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1 Page 1 WEEKLY COMMODITY AT A GLANCE This Last Last Week Week Year Omaha, US No 2 Yellow Corn CBOT Soybean 1, , , NYMEX Light Crude Oil Loose Lard, Chicago Basis Edible Tallow, Chicago Basis Beef Trimmings, 90% Fresh Beef Trimmings, 50% Fresh Aust/NZ Blend Cow 90% EC Spot USDA Drop Credit A 3 Ribeye Roll, Lip-On CH A 3 Chuck Roll, Neck-Off CH Round, Top (Inside) CH Strip Loin, Bnls, 0x1 CH Coarse Ground 73% **189A 4 Loin, Tenderloin, PSMO CH Cattle-Fax, 6-State Fed Steer Price Select Hams 20/ Sq Cut Bellies 14/ /4 Trmd. Loins 21/dn /4 Tr Boston Butts 9/dn Spareribs, Light, Fresh Fresh Pork Trim (42%) Fresh Pork Trim (72%) Carcass Lamb Y4+55/ Lamb Cuts, 204 Rack, 8-Rib, 7/Up Lamb Cuts, 206 Shoulder, Cross Cut Lamb Cuts, 232 Loin Trmd 4x Lamb Cuts, 234 Leg, Boneless Carcass Veal, Hide-off, 255/315, NC Veal Cuts, 306 Hotel Rack, 7-Rib 14/ Veal Cuts, 310 Shoulder Clod 14/ Veal Cuts, 332 Loin, 4x4 Trim 12/ Veal Cuts, 348A Leg, TBS 3-Pc 24/32 1, , Quotes represent the high side of Friday's trading range. URNER BARRY S WEEKLY INSIDER'S RED MEAT REPORT is available on Foodmarket.com and through Urner Barry s flagship service Comtell Online. FoodMarket is available for $18.00 a month. $1.98 $1.81 $1.64 $1.47 $1.10 $0.98 $0.86 $0.74 Fully Updated and Revised! Now Available! Order Yours Today! The Meat Buyer s Guide namp@urnerbarry.com $0.62 EST. DAILY CATTLE SLAUGHTER M T W TH F S Total TW LW *LY EST. DAILY HOG SLAUGHTER TW ,063 LW ,967 *LY ,175 EST. DAILY SHEEP SLAUGHTER TW LW *LY EST. DAILY CALVES SLAUGHTER TW LW *LY EST. DAILY COW & BULL SLAUGHTER F S M T W TH LW 12/23 12/24 12/26 12/27 12/28 12/29 Total TW 12/30 12/31 1/2 1/3 1/4 1/5 Total *LY *Last Year number's are rounded. Beef Index $1.30 Pork Cutout Number 01 - Volume 05 $0.90 FOREIGN EXCHANGE RATES This Last Last Week Week Year Australia, Dollar Mexico, Peso Canada, Dollar Japan, Yen China, Yuan (RMB) Brazil, Real South Korea, Won 1, , , Taiwan, Dollar European Union, Euro $1.22 $1.14 $1.06 $0.98 $0.77 $0.71 $0.65 $0.60 Turkey Index Chicken Index $0.54 COLD STORAGE U.S. BEEF COLD STORAGE STOCKS (Pounds in Thousands) 11/30/10 10/31/11 11/30/11 Beef in Freezer, Bnls 371, , ,396 Cuts 63,272 57,702 62,167 Total Beef 435, , ,563 Data Updated: December 22, 2011 U.S. PORK COLD STORAGE STOCKS (lbs., in thousands) 11/30/10 10/31/11 11/30/11 Pork in Freezer, Picnics 5,053 8,615 10,475 Hams 101, ,373 94,651 Bellies 37,696 8,734 26,840 Loins 36,532 31,545 39,072 Spareribs 66,559 57,494 64,108 Butts 15,102 18,607 21,881 Trimmings 39,591 37,552 42,794 Other Pork in Freezer 84, , ,187 Total 467, , ,880 Veal in Freezer 5,695 3,652 3,243 Lamb & Mutton in Freezer 16,500 20,021 19,014 Total 22,195 23,673 22,257 Data Updated: December 22, 2011

2 Page 2 YS BEEF CUTOUT Jan-06 v. Dec-30 CHOICE SELECT NO-ROLL CAB Rib -6.10% +1.96% -0.18% -4.54% Chuck +0.62% +1.24% -0.17% +0.81% Round +0.33% +0.29% +0.19% +0.75% Loin -0.58% +1.25% +0.71% -0.78% Brisket +0.12% +1.05% +1.05% +0.46% Plate +1.29% +1.30% +1.30% +0.76% Flank +3.73% +4.59% +4.59% +2.30% Total -0.83% +1.20% +0.35% -0.58% Cow and Bull Slaughter Source: Cattle Fax 106 $ Live Cattle Cont. Front-Month Futures Drop Credit $1.35 $1.20 $1.05 $ Source: CME Live Cattle, 6-State Fed Steer Price YS 50 % Trimmings BEEF Beef Production YS 90 % Trimmings BEEF COMMENTARY Demand at the start of the New Year was rather limited. Quite a few buyers were conservative with procuring for quick ship given heavier-than-expected carry over from the Christmas and New Year s holiday break. The sluggish start was not only seen for middle meats such as the rib and tenderloin, as softer undertones surfaced for some chucks and rounds as the week came to a close. LIVE CATTLE: Sale prices of market-ready cattle worked lower this week. Live cattle sold mainly at $120/cwt to $122/cwt, steady to mostly $1/cwt lower. Trade of the dressed carcass culminated at $195/cwt to $198/cwt, $5/cwt to $6/cwt down from week prior. Trade volumes reported as light to moderate. CHUCKS: The Choice Chuck primal value edged about $1.00 higher, with support derived early in the week. Prices collected for delivery in forward time slots are now seen at levels below current spot market quotes. LOINS: Choice Peeled Tenderloins remained under downward pressure. Select and No-roll tenders fared better, given the price differential from Choice product. Top butts remain an item of interest near term. RIBS: Choice Ribs continue to pose a dilemma for beef processors as product seasonally corrects. The value of the Choice Rib carcass dropped over $17 this week. ROUNDS: Round values held at steady levels, with some slight negative pressure surfacing late in the week for inside rounds. London broils cut from the inside round were apparent in feature ads to open the year, hence most product needed to support the ads was booked last month. SLAUGHTER & BEEF PRODUCTION: The weekly cattle slaughter edged higher from the week prior, but remained limited due to holiday curtailment. 560,000 were processed this week, up 21,000 head from week prior. 27,000 head were harvested on Saturday. Beef production was 3.7% increased from last week and 13.2% lower than a year ago. Average dressed weights decreased by1 lbs from last week and 8 lbs from a year ago. BONELESS BEEF: Fresh 50s were basically steady to a little firmer this week. The weighted average ended the week at $101.72/cwt up about $1.40/cwt compared to last Friday. This week s cattle slaughter was estimated 560,000 head. Fresh 90s were mostly steady this week with the exception of Wednesday when they traded at a premium. Demand was reportedly still active. 35% Select Grading percentage 710 Cattle Slaughter 32% % 620 YS BEEF CUTOUT-CH/SE SPREAD 26% 23% M T W TH F TW *LW % 65% 62% 59% 56% Choice Grading percentage Cattle Weights *Last Weeks number's are rounded. Weekly Beef Breakdown Last week This week Grind CH SE Trim #of loads 1 load = 40,000lb

3 PORK PRODUCTION LIVE HOGS & CUTOUT PORK COMMENTARY Hog Slaughter 1655 Dressed weights, Hogs 196 Pork Production 325 PORK PROCESSING ITEMS & RETAIL CUTS Select Hams 20/23 TL Sq. Cut Bellies 14/16 PORK CUTOUT Dec-30 Jan-06 Change Loin Butt Picnic Sparerib Ham Belly Cutout Value $1.15 $1.00 $0.85 $ Source: CME TL Spareribs, Light, Fresh (Vacpak) Lean Hog Cont. Front-Month Futures USDA Direct Hogs, Iowa/Minnesota, Carcass Base $0.55 TL 1/4 in. Tr Boston Butts 9/dn Page 3 Production remained at high levels this week as processors continued to kill under supportive margins established before the holiday. However, after a slight decline in wholesale values and appreciation in hog prices over the course of the week, margins shrunk and business slowed to a crawl by Friday. The Yellow sheet pork carcass cutout grew weaker for much of the week, falling by nearly 1 percent with values ranging between $84.63 and $85.45/cwt. According to the Dow Jones Estimated U.S. Pork Packer Margin Index, operating margins fell sharply with values between $.92/head and $5.48/head for the week. PORK PRODUCTION: Total Pork production for the week ending January 7, 2012 was estimated at million lbs. This was a 4.4 percent increase from last week yet 6 percent less than a year ago. Average hog weights, at 278 pounds, were one pound lighter than last week and last year. HAMS: Bone in hams saw slight premiums this week, yet with ranges forming remained relatively sideways for the session. On the top end, 20-23lb and 23-27lb hams gained 2.78 percent or $2/cwt over the course of the week. Boneless hams lost $3/cwt under diminishing demand. BELLIES: Bellies went yet another week without a print in major sizes this week. Product is noted to be available. TRIMMINGS: Trim was docile this week under light volume, however fresh 50 s managed to eke out a $2/cwt gain, while boneless picnics lost $2/cwt. Preparations for Super Bowl have yet to influence price action on spot loads, although most major pizza companies will be offering features in the upcoming weeks. RETAIL: Buyers returned from the winter holiday in on earnest on Tuesday, but from there, market activity steadily declined through Friday. There just didn t seem to be a sufficient enough level of interest in meat for spot delivery, quantities which were sometimes large, given the absence of ready export orders. As a result, weakness was detected throughout the entire loin, picnic and butt complexes. Spareribs were narrowly mixed on the week and continue to trade in wide ranges. St. Louis Rib and Loin Back Rib values held. Fully Updated & Revised! Available March Pre-order yours now! namp@urnerbarry.com TL 1/4 in. Tr Loins 21/dn 78 Sausage Materials (TL) Trim (72%) Fr 52 Sausage Materials (TL) Trim (42%) Fr

4 Page YS Carcass Lamb Y4+55/65 LAMB YS Boxed Lamb Cuts, 206 Shoulder, Cross Cut LAMB COMMENTARY Lamb carcasses settled at steady to slightly lower price levels this week. Some discounting was noted on the racks and shoulders. The rest of the boxed cuts traded within the previously quoted price ranges. Movement was reportedly fairly light this week YS Boxed Lamb Cuts, 204 Rack, 8-Rib, 7/Up 7.50 YS Boxed Lamb Cuts, 232 Loin Trmd 4x YS Boxed Lamb Cuts, 234 Leg, Boneless VEAL VEAL COMMENTARY 3.40 YS Carcass Veal, Hide-off, 255/315, North Central 5.80 YS Boxed Veal Cuts, 310 Shoulder Clod 14/20 Veal carcasses were reportedly unchanged this week. Trading activity was apparently limited. Most of the boxed cuts traded at steady price levels YS Boxed Veal Cuts, 306 Hotel Rack, 7-Rib 14/20 YS Boxed Veal Cuts, 332 Loin, 4x4 Trimmed 12/ YS Boxed Veal Cuts, 348A Leg, TBS 3-Piece 24/ FEEDS $9.95 Yellow, Omaha Corn No. 2 $1,700 CBOT Soybean Features 9.50 Kansas City Hard Red Wheat $8.45 $1, $6.95 $1, $5.45 $950 Source: CBOT $3.95 Source: CBOT $700 Source: KCBT 5.50 Fully Updated and Revised! Now Available! Order Yours Today! The Meat Buyer s Guide

5 Page 5 POULTRY ENERGY 0.91 UB NE WOG Chickens Cutting Stock 3 lbs & up 1.26 UB Toms, East, Frozen 16 lbs $4.30 Diesel $ $ $ UB NE Jumbo Bnls/Sknls Breasts Tender Out UB Turkey Meat - Breast, Tom, Fresh 2.55 $2.50 Source: U.S. Dept. of Energy $4.10 Gasoline $ $3.20 $2.75 Source: U.S. Dept. of Energy $ UB NE Leg Quarters (bulk) 1.54 UB Turkey Meat - Thigh, Fresh The chicken complex has gradually improved over the last several days starting out Following two short kill weeks for the holidays, coupled with ongoing industry cutbacks, product availability has tightened across most points of sale. Retail demand across the country has developed better than first anticipated catching some off guard. This has lead to an active scramble to get needs covered. Wings are just plain short. Orders outweigh offerings allowing premium prices to continue in advance of our quotations. Breasts have firmed up as demand patterns quickly absorb spot loads. Cutlets have also gained strength resulting in both fresh and frozen lines to realize higher price points for near term ship dates. As for dark meat, the undertone is rated steady to full steady. Leg meat has received a renewed call with some areas of sales short of full needs. Thigh meat is stable and easily well supported. Drums, legs, and thighs, have varying degrees of attention paid to them whether it be from retail, further processing, and export outlets. The undertone of the marketplace must be rated cautiously optimistic moving into POULTRY COMMENTARY next week. For turkey there s not much attracting buyers to the table at the moment as most are reportedly suffice in their current holdings for the time being. Those items that are receiving a second look are thigh meat, MST and bone-in breasts. Here, we are finding limited availabilities overall and good demand patterns. As a result, these items are rated at least steady in most areas. Elsewhere, we ve received reports of cheaper offerings of whole wings, both fresh and frozen. These items can hardly be given away and our prices decline today as a result. In a similar position are a variety of white meats. The discrepancy here is that the supplies of these products are not necessarily long but needs remain negligible at best. Whole birds are rated unsettled while fielding only seasonal levels of activity. ALL-NEW, FULLY UPDATED Now Available! Order Yours Today! namp@urnerbarry.com CUSTOMIZED COVERS AVAILABLE! Contributors: Joe Muldowney - joemo@urnerbarry.com Bruce Longo - blongo@urnerbarry.com Bill Smith - bsmith@urnerbarry.com Jim Kenny - jkenny@urnerbarry.com James Serpico - jserpico@urnerbarry.com Russ Whitman - rwhitman@urnerbarry.com Russ Barton- rbarton@urnerbarry.com AJ Munger- ajmunger@urnerbarry.com Add your Logo! Call for Details! This report is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Please read the End-User License Agreement (the Agreement), a copy of which is available at before utilizing this Urner Barry product. Your use of a particular UB Product(s) may also be subject to additional terms set forth in the Agreement. Your use of the UB Product(s) constitutes your acceptance of all of the terms, conditions, and notices set forth in the Agreement. Urner Barry reserves the right to amend, remove, or add to these terms, conditions and notices at any time without notice. Accordingly please continue to review the Agreement whenever accessing or using the UB Product(s). If at any time you do not accept the Agreement along with the terms and conditions outlined in the Services and Products Order Form, you may not use this or any UB Product. Commodity Indecies, Cattle Fax, Daily Beef Quotations, Daily Pork Quotations, Daily Lamb & Veal Quotations, Daily Poultry Quotations, Beef and Pork Futures, USDA Direct Hogs, are quoted in $/lb; USDA Slaughter is quoted as Head in Thousands; USDA Production is quoted as Pounds in Millions; USDA Weights are quoted in Pounds; USDA Drop credit is quoted in $/cwt live; Feeds are quoted in $/Bushel; Gasoline & Diesel are quoted in Cents/Gallon.

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