Agricultural Marketing Service

United States Department of Agriculture

Hog Price Reporting 

Under LMR

Livestock Mandatory Reporting 

(LMR) provides all market 

participants with the same open 

and transparent data for 

slaughter cattle, swine, sheep, 

boxed beef, lamb, and 

wholesale pork. LMR 

encourages competition in the 

marketplace by 

vastly improving price and 

supply information, bringing 

transparency, breadth, and 

depth to market reporting.

Federally inspected packing 

plants that annually process an 

average of 100,000 barrows and 

gilts or companies that process 

200,000 sows and boars are 

required to report information to 

AMS. LMR swine reports are 

based on two data sets provided 

by packers that meet reporting 

thresholds – purchase data and 

slaughter data.

Purchase data represents hogs 

that are purchased during a 

specified time period. Data 

include base prices for carcasspurchased hogs, and net prices 

and hog weights for any live hogs 

purchased. 

Slaughter data represents hogs 

that are harvested during a 

specified time period. Data 

include base prices, net prices, 

carcass weights, and carcass 

characteristics. Only reports 

HG201, HG213, HG214, and 

HG215 are based on slaughter 

data. All others reports are 

based on purchase data. 

Currently, 21 packers report 

swine information under LMR, 

accounting for 97 percent of 

swine sales and production in 

the United States. AMS Market 

Reporters review between 

7,000-11,000 swine data 

records on a daily basis. This 

data is used to publish 20 daily 

and 2 weekly swine reports. A 

listing of the reports can be 

found in the green box below.

Key LMR Definitions

An important aspect of any law 

or administrative rule is the 

definitions of various terms. 

Some of the key terms and 

definitions for LMR for hogs are:

PRICES:

• Base price: The price paid for 

livestock, delivered at the 

packing plant, before 

application of any premiums 

or discounts, expressed in 

dollars per hundred pounds 

of hot carcass weight.

• Formula price: A

price determined by a 

mathematical formula under 

which the price established for 

a specified market serves as 

the basis for the formula.

• Net price: Total amount paid by 

a packer to a producer 

Through comprehensive market surveys, case studies, and research partnerships, AMS provides insight into direct-marketing trends and emerging food system models.

A User’s Guide to USDA’s LMR Hog Price Reports

USDA is an equal opportunity provider, employer, and lender. 1 2018 United States Department of Agriculture. Agricultural Marketing Service.

AMS publishes 20 daily and 2 weekly (a total of 102) swine reports each week. The reports cover time periods, regions, 

and activities. The reports, which can be found at www.ams.usda.gov/market-news/swine-direct-reports, are:

The morning reports represent hogs purchased between 1:30pm yesterday and 9:30am today:

· Daily Direct Hog–Morning (LM HG 202)

· Eastern Cornbelt Daily Direct Hog–Morning (LM HG209)

· IA-MN Daily Direct Hog–Morning (LM HG 205)

· Western Cornbelt Daily Direct Hog–Morning (LM HG 211)

The afternoon reports represent hogs purchased between 1:30pm yesterday and 1:30pm today:

· Daily Direct Hog–Afternoon (LM HG203)

· Eastern Cornbelt Daily Direct Hog–Afternoon (LM HG210)

· IA-MN Daily Direct Hog–Afternoon (LM HG 206)

· Western Cornbelt Daily Direct Hog–Afternoon (LM HG 212)

The slaughter and prior day purchase reports represent hogs purchased between 12am yesterday to 12am today:

· Daily Direct Hog Prior Day–Purchased Swine (LM HG200)

· Daily Direct Prior Day Sow and Boar–Purchased Swine

(LM HG230)

· Daily Direct Hog Prior Day Sow Price Comparison (NW LS832)

· Daily Direct Hog Prior Day Slaughtered Swine (LM HG201)

· Daily Lean Hog Carcass Slaughter Cost (LM HG213)

· Daily Direct Hog Prior Day Net Price Distribution (LM HG215)

· Weekly National Direct Swine Report (LM HG214)

· Direct Swine Non-Carcass (LM HG250)

· Eastern Cornbelt Daily Direct Prior Day Hog–Purchased

Swine (LM HG207)

· Eastern Cornbelt Daily Direct Prior Day Sow & Boar–

Purchased Swine (LM HG232)

· IA-MN Daily Direct Prior Day Hog–Purchased Swine

(LM HG204)

· IA-MN Daily Direct Prior Day Sow & Boar–Purchased

Swine (LM HG231)

· Western Cornbelt Daily Direct Prior Day Hog–Purchased

Swine (LM HG208)

· Western Cornbelt Daily Direct Prior Day Sow & Boar–

Purchased Swine (LM HG233)
2

MARKET

INFORMATION101

Agricultural Marketing Service

United States Department of Agriculture

(including all premiums, less 

all discounts) per hundred 

swine delivered at the plant. 

Total amount paid shall include 

any sum deducted from the 

price (per hundredweight) paid 

to a producer that reflects the 

repayment of a balance owed 

by the producer to the packer 

or the accumulation of a 

balance to later be repaid by 

the packer to the producer. The 

total amount paid shall exclude 

any sum earlier paid to a 

producer that must be repaid to 

the packer.

PURCHASE TYPE:

• Negotiated purchase:

A cash or spot market 

purchase by a packer of 

livestock from a producer 

under which the base price 

for the livestock is determined 

by seller-buyer interaction 

and agreement on a delivery 

day. The livestock must be 

scheduled for delivery to the 

packer not more than 14 days 

after the date on which the 

livestock are committed to the 

packer.

• Negotiated formula purchase: 

A swine or pork market 

formula purchase under 

which the formula is 

determined by negotiation on 

a lot-by-lot basis and the 

swine are scheduled for 

delivery to the packer not 

later than 14 days after the 

date on which the formula is 

negotiated and swine are 

committed to the packer.

• Swine or pork market formula 

purchase: A purchase of 

swine by a packer in which 

the pricing mechanism is a 

formula price based on a 

market for swine, pork, or a 

pork product, other than a 

futures 

or options contract for swine, 

pork, or a pork product.

Other market formula pounds of carcass weight of • 

purchase: A purchase of 

swine by a packer in which 

the pricing mechanism is a 

formula price based on any 

market other than the market 

for swine, pork, or a pork 

product. This includes a 

formula purchase in a case 

which the price formula 

is based on one or more 

futures or options contracts.

• Other purchase arrangement: A 

purchase of swine by a packer 

that is not a negotiated 

purchase, swine or pork market 

formula purchase, negotiated 

formula purchase, or other 

market formula purchase; and 

does not involve packer-owned 

swine. 

ENTITIES/SELLERS:

• Person: Any individual, group 

of individuals, partnership, 

corporation, association, or 

other entity.

• Packer: Any person engaged 

in the business of buying 

swine in commerce for 

purposes of slaughter, of 

manufacturing or preparing 

meats or meat food products 

from swine for sale or 

shipment in commerce, or of 

marketing meats or meat food 

products from swine in an 

unmanufactured form acting 

as a wholesale broker, dealer, 

or distributor in commerce. 

For any calendar year, the 

term “packer” includes only a 

federally inspected swine 

processing plant that 

slaughtered an average of 

100,000 head of swine per 

year during the immediately 

preceding 5 calendar years 

and a person (see definition 

above) that slaughtered an 

average 

of 200,000 head of sows, 

boars, or combination thereof 

per year during the 

immediately preceding 5 

calendar years. Additionally, 

in the case of a swine 

processing plant or person 

that did not slaughter swine 

during the immediately 

preceding 5 calendar years, it 

shall be considered a packer 

if the Secretary determines 

the processing plant or 

person should be considered 

a packer after considering its 

capacity. 

• Affiliate: With respect to a 

packer,means: (1) A person that 

directly or indirectly owns, 

controls, or holds with power to 

vote, 5 percent or more of the 

outstanding voting securities of 

the packer; (2) A person

5 percent or more of whose 

outstanding voting securities are 

directly or indirectly owned, 

controlled, or held with power to 

vote, by the packer; and

(3)A person that directly

or indirectly controls, or is 

controlled by or under common 

control with, the packer.

• Packer-owned swine: Swine 

that a packer

(including a subsidiary

or affiliate of the packer) owns 

for at least 14

days immediately before 

slaughter.

• Packer-sold swine: Swine that 

are owned

by a packer (including a 

subsidiary or affiliate of the 

packer) for more than 14 days 

immediately before sale for 

slaughter; and sold for 

slaughter to another packer. 

OTHERS:

• Lot: When used in reference 

to livestock, the term means 

a group of one or more 

livestock that is identified for 

the purpose of a single 

transaction between a buyer 

and a seller.

• Base market hog: A barrow or 

gilt for which no discounts are 

subtracted from and no 

premiums are added to the 

base price.

• Noncarcassmerit premium:

Increase in the base price of 

the swine offered by an 

individual packer or packing 

plant, based on any factor 

other than the characteristics 

of the carcass, if the actual 

amount of the premium is 

known before the sale and 

delivery of the swine. 

LMR Report Content

Figures 1 and 2 show examples, 

along with helpful explanations, 

of the Daily Direct Hog Prior Day 

Purchased Swine report and the 

Daily Direct Hog Prior Day 

Slaughtered Swine report. 

USDA is an equal opportunity provider, employer, and lender.
3

MARKET

INFORMATION101

Agricultural Marketing Service

United States Department of Agriculture

**SAMPLE REPORT** 

LM_HG200

Des Moines, Iowa Mon, Feb 06, 2017 USDA Market News

NATIONAL DAILY DIRECT PRIOR DAY HOG REPORT

PLANT DELIVERED PURCHASE DATA FOR Friday, February 3, 2017

CURRENT VOLUME BY PURCHASE TYPE

BARROWS & GILTS LIVE AND CARCASS BASIS

Producer Sold Actual Prior Day Actual Week Ago Actual Year Ago

 Negotiated 8,145 7,915 10,653

 Other Market Formula 38,912 30,282 64,951

 Swine or Pork Market Formula 192,882 216,504 245,387

 Other Purchase Arrangement 119,329 98,196 55,837

 Negotiated Formula 3,059 2,642 0

Packer Sold (all purchase types) 17,055 17,978 27,834

NEGOTIATED OTHER MARKET 

FORMULA

SWINE OR PORK 

MARKET FORMULA

OTHER PURCHASE 

ARRGMENT

NEGOTIATED 

FORMULA

TOTALS/ 

WTD AVG

Barrows & Gilts (carcass basis): 

Producer Sold

 Head Count 6,030 37,406 181,795 115,903 984 342,118

 Base Price 66.88 65.75 69.10 70.64 69.19 69.22

Packer Sold

 Head Count 16,670

 Base Price 69.73

NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 6,030

Compared to the prior day, on a plant by plant basis, weighted average base prices were 1.17 lower to 2.77 higher, market 

trend not well established. Slow market activity with light demand.

Compared to Prior Day’s closing weighted average (LM_HG200), 0.47 lower

Base Price Rng $62.00 - $69.25, Wtd Avg $66.88, 5 Day Rolling Avg $65.88

NEGOTIATED FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 984

Compared to Prior Day’s closing weighted average (LM_HG200), 0.23 higher

Base Price Rng $65.91 - $71.71, Wtd Avg $66.88

COMBINED NEGOTIATED & NEGOTIATED FORMULA PURCHASES (Including Packer Sold)

Barrows & Gilts (carcass basis): 7,014

Compared to Prior Day’s closing weighted average (LM_HG200), 0.32 higher

Base Price Rng $62.00 - $71.71, Wtd Avg $66.02

FIGURE 1: EXAMPLE OF LM-HG200, DAILY DIRECT HOG PRIOR DAY-PURCHASED SWINE

Date report is published/released.

Hogs in this report are priced the prior

business day from midnight to midnight.

Actual number of carcass and live hogs 

priced the prior business day, a week 

ago, and a year ago for each Producer 

Sold purchase type and combined 

Packer Sold. 

Purchase types.

Swine owned by a packer for more than 

14 days before sale for slaughter; and 

sold for slaughter to another packer. 

Carcass Priced Hogs: The volume and 

weighted average base carcass price 

for each Producer Sold purchase type.

Carcass Priced Hogs: The combined 

total volume and weighted average price 

for all Packer Sold purchase types. 

Carcass Priced Hogs: Producer and 

packer sold negotiated hogs.

Commentary written by reporter. 

Compares the price trend on today’s 

report to the previous prior day report. 

Carcass Priced Hogs: price before 

premiums/discounts are added or 

subtracted. 

Carcass Priced Hogs: Producer and packer sold negotiated formula priced hogs.

Comparison of today’s weighted average

price to that of the prior business day’s 

Carcass Priced Hogs report. 

Combination of producer sold and 

packer sold negotiated and negotiated 

formula purchase carcass priced hogs. 

USDA is an equal opportunity provider, employer, and lender.
4

MARKET

INFORMATION101

Agricultural Marketing Service

United States Department of Agriculture

NATIONAL DAILY DIRECT NEGOTIATED HOG PURCHASE MATRIX

REPRESENTING INDIVIDUAL PACKER CARCASS MERIT BUYING PROGRAMS

based on both Fat and Muscle Measurements for a 200 lb Carcass Basis

LOIN AREA/DEPTH (INCHES)

BF 4.0/ 1.4 5.0/ 1.7 6.0/ 2.0 7.0/ 2.3 8.0/ 2.7

0.4 65.00 72.25 66.50 73.75 67.50 73.75 68.50 75.25 69.00 76.01

0.5 62.00 70.75 65.00 72.25 67.50 72.79 68.00 74.17 69.00 76.01

0.6 62.00 70.75 65.00 70.75 66.50 72.25 67.50 72.86 68.50 74.70

0.7 62.00 69.25 62.00 69.25 65.00 70.75 66.50 72.50 68.00 73.38

0.8 61.00 68.25 62.00 69.25 65.00 70.00 65.00 71.50 66.50 73.00

0.9 61.00 66.25 62.00 68.25 62.00 68.25 65.00 70.00 65.00 72.50

1.0 59.00 66.25 61.00 66.25 62.00 67.00 64.00 70.00 65.00 71.50

1.1 58.00 64.25 60.00 66.00 62.00 67.00 62.00 67.00 64.00 71.50

1.2 58.00 63.00 58.00 64.00 60.00 66.00 60.00 67.00 62.00 70.00

1.4 51.35 59.50 52.73 63.00 54.10 64.00 55.48 66.00 57.32 67.00

CARCASS WEIGHT DIFFERENTIALS

145# -30.00 -6.56 175# -3.00 2.25 205# -5.25 4.50

155# -30.00 0.00 185# 0.00 4.00 215# -5.25 4.25

165# -15.00 0.00 195# -1.31 4.50 225# -5.25 1.00

MEASUREMENTS BASED ON SLAUGHTER DATA SUBMITTED

5-Day Rolling Average Market Hog: 201.10 lb carcass, 0.65 inch back-fat, 7.05 square inch loin/2.35 inch loin depth, FFLI: 52.92%

Price Range $66.50 - $72.50

SWINE OR PORK MARKET FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (carcass basis): 192,048

Base Price Range $63.92 - $80.83, Weighted Average $69.12

NEGOTIATED PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-320 lbs): 1,813

Compared to Prior Day’s closing weighted average (LM_HG200), 1.43 higher Price Rng $48.00 - $55.00, Wtd Avg $52.05, 5 

Day Rolling Avg $50.18

NEGOTIATED FORMULA PURCHASE (Including Packer Sold)

Barrows & Gilts (live basis, 240-320 lbs): 1,961

*Price not reported due to confidentiality* 5 Day Rolling Avg $--

COMBINED NEGOTIATED AND NEGOTIATED FORMULA PURCHASES (Including Packer Sold)

Barrows & Gilts (live basis, 240-320 lbs): 3,774

*Price not reported due to confidentiality* 5 Day Rolling Avg $--

BARROWS & GILTS PURCHASE BY STATE OF ORIGIN

Canada 442 Colorado 340

Georgia 172 Iowa 186,583

Illinois 21,565 Indiana 19,840

Kansas 3,356 Kentucky 3,980

Michigan 6,172 Minnesota 57,685

Missouri 3,336 Mississippi 278

Montana 197 North Carolina 16,630

Nebraska 22,577 Ohio 15,030

Oklahoma 2,699 Pennsylvania 3,695

South Carolina 340 South Dakota 10,960

Tennessee 1,281 Utah 467

Wisconsin 1,757

*Price not reported due to confidentiality, For more information visit: www.ams.usda.gov/sites/default/files/media/ConfidentialityGuidelines.pdf

*Base Price is the price from which no discounts are subtracted and no premiums are added.

Source: USDA Livestock, Poultry & Grain Market News Division, Des Moines, IA

515-284-4460 email: desm.lpgmn@ams.usda.gov 24 Hour recorded market information 515-284-4830

www.ams.usda.gov/market-news/livestock-poultry-grain

Loin area and loin depth in inches.

Back fat depth in inches.

Lowest and highest possible carcass 

price for each backfat-loin area/depth 

combination using the current report’s 

negotiated carcass price and a 200 lbs. 

carcass hog.

Carcass-Priced Hogs: the lowest and

highest price adjustment for each weight

across all packers’ buying programs.

Carcass-Priced Hogs: 5-day rolling average of all hog carcass measurements 

and range of base price data submitted.

The Fat Free Lean Index (FFLI) is an 

estimate of the amount of muscle 

tissue in a carcass. 

Carcass-Priced Hogs: Producer and 

packer sold swine or pork market 

formula hogs.

Live-Priced Hogs: Producer and packer 

sold negotiated purchase hogs.

Live-Priced Hogs: Producer and packer 

sold negotiated formula purchase hogs.

Live-Priced Hogs: Producer and 

packer sold combined negotiated and 

negotiated formula purchase hogs.

Origin of hogs. The state where hogs 

were fed to slaughter weight. Volume 

includes all purchases.

Carcass-Priced Hog prices from 

packers whose buying programs 

include both loin eye and back fat are 

included in this section.

USDA is an equal opportunity provider, employer, and lender.
5

MARKET

INFORMATION101

Agricultural Marketing Service

United States Department of Agriculture

FIGURE 2: EXAMPLE OF LM-HG201, DAILY DIRECT HOG PRIOR DAY-SLAUGHTERED SWINE

**SAMPLE REPORT**

LM_HG201

Des Moines, Iowa Fri, Dec 30, 2016 USDA Market News

NATIONAL DAILY DIRECT HOG PRIOR DAY REPORT - SLAUGHTERED SWINE

Slaughter Data for Thursday, December 29, 2016

Barrows and Gilts (Live and Carcass Basis): 404,858

NEGOTIATED OTHER MARKET 

FORMULA

SWINE OR PORK 

MARKET FORMULA

OTHER PURCHASE 

ARRGMENT

NEGOTIATED 

FORMULA

TOTALS/ 

WTD AVG

Producer Sold:

HEAD COUNT 8,556 35,503 152,682 76,972 2,243 275,956

CARCASS BASE PRICE 53.81 59.51 55.35 63.91 52.63 58.28

AVG. NET PRICE 52.63 62.08 57.73 65.05 61.22 60.27

LOWEST NET LOT 39.79 41.81 44.82 48.94 44.78 45.16

HIGHEST NET LOT 59.24 72.05 79.77 80.62 77.05 76.18

AVG. LIVE WT 263.22 282.21 283.78 279.44 280.78 281.80

AVG. CARCASS WT 200.42 213.30 213.70 208.99 210.33 211.89

AVG. SORT LOSS -2.01 -1.70 -1.69 -1.36 -1.33 -1.61

AVG. BACKFAT 0.72 0.66 0.66 0.70 0.73 0.67

AVG. LOIN DEPTH (LD) 2.24 2.68 2.68 2.49 2.44 2.62

LEA (LD Converted) 6.72 8.07 8.07 7.48 7.64 7.89

AVG. LEAN % 53.85 55.85 55.76 55.24 55.13 55.60

(Packer Buying Programs)

Packer Sold: TOTALS/WTD AVG

All Purchase Types

HEAD COUNT 18,641

CARCASS BASE PRICE 54.37

AVERAGE NET PRICE 57.67

AVERAGE OF LOWEST NET LOTS 50.60

AVERAGE OF HIGHEST NET LOTS 65.49

AVERAGE LIVE WT 275.07

AVERAGE CARCASS WT 208.04

AVERAGE SORT LOSS -1.71

AVERAGE BACKFAT 0.62

AVERAGE LOIN DEPTH (LD) 2.56

LOINEYE AREA (LD Converted) 7.70

AVERAGE LEAN PERCENT 56.46

(Packer Buying Programs)

Packer Owned: TOTALS/WTD AVG

HEAD COUNT 110,261

AVERAGE LIVE WT 289.59

AVERAGE CARCASS WT 217.50

AVERAGE BACKFAT 0.71

AVERAGE LOIN DEPTH (LD) 2.50

AVERAGE LEAN PERCENT 53.76

Total volume reported for the prior day 

for all purchase types.

Purchase types.

Swine owned by a producer before 

slaughter and sold to a packer.

Average price before premiums and 

discounts are applied by purchase price.

Average discount resulting from swine 

not falling within the individual packer’s 

established carcass weight or lot 

variation range. 

Muscle depth in inches.

Swine that are owned by a packer 

(including a subsidiary or affiliate of the 

packer) for more than 14 days immediately before sale for slaughter; and sold 

for slaughter to another packer.

Price after premiums and discounts

are applied.

Loin eye area, in inches.

Calculated standard lean yield.

Swine that a packer (including a subsidiary or affiliate of the packer) owns 

for at least 14 days immediately before 

slaughter.

Date of the report.

Hogs in this report were slaughtered on 

this business day, midnight to midnight.

Back fat depth in inches.

USDA is an equal opportunity provider, employer, and lender.
6

MEASUREMENTS BASED ON SLAUGHTER DATA REPORTED:

Prior Slaughter Day’s Average Market Hog based on reported slaughter data:

213.26 lbs carcass; BF 0.68; LD 2.59; LEA 7.80; FFLI 53.10%

CARCASS-BASED PURCHASES:

Wtd Avg Base $58.09

Wtd Avg Net Price $60.10

SWINE SCHEDULED FOR DELIVERY TO PACKING PLANTS FOR SLAUGHTER

(Dates based on reporting days) Head Count

 December 30, 2016 397,957

 December 31, 2016 229,013

 January 01, 2017 156

 January 02, 2017 53,772

 January 03, 2017 349,733

 January 04, 2017 346,961

 January 05, 2017 347,699

 January 06, 2017 362,467

 January 07, 2017 261,390

 January 08, 2017 17,623

 January 09, 2017 92,179

 January 10, 2017 98,970

 January 11, 2017 97,284

 January 12, 2017 95,043

Producer Sold:

NEGOTIATED NEGOTIATED 

FORMULA

COMBINED

HEAD COUNT 8,556 2,243 10,799

CARCASS BASE PRICE 51.81 51.81 51.81

AVERAGE NET PRICE 52.63 52.63 52.63

LOWEST NET LOT 39.79 39.79 39.79

HIGHEST NET LOT 59.24 59.24 59.24

AVERAGE LIVE WT 263.00 268.21 264.08

AVERAGE CARCASS WT 200.42 200.76 200.49

AVERAGE SORT LOSS -2.01 -1.96 -2.00

AVERAGE BACKFAT 0.72 0.72 0.72

AVG LOIN DEPTH (LD) 2.24 2.25 2.24

LEA (LD Converted) 6.72 9.75 7.35

AVERAGE LEAN PERCENT 53.85 53.94 53.87

(Packer Buying Programs)

Source: USDA Livestock, Poultry & Grain Market News Division, Des Moines, IA

515-284-4460 email: desm.lpgmn@ams.usda.gov

24 Hour recorded market information 515-284-4830

www.ams.usda.gov/market-news/livestock-poultry-grain

Average carcass base price and net 

price for all producer and packer sold 

purchase types from the prior day 

slaughter.

MARKET

INFORMATION101

Agricultural Marketing Service

United States Department of Agriculture

Swine scheduled for delivery to packers 

during the next 14 days as estimated 

from packer-submitted purchase data.

Total producer-sold negotiated and 

negotiated formula hogs.

Average hog measurements of all hogs 

slaughtered on the previous day.

The Fat Free Lean Index (FFLI) is an 

estimate of the amount of muscle 

tissue in a carcass. 

USDA is an equal opportunity provider, employer, and lender.