.

“Finally, we want to provide practical educational tools that help producers make decisions regarding the use of frozen boar semen for genetic advancement, productivity and disease protection in domestic or international markets.”

Nearly all U.S. commercial pork producers use artificial insemination (AI) today, a major switch from the early 1990s, when a low percentage used AI to breed sows.

“The fertility on U.S. hog farms is phenomenal by any stretch,” says Knox. “Improvements in our swine breeding systems will come at a much slower rate now. To go from 80% farrowing rates to 90% requires many things to happen at the same time.”

With this in mind, Knox began questioning U.S. breeding systems from semen fertility to disease to AI timing in an effort to figure out how to help pork operations achieve even higher efficiency.

“The U.S. pork industry relies on liquid semen with a shelf life of only five days,” Knox says. “AI is performed using three billion sperm in multiple inseminations with pooled semen from multiple boars. This methodology, while successful at minimizing infertility from poor quality semen, increases the risk for disease transmission and reduces the potential for genetic advancement by diluting semen from sires with superior traits.”

The team suggests use of frozen boar semen can help improve rates of genetic progress, improve profitability and protect herds against disease, making hog operations more efficient.

U of I faculty researchers in the project include Dave Miller, Rebecca Krisher, Sandra Rodriguez-Zas, Peter Goldsmith and Sherrie Clark. Other investigators include Phillip Purdy from the USDA and Ken Stalder from Iowa State University.

Top Viewed Articles for 2009

1. Free Selection Guides and Management Posters
2. New Product Tour 2009
3. What is Net Present Value?
4. Cash Flow Hedges Have Accounting Implications
5. Dealing with H1N1 Flu Questions

6. The Swine Industry is at a Crossroads
7. Feed Alternatives Not A Quick Nutritional Fix
8. Big Guys Announce Sow Herd Cuts, Others Wait
9. Pork Industry Here to Stay
10. Putting the Hog:Corn Ratio in Context