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8/4/2010
August 4, 2010
National Pork Industry Conference – I recently had the honor of speaking at the National Pork Industry Conference in the Wisconsin Dells. I talked about the current financial state of the U.S. pork industry. There has been a rather large discrepancy regarding how quickly producers are recovering financially. Through May, we saw producers who broke even year-to-date and others who made up to $18 per head year-to-date.
During my presentation, I pointed out that this could be illustrated by taking out hedge gains and or losses and just looking at operational profits. This mirrors what we are seeing in our loan portfolio. The main variance is cost of production year-to-date. There are certain production systems today that have breakeven costs of $.45 live, with others as high as $.55 live. This is a difference of over $27 per head on a 270 lb. pig! The major items that cause such a discrepancy are overall herd health performance and feed cost per head.
A couple of benchmarks for costs are wean pig costs under $32 per head and total costs per pound of gain under $.38 from wean to finish. If you are weaning a 12 lb. pig and selling your pig at 270 lbs., that means your costs from 12 lbs. to 270 lbs. should be under $98. (258 lbs. X $.38) This number should include total costs to raise a pig from weaning until market weight. Producers who have costs at these numbers or below are challenging their diets in terms of feed formulation, without giving up performance. In the past, many producers used ten bushels of corn to raise a pig. Now, we have producers who use under six. Using DDG’s and other alternative ingredients can lower feed costs without giving up performance. You must be willing to think out of the box and change how you look at diet composition. Another key item is health; we have systems today that have wean to finish mortality under 4% and others at 10%.These differences can affect costs of production greatly.
GIPSA Rule and Comment Period – I urge all of you involved in the pork industry to go the NPPC site http://www.nppc.org/ and read the rule that GIPSA has proposed. The 2008 Farm Bill authorized the U.S. Department of Agriculture’s Grain Inspection, Packers and Stockyards Administration to promulgate regulations related to livestock and poultry contracts. It’s important to fully understand what is being proposed and to give your opinion to your representative. The most important thing to ask for right now is for an extension on the comment period beyond August 23rd. A longer period of time is needed by all sides to fully understand what the implications are for producers. From a lender’s view, the concern is not having enough time to fully analyze and comprehend what is being proposed and what the risks might be for pork producers. More time and debate on the ruling is needed to make sure the best interest of the industry is taken into account.
Cold Storage Report – June pork in storage was down 29.0% year-on-year (y/y) against a +9.0% comp. This marked the ninth straight decline, the seventh straight double-digit decline, and the biggest drop in any month since at least 1996 (as far back as our data goes). Ham storage fell by 2.7% y/y and belly storage by 53.6% (demand for bacon is high). By our measure, storage was approximately 22.6% of June pork production, well below the five-year June average of 27.4% and the smallest since mid-2004. Below is some detailed information from Frontier Risk Management.
Need More Pigs Sold on the Open Market – I looked at the last couple of days to see the number of pigs that were actually sold on the open market. I then had CIH out of Chicago show what has happened with the number of pigs sold on the open market since 2001 (see graph). Previously, lenders (myself included) thought that a packer agreement was a good thing to make sure that you had a place to sell hogs. But I think we need to re-look at stress to swine producers and recommend that you sell some pigs on the open market to help your contract pigs. This is needed for market transparency, to make sure we have some price discovery at the end of the day. It is something I strongly encourage you to think about.
Continue to Manage Your Margin – In the past couple of weeks, we have seen rather dramatic swings in grain prices, which affect the overall margin of the swine industry. It’s vital that you continue to stay focused on managing your margin. It is very hard to predict what hog prices or feed prices might do, but if you stay focused on developing a sound plan to manage your profit margin; it will allow you to control your own financial destiny. 7/6/2010
Hog & Pig Report – No real surprises - below is a table that outlines some of the data regarding the June Hog & Pig Report. The US pork industry has reduced supply and it looks like 2010 total pork supply will be down between 2-3% compared to 2009. This should help keep pork prices at profitable levels for all of 2010. In addition, it should keep prices in the back for the start of 2011 barring any major demand swing or increase in feed prices. This will allow producers to continue to build some cash and pay down debt.
Friendly Cold Storage Report – More positive news for pork producers is the latest cold storage report. Total pork supply from 2009 was down over 23% and a month-to-month change total pork supply was down 35%. The drop in this number means there is less pork in cold storage and is also supportive to higher pork prices.
All Positive News & the Markets Go Down? – As I write this article it is a week removed from the report and futures are down on average $2-$3 per futures contract. I have producers call and ask, “How can this be?”My response back is, “You can never just assume that a report will automatically make the markets go a certain way. You need to continue to stay focused on the potential overall margin for your operation. There is still a profit based on current feed costs (corn going up almost $.40 the last 2 days) of still almost $20 per head. You need to access what tolerance level your operation can withstand and develop a risk management strategy that you are comfortable with.” The message I continue to stress is we are in a volatile market and things can change very quickly. You need to be proactive not reactive.
Capital Availability – I had the opportunity to speak to a couple of groups this past month regarding capital availability for pork producers. I discussed some items that lenders are looking at in reviewing your portfolio; here are a couple of items that I would like to point out:
- You will be measured on how fast you can improve your balance sheet. In looking at some financials year- to-date we have producers that have been barley in the black, and we have others that have made up to $15-$18 a head. This is all on an operational profit perspective. We are taking out the hedge gains and or losses and just looking at what your margin has been from an operational standpoint. This will be monitored closely over the next 12 months to see how fast you can improve your balance sheet.
- Capital is available for producers that have still relatively strong balance sheets. They will get better rates and terms for their financial needs. It will not be for expansion per se, but for capital improvements and overall operational financing, there is capital available for producers.
- Capital available for empty sow barns – I had heard the rumors about empty sow units being filled. From a lenders view, many of the units that are empty are empty for a reason. They are not the right fit any more, from a size or biosecure area to be put back into operation. An example might be a 1500 sow unit that is a very pig dense area. It can maybe produce 650 wean pigs a week but it has a history of PRRS. If you are going to continually have disease issues what good is the operation?. Even if you can buy or lease the facility cheap, it might not be cheap enough if you always have disease problems.
- Expansion – I have been asked this question several times already and I think capital will be very difficult to get for any new sow expansion for a period of time. I want to stress that we cannot go back to the same level as we were back in 2008. We need less supply, in addition to that, we have one less plant and slaughter capacity would be a problem if we would expand. Lets be very careful about any expansion.
Pigs Sold on the Spot Market – Currently we have very few pigs that are being negotiated on the open or spot market. Lenders have encouraged producers to have packer agreements but I think we also need to have a discussion that producers should have a certain amount of pigs to sell on the open market. Most agreements that are under a contract are based on the negotiated market. I think it is in the producer’s best interests to sell at least 5-10% of their pigs on the open market. Currently, we have too few producers that are doing this and if we could get more producers to sell some of their pigs on the open market, it might help us with some market transparency. It is something that I think we all need to think about. 6/1/2010
Profits Continue - If you are involved in the swine industry, the last couple months have been encouraging. Cash prices have been over $80 the last month (see chart) and producers are finally able to start improving their balance sheets. The industry needs a run of profits for an extended period in order to return to where the industry was in 2007. Unfortunately, the economic pain caused over the last couple years will take some time to repair. There is also a tremendous amount of items in many production systems that have put on the back burner because of lack of cash. If profits continue (and I do think they will), I believe you will see many production systems looking at the following investments over the next twelve months:
Sow Parity - The last few years, producers kept sows in their herds for longer periods of time. Then, they brought gilts back in to keep their parity distribution in line. We have seen many production systems with sows averaging over four parities. Now, with cull sow prices over $.50/pound, producers can replace these older sows with gilts and bring the average age of the sow herd back to a more typical level. Down the road, this will lead to better production in your sow herd.
Human Resources - I think many companies stretched their human resources to the limit over the last two years. In visiting with most companies, we learned that people could do more if asked; but, now may be the time to invest in these key employees (e.g. training, bonuses) which will pay dividends down the road. There is always a limit to how much you can push employees. Investing in human resources will be on the list for many production companies.
Fixing and Repairing - Many companies stopped completing any type of major repairs on existing buildings. Many production systems, because of limited cash, completed only the bare minimum to maintain their buildings. There will be many gates, feeders, crates, slats, etc. that need replacing across the industry. Equipment suppliers will likely be busy, as well businesses in new construction, as balance sheets continue to heal.
Invest to Where you Can Get Your Best Return - There are swine producers who managed through the last two years ahead of the industry average. During the last two years the average loss was $20-$25 per head. However, some producers lost less than $10 per head or even came close to break even. These producers worked hard to implement a risk management strategy and now will have very strong balance sheets as early as year-end. In meeting with them, I often challenge them to invest in areas where they can get their best return. Perhaps instead of expanding, what can you invest in your current system that will make you better and more efficient? In some cases, it may be hiring people such as someone to help oversee finishing. This person might help reduce mortality and make sure you are selling at the optimum weight for your system. For other operations, you may consider investing in extra grain storage to control more of your corn supply. Others may want to consider filtration in a sow farm that has had a history of PRRS. The point is, challenge your current thought process. If you have dollars you want to invest in your business, it does not always have to be a new sow unit. An expansion may not be what is best for your business long-term and ultimately, that is what you need to consider. 5/3/2010
Profits, Finally - This has been a long time coming where the majority of the industry is making money. In March, we saw a majority of productions systems that were profitable and in April the trend is continuing. Today, cash prices most producers are receiving are over $160 a head with breakevens around $135 a head, most producers will average close to a $20 bill from an operational standpoint. This is welcome relief for everyone involved in this industry. Producers have two camps of thought - one, when is the other shoe going to drop? Just remember a year ago the industry was hit with the misnaming the H1N1 influenza strain which had a crippling affect on our prices for a good part of 2009. The other point of view is happy days are here again. I think barring any major trade issue or something that would materially affect demand from an export or domestic point of view, the pork supply is in good shape.
Price Reporting - I continue to look at prices everyday for hogs and I am seeing a trend when we are short on supply. If you look at the negotiated price for pigs on the daily afternoon report - http://www.ams.usda.gov/mnreports/lm_hg203.txt you will see the weighted average on a carcass basis is $82.69. This price does not include grade and yield and/or sort loss. If you scroll to the bottom of the page the live bid is $67.89. The bid is live, meaning there are no grade and yield premiums but there is also no sort loss. If you bring this back to carcass this equals $90.52 ($65.24/75% yield). This difference is rather large, almost a variance, of $5-6 a head. The packers bidding for these hogs are playing within the rules of pricing pigs, but as all of you know, almost are marketing agreements have a base price that is based off of a carcass price. The live bid since the beginning of this year has been higher because of the shortage of the pigs. This trend is of note to watch. This trend will continue when the market is short of pigs.
Fill up some empty spaces - I am starting to hear some rumbling in the country already about filling up some empty sow units due to the excess finishing capacity that is in the country. I want to throw caution to the wind on this. Remember why prices went up? We reduced supply significantly; we reduced sow numbers since the fall of 2007 by over 700,000 sows in North America. (See chart below) This needed to be done to get us to a profitable level and now remember we have one last packing plant in the Midwest. The other thing that I am seeing on this, it is not existing production systems that are doing this. Many of these are newer entrants thinking that the industry is going to be profitable again. We might be on a run of profits for a period of time but if we increase our supply again we are going to be back to where we were not that long ago. Remember, we just started making money. From a lenders view, to put new money out for increased supply certainly does not a make a lot of sense. Unfortunatly, we need less numbers to keep prices at these higher levels.
Margin Calls in a Rising Hog Market - Last month, I mentioned how some production systems locked up prices at lower levels than they are currently. I remember the Friday of the Hog report; I was actually taking some time off. I was in charge of my 20 month old granddaughter that afternoon; thankfully, she was taking a nap when the hog report came out. I saw the report and I thought – “There are going to be some serious margin calls coming.” I emailed our staff at AgStar and said we will be funding a significant amount of margin money. We will need to assess increasing some hedge lines on certain systems. I also started getting phone calls and they are continuing today regarding margin calls and what do we do if hogs do go over $90? I am still receiving these calls today - I have to stress they locked in profits and they still have some hogs that are left open - these are helping your overall margin for your business. It is very difficult to pick a top in the market and you will never be right every time on a direction in the market. I also stressed to them, you did lock up profits, and you never go broke locking up profits and margin calls at the end of the day it’s actually a good thing. 4/2/2010
Bullish Hogs & Pigs Report – The impact of the poor economic picture plaguing the hog industry the last two years was evident in the USDA’s latest hogs and pigs report. Total sow numbers compared to a year ago were well below market expectations. This is good news for producers who were able to survive the extended market downturn. Fortunately, it appears the economics for 2010 will be good. How good? It’s really too early to tell, but if you look at the current cost of production and hog future prices, many producers have a chance to make $10-$15/head this year. This will certainly help heal the balance sheets of producers.
Locking in a Profit Always Makes Sense – Many producers locked in some futures prices before the USDA report was issued and now wonder if they made the right decision. My response to them is this, “You locked in a profitable price and you will still have an opportunity to improve some margins on your open market hogs. Having a better hog market should also improve your basis position concerning cash hogs.” The bottom line is this: you never go broke locking in a profit. Remember, when the market is going up, it is helping or improving your overall margin. You need to stick to your marketing plan going forward because things can change quickly. The March pig crop report may have also given us better-than-expected margin opportunities for the fourth quarter and the first quarter of 2011.
Cash and Cutout Needs to Lead the Way – Even though the hogs and pigs reports show fewer pig numbers, the market needs cutout values and cash hog prices to rally. Cutout values declined over the last week and even though we have less supply, the bottom line is what we can sell our product for while keeping demand strong. For example, if July futures are at $81, we need cutout values to approach $90. That has only happened once – in 2008, when China came into the market. So, if cash hogs get to $80 or higher, keep an eye on how strong pork demand is at those levels. The U.S. pork industry is still the most cost-competitive place to raise pork in the world.
Don’t Even Think about Expansion - I don’t want to rain on anyone’s parade when things are looking a little brighter, but it is important to understand that the strength of the market is a response to reduced supply. My concern is that some producers will think we can return to higher production levels without consequences. Breakeven prices are currently around $130-$135/head, but that could change quickly – particularly, if we have any weather concerns throughout the upcoming growing season. For now, enjoy making some money and focus on getting your balance sheets in better shape. Enjoy the good times, but remember what we’ve learned from the bad times. 3/3/2010Stuck in a Range - Over the past 3-4 weeks we have been stuck in a small range for hog prices; prices have been hovering around $63-$66 per carcass cwt. or close to $125 -$130/head. Although this is much better than what we have seen for a long period of time, producers are hoping we would get to a plane of $140/head or more for hogs. During the third week of January there was a huge run-up on pork cutout values. Since then, values retraced and have stayed in a range of $68-$70. (See chart below.) When cutouts were close to $80, we starting to get some resistance to the increase in pork prices and packers starting featuring other items other than pork. The point was made that while we had some quick run-up, we needed to take a breath and settle in a range for a period of time. If you look at this chart, there are some favorable signs. The pork cutout value over the last month has been as strong as it has been since 2002, maybe with the exception of 2005. We are at historically high values for this time of year. However, the problem the industry faces is that the new cost of production level requires prices higher than we’ve experienced historically.
What does Supply Need to be at for the Industry to Profitable? - I can’t tell you how many times I have been asked this question. All I know is that I am not smart enough to know exactly where supply needs to be. There are a number of factors that can affect prices. Recently, I have been working on a chart that looks at disappearance (see below). The factors I am examining are slaughter numbers on average for the week, average carcass weight sold, pork imports into the US and US pork exports. What I am then comparing on the chart is the year-to-year difference in supply or disappearance of pork left in the US. I have also projected what I think may happen in 2010. There are many factors I have pulled into this, but I want to point out a couple of assumptions I made to project the sharp reduction this summer. I tried to keep US Pork exports at a slight increase for the year and then looked at supply and weight (the biggest factor). The summer of 2009 was a very cool summer and therefore slaughter weights were far above the historical average. If all these events came to reality, you could see pork supply down well over 5% for the summer. I would also like to note this year’s corn crop is not of the best quality and I think that could also compound our average daily gain. If we have a normal summer along with the poorer quality corn that we would have to feed, you could see pork supply down close to 10%. This will be an interesting dynamic to watch as we move forward. We could have an interesting summer, but only time will tell. It is however, noteworthy of watching throughout the year ahead.
 2/1/2010Nice Start to A New Year - We have had an amazing run in swine prices for the month of December and now January. We have cash prices running close to $70 in a time of year where you do not see this happening historically. This past week in attending the Minnesota Pork Congress many producers had smiles on their faces for the first time in almost two years. In talking to many producers, there are mixed emotions. They are feeling that they actually might have a month where they actually have a chance at being profitable. The other thought that I also heard is what could happen that could cause the market to go down. The resounding point that I heard from many is I still have not gone a month where we actually made money in almost two years, let’s not get too excited . We have a LONG ways to go to get back to where we were in 2007. This is a nice start and a welcome change.
Cut out - Attached you will find a historical chart on cut out. Notice that as of today Jan. 21st we are at the highest that we have ever been over the last nine years for this time of year. The last time that we had this kind of run was in 2005 (remember those days) where cut out value was this high during the month of January. Demand has been very good across the board for all cuts of pork. In addition, our supply numbers are running below a year ago. You put higher demand along with a reduced supply the result is higher prices.
Positive Margins for 2010 - If you look at current CBOT prices for lean hogs you will have an average of above $73 per cwt. What we are seeing for breakevens today on most systems is an average of about $67 carcass. I also know there basis, other items to consider but it looks like there are profits of about $10-$15 per head. Many producers call and ask what should they do, should they lock up some positive margins or should they just take the open market since we are on the upswing. The first thing I always say, this is their business and their decision. I also understand producers have lost a lot of money and they want to recapture as much as possible of profits when the market is high. We have also seen over the last two years more volatility in markets. If volatility is going to be the norm, working on margin management might be more important than ever. Locking up some profits on part of your production can also make you sleep better at night and allow you to focus on other items that can positively affect your business. The other thing you can do is use options which can allow you to capture more upside if you are positive on the market. These decisions are never easy but you never go broke locking in a profit.
Be a Student of Your Business - The past two years we have seen a separation that has occurred between producers that have managed through these tough economic times better than others. They are constantly working and learning on what is happening in the marketplace. You need to be aware of good and bad things that are happening in the market. A couple of examples of this is, do you look at the pork cutout report every day? Here is the link - http://www.ams.usda.gov/mnreports/nw_ls500.txt
I think you should. It gives you a trend that is occurring on the meat side good and or bad. The chart that I also provided above also gives you a seasonal tendency over the past 9 years with cut out as well. We also had a webinar with Brett Stuart from Global Agritrends. Brett gave an update on exports of all proteins and also focused on the ban of poultry in Russia. Exports are very important to the success of the pork sector. The slide below shows what happened to pork prices when this occurred in 2002. As of today there has been no resolution to this matter. Again you need to be a student of your business and beware of factors that can affect the economics of your marketplace. Let’s hope the positive market continues. It has been a pleasure to write a column talking about profits for a change.
1/1/2010
Good Riddance to 2009 – This is likely the thought shared by many producers as they reflect on 2009. 2009 will be remembered as one of the worst years financially for the swine industry. It will also be remembered as year of, “I have never seen this before”. In late April, the swine industry was associated with a pandemic which devastated prices at a time when prices typically improve. In August, cash prices producers received for their hogs were at the lowest since 1945. Then, in December, cash prices and pork cutout values were at the high for the year. I can remember many times talking to producers and both of us saying, “I have never seen this before” and trying to make sense of what was happening. It was a year to expect the unexpected. Unfortunately, it also brings us to a point where the swine industry has lost money for over two years straight. The industry is at a point where this cannot continue for much longer and the economics must improve in 2010 for many to be in business a year from now.
Corn Quality Issues? – I have heard numerous reports throughout the US that producers are dealing with moldy and poor quality corn. In addition to this, if you are trying to feed corn distillers grains, the mold content is even higher which is causing more problems in swine diets. Producers are very creative and they will find a way to make this work, but it will come at a cost to accomplish. One item to watch in 2010 will be slaughter weights to see if we will keep weights up compared to a year ago. Also, will sow performance be affected by mold or we will be able to manage through this? This will also be an item to monitor in 2010. The only positive aspect in regards to the mold is that pork supply may be reduced because of this issue.
Will 2010 finally be a profitable year for Pork Producers? - I certainly hope so, but unfortunately I don’t hold the crystal ball. The biggest concern I have is that pork cutouts need to average (for the year) close to $75 just to make a little money - we have never been at this level. Where does supply and demand need to be in order for us to get to those levels? Breakeven costs for most producers today are close to $68 carcass. So, we need to average $70 hogs just to be slightly profitable. The outlook for hog prices appears promising and demand for pork also looks better, but prices get to a level where the industry can make some money? I don’t know but I certainly hope so. Producers certainly need and deserve better days ahead. Let’s hope that 2010 will be a much better year than 2009. 12/7/2009Financial Losses Continue – This continues to be broken record for the swine industry. The swine industry is at 2 years of losses totaling over$5 billion. In looking at the current economics, we have cost still very close to $130-$135 a head and revenue that is around $100-$105 a head. It seems that we have been averaging over $25 per head loss forever. The industry continues to downsize but we still have supply in the chain that we need to work through to get to a level of profitability. Most producers do not have a lot more liquidity to manage through any more losses and the industry must get to a level of profits soon.
Who is liquidating and why aren’t sow slaughter numbers higher? This is a question that I get everyday from producers and people that are looking at the industry. There is liquidation that is occurring and producers are downsizing or getting out of the business. I have stated many times that this will be a slow process and we will need to average 60-70,000 sows per week for an extended period of time (probably through March of 2010) to get sow numbers down to a level where we can get supply in line with the current demand. The issue for many producers is to maximize value for their business even if they are liquidating. Producers will not sell all their sows in a short period of time. They are going to get the value of the wean pig if that sow is confirmed pregnant or close to farrowing. The liquidation decision for the producer or the lender is never an easy one and most people take a longer period of time to make this decision. Downsizing is occurring but it is a slow process.
Parity in the sow herd and gilt retention – This is something that the industry does not have a good handle on. In talking to some genetic companies they are saying that gilt replacement sales are very slow. In addition, other people are saying that sow parities in farms are increasing. That, instead of taking the time to get the gilt ready for the breeding herd, they are selling the gilt as a market animal and then breeding the sow one more time. This will eventually show up in the marketplace. We have seen sow productivity continue to improve but if we are increasing our age in the sow herd, productivity will decrease. This is something to watch as we go into 2010. Maybe the mold issues and older sow herd will reduce supply further?
What does supply need to get to for the industry to be profitable? It is a best guess that we will see numbers for 2010 get down to 109-110 million head which is a reduction of at least 3%. The industry needs to average over $70 to be profitable with current breakevens at $66 - $68 carcass. Will this reduction in supply get is to this level? We don’t know, but we certainly hope so. Demand overall has been good and exports have actually been better than anticipated. We have summer hog prices at a level where most producers can make over $10 per head. The question that many have is will prices be there this summer or what could happen between now and then? There are many factors that can affect prices; we saw what H1N1 did to the market earlier this year. Many producers do not have the liquidity to do a significant amount of risk management and they are hoping that the cash market will be better in 2010. All of us hope for this and it cannot happen soon enough.
Thanks – I have had many people ask me how I am doing during these difficult times and I wish to thank them for their concern. This is great industry with a lot of good people and it is hard to see so many good people struggle. We are at a time of year where many of us do reflect and give thanks. I have the privilege to work with many good people. I have an office staff that I work with that is the best. They all have worked countless hours on trying to help people during these difficult times. All of us hope that 2010 is much better year. It cannot happen soon enough.
Happy Holidays,
Mark Greenwood 11/20/2009U.S. pork producers are reducing the nation’s swine herds, according to a report on Meatingplace.com. The herd will ultimately drop by about 3.5 percent in 2009 and another 3.1 percent in 2010. The prediction was made in a report by J.P. Morgan analyst Ken Goldman, detailing discussions the analyst had with Mark Greenwood, senior financial services executive, AgStar Financial Services... Click here to to read more from the Pork Magazine (by Pork news source 11/18/2009 ). | Edit in Browser | /_layouts/images/icxddoc.gif | /swine/articles/_layouts/formserver.aspx?XsnLocation={ItemUrl}&OpenIn=Browser | 0x0 | 0x1 | FileType | xsn | 255 | | Edit in Browser | /_layouts/images/icxddoc.gif | /swine/articles/_layouts/formserver.aspx?XmlLocation={ItemUrl}&OpenIn=Browser | 0x0 | 0x1 | ProgId | InfoPath.Document | 255 | | Edit in Browser | /_layouts/images/icxddoc.gif | /swine/articles/_layouts/formserver.aspx?XmlLocation={ItemUrl}&OpenIn=Browser | 0x0 | 0x1 | ProgId | InfoPath.Document.2 | 255 | | Edit in Browser | /_layouts/images/icxddoc.gif | /swine/articles/_layouts/formserver.aspx?XmlLocation={ItemUrl}&OpenIn=Browser | 0x0 | 0x1 | ProgId | InfoPath.Document.3 | 255 | | Edit in Browser | /_layouts/images/icxddoc.gif | /swine/articles/_layouts/formserver.aspx?XmlLocation={ItemUrl}&OpenIn=Browser | 0x0 | 0x1 | ProgId | InfoPath.Document.4 | 255 | | View in Web Browser | /_layouts/images/ichtmxls.gif | /swine/articles/_layouts/xlviewer.aspx?listguid={ListId}&itemid={ItemId}&DefaultItemOpen=1 | 0x0 | 0x1 | FileType | xlsx | 255 | | View in Web Browser | /_layouts/images/ichtmxls.gif | /swine/articles/_layouts/xlviewer.aspx?listguid={ListId}&itemid={ItemId}&DefaultItemOpen=1 | 0x0 | 0x1 | FileType | xlsb | 255 | | Snapshot in Excel | /_layouts/images/ewr134.gif | /swine/articles/_layouts/xlviewer.aspx?listguid={ListId}&itemid={ItemId}&Snapshot=1 | 0x0 | 0x1 | FileType | xlsx | 256 | | Snapshot in Excel | /_layouts/images/ewr134.gif | /swine/articles/_layouts/xlviewer.aspx?listguid={ListId}&itemid={ItemId}&Snapshot=1 | 0x0 | 0x1 | FileType | xlsb | 256 |
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DTN Swine Experts
September 01, 2010
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USDA Prior Day Purchased Swine
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DTN Swine Experts
September 01, 2010
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USDA AM Daily Direct Hogs
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DTN Swine Experts
September 01, 2010
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USDA ECB Daily Direct Hogs (AM)
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