Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 1 of 31

Determination of Base Price 1505

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Nearby Lean Hog, Lean Hog, Day Contracted

Specified Price, Day Contracted

Other Terms

Option 1: Final Price = CME Price Day Contracted + Basis Option 2: Final Price = Specified Priced Day 

Contracted + Basis Option 3: Final Price = CME Price Day prior to Delivery + Basis.

Premium/Discount Type: Basis, ($3.50) 

Premium/Discount Type: Futures Schedule, See Schedule: 20 

Determination of Base Price 1518

All Reports Referenced

Decatur SBM, Soybean Meal, Average - 6 months prior to delivery

Fostoria Corn, Corn, Average - 6 months prior to delivery

Fostoria SBM, Soybean Meal, Average - 6 months prior to delivery

Lima Corn, Corn, Average - 6 months prior to delivery

LM_HG203, Weighted Average, Day Prior to Delivery

Sidney SBM, Soybean Meal, Average - 6 months prior to delivery

Other Terms

Floor Price = Weighted Average (* 0.74) + Contract Premium 

Base Price = $49.95 +/- [(weekly corn price - corn discount) x 4] + [(weekly SBM price - SBM discount) x 

0.022] Final Price = Base Price + 25% * Base Price - Floor Price

Premium/Discount Type: Corn Discount, ($2.35)

Premium/Discount Type: SBM Discount, $240.00

Premium/Discount Type: Contract Premium, $3.50 

Determination of Base Price 1519

All Reports Referenced

LM_HG203, Weighted Average, Day Prior to Delivery

Other Terms

Floor Price: 45Ceiling Price: 60

Market Price(MP) = 75.5% (Weighted Average + 3)If MP > Ceiling Price, Final Price = Ceiling Price + Carcass 

Merit Adjustment If MP < Floor Price, Final Price = Floor Price + Carcass Merit Adjustment If MP > Floor 

Price and < Ceiling Price, Final Price = MP + Carcass Merit Adjustment.

Premium/Discount Type: Sort See Schedule: 225 

Premium/Discount Type: Contract Premium, $3.00 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 2 of 31

Determination of Base Price 1520

All Reports Referenced

Decatur SBM, Soybean Meal, Average - 6 months prior to delivery

Fostoria Corn, Corn, Average - 6 months prior to delivery

Fostoria SBM, Soybean Meal, Average - 6 months prior to delivery

Lima Corn, Corn, Average - 6 months prior to delivery

LM_HG203, Weighted Average, Day Prior to Delivery

Sidney SBM, Soybean Meal, Average - 6 months prior to delivery

Other Terms

Floor Price = Weighted Average (* 0.74) + Contract Premium

Base Price = $49.95 +/- [(weekly corn price - corn discount) x 4] + [(weekly SBM price - SBM discount) x 

0.022] Final Price = Base Price + 25% * Base Price - Floor Price

Premium/Discount Type: Corn Discount, ($2.35)

Premium/Discount Type: SBM Discount, $240.00

Determination of Base Price 1529

All Reports Referenced

Nearby Lean Hog, Lean Hog, Day Prior to Delivery

Other Terms

Final Price = Base Market Price + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Contract Premium, ($3.00)

Determination of Base Price 1530

All Reports Referenced

Nearby Lean Hog, Lean Hog, Day Prior to Delivery

Other Terms

Final Price = Base Market Price + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Contract Premium, ($2.00)
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 3 of 31

Determination of Base Price 1539

All Reports Referenced

LM_HG201, Negotiated Average Net Price, Day Prior to Delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Floor Price (FP) = 87% Cutout Value Ceiling Price (CP) = 92% Cutout Value

Market Price (MP) = Base Percentage * Net Price If MP < FP, Final Price = FP + Carcass Merit Adjustment If

MP > CP, Final Price = CP + Carcass Merit Adjustment If MP > FP and < CP, Final Price = MP Carcass Merit 

Adjustment.

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 85 

Premium/Discount Type: Base Percentage 99%

Determination of Base Price 1556

All Reports Referenced

LM_HG203, Negotiated Base Weighted Average, Day Prior to Delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Floor Price (FP) = 80% Cutout Value Ceiling Price (CP) = 90% Cutout Value

Market Price (MP) = Weighted Average + Contract Premium. If MP > CP, Final Price = CP + Carcass Merit 

Adjustment If MP < FP, Final Price = FP + Carcass Merit Adjustment If MP > FP and < CP, Final Price = MP 

+ Carcass Merit Adjustment.

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Contract Premium, $3.25 

Determination of Base Price 1566

All Reports Referenced

LM_HG201

LM_HG212

NW_LS500

Other Terms

WCB = Western Cornbelt Weighted Average Price for Negotiated Purchases from LM_HG212 CME = Futures 

Settlement Price for Lean Hog Futures Nat Neg = Negotiated Producer Sold Average Net Price from 

LM_HG201 Cutout = USDA Pork Carcass Cutout Carcass Value from NW_LS500 

Premium/Discount Type: Carcass Merit Might and Might Not
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 4 of 31

Determination of Base Price 1642

All Reports Referenced

LM_HG203, National Base Weighted Average, Day Prior to Delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = CME Value + Contract Premium + Carcass Merit Adjustment. 

Premium/Discount Type: Carcass Merit $2.50

Determination of Base Price 1643

All Reports Referenced

LM_hg203, Weighted Average

LM_PK602, Carcass Average

Other Terms

Final Price = CME Value + Contract Premium + Carcass Merit Adjustment. 

Premium/Discount Type: Carcass Merit$3.00

Determination of Base Price 566

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = CME Price + Basis + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 64 

Premium/Discount Type: Sort See Schedule: 85 

Premium/Discount Type: Basis, See Schedule: 58 

Determination of Base Price 779

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last trading day prior to harvest

Other Terms

Final Live Price = (Futures Price * 75.5%) + Sort - Program Participation Fee

Determination of Base Price 812

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = CME Price + Basis + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: Futures Schedule, See Schedule: 20 

Premium/Discount Type: Basis, ($3.50) 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 5 of 31

Determination of Base Price 936

All Reports Referenced

CBOT, Corn, Weekly Average - 26 Weeks prior to delivery

CBOT, Soybean Meal, Weekly Average - 26 Weeks prior to delivery

Nearby Lean Hog, Selected Contract Settlement, Weekly Average - 26 Weeks prior to delivery

Other Terms

Selected months used to calculate weekly averages for given calendar week are shown in Schedule 233Per Head 

Adjustment = 92.25 - [(LH Conversion Factor * Lean Hog Settle Weekly Average) + (Corn Conversion Factor 

* Corn Settle Weekly Average) + (SB Meal Conversion Factor * SB Meal Settle Weekly Average)]Per CWT 

Adjustment = Per Head Adjustment/Hundred Weight Conversion Factor/ Yield Conversion Factor Final Price = 

$72.50 + Per CWT Adjustment + Carcass Merit Adjustment See Schedule: 223

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: LH Conversion Factor 55%

Premium/Discount Type: Corn Conversion Factor 9.4

Premium/Discount Type: SB Meal Conversion Factor 0.06

Premium/Discount Type: Yield 75%

Premium/Discount Type: Hundred Weight Conversion Factor 2.90

Determination of Base Price 954

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final price = CME+ Basis+ Carcass Merritt Adjustment

Premium/Discount Type: Basis, ($5.90) 

Premium/Discount Type: Loose Sow Housing, $3.00 

Determination of Base Price 1016

All Reports Referenced

LM_HG203, Weighted Average, Day prior to Slaughter

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

For first volume delivered, Final Price = CME Price + Basis + Freight Adjustment to specified location + 

Carcass Merit Adjustment For remaining volume delivered, final price = National Weighted Average + 

Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Basis, ($0.50) 

Premium/Discount Type: Contract Premium, $3.25 

Premium/Discount Type: Freight, $0.50 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 6 of 31

Determination of Base Price 1083

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Nearby Lean Hog, Lean Hog, Day Contracted

Other Terms

Producer has two Options. Option 1: Final Price = [Cutout Price + Contract Premium] + Carcass Merit 

Adjustment or [Cutout Price + Contract Premium 2] + Carcass Merit Adjustment, dependent on delivery plant 

Option 2: CME Price + Basis + Carcass Merit Adjustment. Carcass Merit Program used is specific to delivery 

plant.

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Contract Premium, ($4.50)

Premium/Discount Type: Contract Premium 2, ($3.75) 

Premium/Discount Type: Basis, See Schedule: 219 

Determination of Base Price 1194

All Reports Referenced

Lean Hog Index, Lean Hog, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = [(Cutout Percent * Cutout Price) + Lean Hog Index + CME Settlement]/3 + Carcass Merit 

Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Cutout Percentage 94%

Determination of Base Price 1211

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = CME Price + Basis + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 85 

Premium/Discount Type: Carcass Merit See Schedule: 64 

Premium/Discount Type: Basis specified amount

Determination of Base Price 1246

All Reports Referenced

Nearby Lean Hog, Lean Hog, Day Prior to Delivery

Other Terms

Final Price = CME Price + Basis + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: Futures Schedule, ($1.50), See Schedule: 20 

Premium/Discount Type: Basis 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 7 of 31

Determination of Base Price 1247

All Reports Referenced

CBOT, Corn, Weekly Average - 26 Weeks prior to delivery

CBOT, Soybean Meal, Weekly Average - 26 Weeks prior to delivery

Nearby Lean Hog, Selected Contract Settlement, Weekly Average - 26 Weeks prior to delivery

Other Terms

Selected months used to calculate weekly averages for given calendar week are shown in Schedule 233Per Head 

Adjustment = 92.25 - [(LH Conversion Factor * Lean Hog Settle Weekly Average) + (Corn Conversion Factor 

* Corn Settle Weekly Average) + (SB Meal Conversion Factor * SB Meal Settle Weekly Average)]Per CWT 

Adjustment = Per Head Adjustment/Hundred Weight Conversion Factor/ Yield Conversion Factor Final Price = 

$72.50 + Per CWT Adjustment + Carcass Merit Adjustment See Schedule: 223

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: LH Conversion Factor 55%

Premium/Discount Type: Corn Conversion Factor 9.4

Premium/Discount Type: SB Meal Conversion Factor 0.06

Determination of Base Price 1271

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = Lean Hog Value + Loose Housing Premium + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 64 

Premium/Discount Type: Sort See Schedule: 85 

Premium/Discount Type: Loose Sow Housing, $1.00 

Determination of Base Price 1367

All Reports Referenced

LM_HG201, Prod Sold Negotiated Average Net, Day Prior to Delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = 25% (CME Percent * Lean Index) + 37.5% (Cutout Percentage * Cutout Value) + 37.5% (Net 

Percentage * Net Price) + Carcass Merit Adjustment.

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: CME Percentage 98%

Premium/Discount Type: Cutout Percentage 93.22%

Premium/Discount Type: Net Percentage 101.5%
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 8 of 31

Determination of Base Price 1414

All Reports Referenced

Nearby Lean Hog, Lean Hog, Last Posted

Other Terms

Final Price = CME Value + Contract Premium + Carcass Merit Adjustment + Antibiotic Free Premium, when 

required

Premium/Discount Type: Antibiotic Free$0.50 

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Contract Premium, $1.00 

Determination of Base Price 1433

All Reports Referenced

Nearby Lean Hog, Lean Hog, Day of Delivery

Other Terms

Final Price = CME + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 221 

Premium/Discount Type: Contract Premium, ($3.00) 

Determination of Base Price 1225

All Reports Referenced

Nearby Lean Hog, excluding May, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = CME Price + Basis + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: Futures Schedule, ($1.50), See Schedule: 20 

Determination of Base Price 461

All Reports Referenced

Lean Hog Index, Lean Hog, Day of Delivery

Other Terms

Final Price = Market Price + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Contract Premium, $0.80 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 9 of 31

Determination of Base Price 470

All Reports Referenced

Lean Hog Index, Lean Hog, Day of Delivery

LM_HG203, Negotiated Base Weighted Average, Day Prior to Delivery

Other Terms

Base Price = simple average of two reports

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 37 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Contract Premium, $2.25 

Determination of Base Price 970

All Reports Referenced

Lean Hog Index, Lean Hog, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

Other Terms

Final Price = [50% (102% Lean Hog Index) + 50% (95% Cutout Value)] + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Determination of Base Price 1194

All Reports Referenced

Lean Hog Index, Lean Hog, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

Nearby Lean Hog, Lean Hog, Last trading day prior to delivery

Other Terms

Final Price = [(Cutout Percent * Cutout Price) + Lean Hog Index + CME Settlement]/3 + Carcass Merit 

Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Cutout Percentage 94%
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 10 of 31

Determination of Base Price 1313

All Reports Referenced

Jeffersonville Corn, Cash Corn, Average - 8 weeks prior to delivery

Kokomo Corn, Cash Corn, Average - 8 weeks prior to delivery

Lean Hog Index, Lean Hog, Day of Delivery

Morristown SBM, Soybean Meal, Average - 8 weeks prior to delivery

Other Terms

Floor Price = [{9.8 [(Jeffersonville Corn + Kokomo Corn)/2] + 0.0825 (Morristown SBM)}/2.15] + 38.25

Ceiling Price = Floor Price + 10 Market Price = CME Percentage * Index Value Base Price = Floor Price + 

50% (Market Price - Floor Price)If Market Price < Floor Price, Final Price = Floor Price + Carcass Merit 

Adjustment If Base Price > Ceiling Price Final Price = Ceiling Price + Carcass Merit Adjustment If Market 

Price >= Floor Price and Base Price <= Ceiling Price, Final Price = Base Price + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: CME Percentage 101.5%

Determination of Base Price 302

All Reports Referenced

Delivered Corn, Cash Corn, Average - 6 weeks prior to delivery

Delivered SBM, 48% Soybean Meal, Average - 6 weeks prior to delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Matrix Value - $8.00Matrix Value + $8.00

Base Price (BP) = 95% Cutout Value Final Price = BP + 50% (Matrix Value - BP) See Schedule: 42

Determination of Base Price 312

All Reports Referenced

Delivered Corn, Cash Corn, Average - 6 weeks prior to delivery

Delivered SBM, 48% Soybean Meal, Average - 6 weeks prior to delivery

LM_HG207, Negotiated Base Weighted Average, Day of Slaughter

LM_HG207, Swine or Pork Market Weighted Average, Day of Slaughter

LM_HG208, Negotiated Base Weighted Average, Day of Slaughter

LM_HG208, Swine or Pork Market Weighted Average, Day of Slaughter

LM_PK602, Pork Carcass Cutout, Day of Slaughter

Other Terms

Market Price (MP) = average of 5 swine/pork market prices -$2.00Final Price = Average of Matrix Price and 

Market Price. See Schedule: 105
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 11 of 31

Determination of Base Price 333

All Reports Referenced

GX_GR117, 48% SBM Rail, hi and low, Average - 8 weeks prior to delivery

LM_HG201, Negotiated Base Weighted Average, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

SJ_GR850, US #2 Yellow, hi and low, Average - 8 weeks prior to delivery

Other Terms

National Price = 99% Negotiated Weighted Average Cutout Price = 97% Cutout Value Corn-Soybean Price = 

$36.44346 + (4.40235 Corn) + (.044845 SBM) Ordinary Base = 50% National Price + 50% Cutout Price 

Minimum Base = 30% National Price + 30% Cutout Price + 40% Corn-Soybean Price Final Price = Higher of 

Ordinary Base or Minimum Base.

Determination of Base Price 360

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day of Slaughter

Other Terms

Floor Price = RCOP -$8.00Ceiling Price = RCOP +$8.00

Market Price (MP) = Cutout Value - $6.30If MP < RCOP, then Base Price = MP + 50% (RCOP - MP)If MP > 

RCOP, then Base Price = RCOP + 50% (MP - RCOP) Base Primal % = 56.5, higher % receive premiums, 

lower receive discounts Max Primal Premium = 4.5%, unlimited discounts Premium based on 56 day Average 

of quoted market prices for primal cuts Outside 164-205 pound weight range, sort discount is reimbursed for 

primals of acceptable size Regional COP (RCOP) is regional grain basis and transportation differential

Premium/Discount Type: Sort See Schedule: 16 

Determination of Base Price 363

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day of Slaughter

Other Terms

Floor Price = COP - $6.00Ceiling Price = COP + $6.00

Market Price (MP) = Cutout Value - $6.30If MP< RCOP, then Base Price = MP + 50% (RCOP - MP)If MP > 

RCOP, then Base Price = RCOP + 50% (MP - RCOP) Base Primal % = 56.5, higher % receive premiums, 

lower receive discounts Max Primal Premium = 4.5%, unlimited discounts Premium based on 56 day Average 

of quoted market prices for primal cuts Outside 164-205 pound weight range, sort discount is reimbursed for 

primals of acceptable size Regional COP (RCOP) is regional grain basis and transportation differential

Premium/Discount Type: Sort See Schedule: 16 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 12 of 31

Determination of Base Price 561

All Reports Referenced

LM_HG203, Negotiated Base Weighted Average Range, Average - 3 days prior to delivery

LM_PK602, Pork Carcass Cutout, Average - Previous Week

Other Terms

Floor Price (FP) is Negotiated Base Range Average -$2.00Ceiling Price (CP) = Negotiated Base Range Average

+ $2.00 Base Price = Cutout Value - $9.50

Premium/Discount Type: Contract Premium, ($9.50) 

Premium/Discount Type: Regional East, $1.70 

Determination of Base Price 594

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day of Delivery

Other Terms

Floor Price = COP - $5.00Ceiling Price = COP + $5.00

If Market Price (MP) < COP, then Base Price = COP - 50% (COP-MP) IF MP > COP, the Base Price = COP + 

50% (MP - COP) Cost of Production (COP) based on regional standard hog production assumptions

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Supplier Program - Compliance Bonus, $4.25 

Premium/Discount Type: Contract Premium, ($5.50) 

Determination of Base Price 597

All Reports Referenced

LM_PK602, Carcass Average, Day of Delivery

Other Terms

Final Price = Market Price + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Contract Premium, ($4.00) 

Determination of Base Price 600

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day of Delivery

Other Terms

Floor Price and Ceiling Price set based on COP according to schedule.

If Market Price (MP) < COP, then Base Price = COP - 50% (COP-MP) IF MP > COP, the Base Price = COP + 

50% (MP - COP) See Schedule: 88 Cost of Production (COP) based on regional standard hog production 

assumptions

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Contract Premium, ($6.00) 

Premium/Discount Type: Supplier Program - Compliance Bonus, $2.00 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 13 of 31

Determination of Base Price 602

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day of Delivery

Other Terms

Floor and Ceiling set based on COP according to schedule.

If Market Price (MP) < COP, then Base Price = COP - 75% (COP-MP) IF MP > COP, the Base Price = COP + 

75% (MP - COP) See Schedule: 89 Cost of Production (COP) based on regional standard hog production 

assumptions

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Contract Premium, ($5.00) 

Premium/Discount Type: Supplier Program - Compliance Bonus, $2.00 

Determination of Base Price 604

All Reports Referenced

GX_GR117, 48% SBM Rail, hi and low, Average - Previous Week, 4 daily quotes

LM_HG201, Prod Sold Negotiated Average Net, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

NW_GR901, Omaha Corn, Average - Previous Week, daily high and low

Other Terms

Floor Price = 36.44346 + 4.40235 (Omaha Corn) + 0.044845 (Decatur Soybean Meal)

Base Cash Price (BCP) = 103.8% Negotiated Net Cutout Price (CP) = 90.6% Carcass Base Adjusted Matrix 

Price (AMP) = greater of Floor Price and Base Cash Price Final Price = [BCP + CP + AMP] / 3

Determination of Base Price 641

All Reports Referenced

LM_HG207, Negotiated Base Weighted Average, Day of Delivery

LM_HG207, Swine or Pork Market Weighted Average, Day of Delivery

LM_HG208, Negotiated Base Weighted Average, Day of Delivery

LM_HG208, Swine or Pork Market Weighted Average, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

Local Survey, Cash Corn, Average - 6 weeks prior to delivery

Local Survey, Soybean Meal, Average - 6 weeks prior to delivery

Other Terms

Floor Price = Matrix Price - $4.00Ceiling Price = Matrix Price + $4.00

Base Live Price = 74.5% [(ECB Negotiated + ECB SPMF + WCB Negotiated + WCB SPMF + Cutout 

Value)/5]if Base Live Price < Floor Price (FP), then Final Price = FP If Base Live Price > Ceiling Price (CP), 

then Final Price = CP If Base Live Price > FP and < CP, then Final Price = Base Live Price. See Schedule: 104

Premium/Discount Type: Lean See Schedule: 82 

Premium/Discount Type: Sort See Schedule: 103 

Premium/Discount Type: Trim See Schedule: 100 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 14 of 31

Determination of Base Price 818

All Reports Referenced

LM_HG212, Weighted Average, Average - 3 days prior to delivery

LM_PK602, Pork Carcass Cutout, Average - 3 days prior to delivery

Other Terms

Final Price = Base Price + Carcass Merit Adjustment Base Price = 1 of 3 options: (1) 95.5% Cutout Value (2) 

WCB Market Price + Contract Premium (3) Average of Options 1 and 2.

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Sort See Schedule: 78 

Premium/Discount Type: Contract Premium, $2.00 

Determination of Base Price 935

All Reports Referenced

LM_HG212, Weighted Average, Average - 3 days prior to delivery

LM_PK602, Weighted Average, Average - 3 days prior to delivery

Other Terms

Final Price = Market Price + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 18 

Premium/Discount Type: Sort See Schedule: 78 

Determination of Base Price 950

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day of Delivery

Other Terms

First year antibiotic free premiums are set by quarterly incentives Final Price = Cutout Percentage (Cutout 

Price) + Antibiotic Free Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 130 

Premium/Discount Type: Trim See Schedule: 100 

Premium/Discount Type: Antibiotic Free$12.00 per hog

Premium/Discount Type: Antibiotic Free See Schedule: 212 per hog
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 15 of 31

Determination of Base Price 1022

All Reports Referenced

Griggsville Corn, Cash Corn, Average - 8 weeks prior to delivery

GX_GR117, 48% SBM Rail, Average - 8 weeks prior to delivery

JC_GR110, Cash Corn, Average - 8 weeks prior to delivery

LM_HG201, Prod Sold Negotiated Average Net, Day of Slaughter

LM_PK602, Pork Carcass Cutout, Day prior to Slaughter

Other Terms

Floor Price = 36.44346 + [4.40236 (60% St. Louis Corn + 40% Griggsville Corn)] + (0.044845 Central IL 

SBM);National Price = Base Percent * National Net Price Cutout Price = Cutout Percent * Pork Carcass Cutout 

Average Base Price = (Cutout Price + National Price)/2Adjusted Corn/Soy Matrix Price = Max of (Floor Price 

or Average Base Price + Contract Premium)Final Price = 33.3% National Price + 33.3% Cutout Price + 33.4% 

Adjusted Corn/Soy Matrix Price + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Cutout Percentage 97%

Premium/Discount Type: Base Percentage 102%

Premium/Discount Type: Contract Premium, ($1.50) 

Determination of Base Price 1031

All Reports Referenced

LM_HG207, Swine or Pork Market Average Carcass Weight, Day of Delivery

LM_HG208, Swine or Pork Market Average Carcass Weight, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

Other Terms

Final Price = [ECB Weighted Average + WCB Weighted Average + (Cutout Percent * Cutout Price)]/3

Premium/Discount Type: Antibiotic Free$12.00 per hog

Premium/Discount Type: Cutout Percentage 95%

Determination of Base Price 1054

All Reports Referenced

GX_GR117, 48% SBM Rail, Average - Previous Week

LM_HG201, Prod Sold Negotiated Average Net, Day Prior to Delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

WH_GR110, #2 yellow Corn, Average - Previous Week

Other Terms

Floor Price = $36.44346 + (4.40235 Corn Price) + (0.044845 Soybean Meal Price)

Cutout Price = Cutout Percent (Pork Carcass Cutout + Contract Premium) Average Base Price = (Cutout Price 

+ National Net Price)/2Adjusted Corn/Soy Matrix Price = Max of (Floor Price or Average Base Price)Final 

Price = 30% National Net Price + 30% Cutout Price + 40% Adjusted Corn/Soy Matrix Price + Carcass Merit 

Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Cutout Percentage 95.72%

Premium/Discount Type: Contract Premium, ($1.50) 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 16 of 31

Determination of Base Price 1082

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = Cutout Percent * Cutout Price + Carcass Merit Adjustment Carcass Merit Program used is specific 

to delivery plant.

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Cutout Percentage 92%

Determination of Base Price 1085

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = Cutout Percentage * Cutout Price + Carcass Merit Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Cutout Percentage 92.5%

Determination of Base Price 1086

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = Cutout Premium * Cutout Price + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Cutout Percentage 93.5% if delivered between 12:00 am and 5:00 am92% otherwise

Determination of Base Price 1088

All Reports Referenced

LM_HG203, Negotiated Base Weighted Average, Day Prior to Delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = 50% (Cutout Percent * Cutout Price) + 50% (National Weighted Average + Contract Premium) + 

Carcass Merit Adjustment Carcass Merit Program used is specific to delivery plant.

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Cutout Percentage 92%

Premium/Discount Type: Contract Premium, $3.00 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 17 of 31

Determination of Base Price 1091

All Reports Referenced

LM_HG212, Negotiated Base Weighted Average, Day Prior to Delivery

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = 50% (Cutout Percent * Cutout Price) + 50% (WCB Weighted Average + Contract Premium) + 

Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Cutout Percentage 93.22%

Premium/Discount Type: Contract Premium, $1.50 

Determination of Base Price 1317

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day prior to Slaughter

Other Terms

Final Price = (Cutout Percentage * Cutout Value) + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Cutout Percentage 90%

Determination of Base Price 1318

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = (Cutout Percentage * Cutout Value) + Carcass Merit Adjustment

Premium/Discount Type: Carcass Merit See Schedule: 7 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Cutout Percentage 91%

Determination of Base Price 1342

All Reports Referenced

LM_PK602, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Floor Price = Matrix Price - $5.00Ceiling Price = Matrix Price + $5.00

Base Price = Cutout Percentage * Cutout Value If Base Price >= Floor Price and <= Ceiling Price, Final Price = 

Base Price + Carcass Merit Adjustment If Base Price > Ceiling Price, Final Price = Base Price + 50% (Base 

Price - Ceiling Price) +Carcass Merit Adjustment If Base Price < Floor Price, Final Price = Base Price + 50% 

(Floor Price - Base Price) + Carcass Merit Adjustment See Schedule: 105 Matrix Price from schedule based on 

Corn and Soybean markets.

Premium/Discount Type: Sort See Schedule: 272 

Premium/Discount Type: Antibiotic Free$6.00 

Premium/Discount Type: Cutout Percentage 90%
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 18 of 31

Determination of Base Price 1416

All Reports Referenced

LM_HG212, Weighted Average, Last Posted

LM_PK602, Pork Carcass Cutout, Last Posted

Other Terms

Part 1 = Weighted Average + Contract Premium Part 2 = Greater of Part 1 or Low Cutout Percentage * Cutout 

Value Part 3 = 50% Part 1 + 50% (Cutout Percentage * Cutout Value) Final Price = 1/3 (Part 1) + 1/3 (Part 2) + 

1/3 (Part 3) + Carcass Merit Adjustment + Antibiotic Free Premium, when required

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Antibiotic Free$0.50 

Premium/Discount Type: Contract Premium, $3.50 

Premium/Discount Type: Cutout Percentage 91%

Premium/Discount Type: Low Cutout Percentage 88%

Determination of Base Price 1417

All Reports Referenced

LM_HG212, Weighted Average, Latest Posted

LM_PK602, Pork Carcass Cutout, Last Posted

Other Terms

Part 1 = Weighted Average + Contract Premium Part 2 = Greater of Part 1 or Low Cutout Percentage * Cutout 

Value Part 3 = 50% Part 1 + 50% (Cutout Percentage * Cutout Value) Final Price = 1/3 (Part 1) + 1/3 (Part 2) + 

1/3 (Part 3) + Carcass Merit Adjustment + Antibiotic Free Premium, when required

Premium/Discount Type: Antibiotic Free$0.50 

Premium/Discount Type: Sort See Schedule: 287 

Premium/Discount Type: Contract Premium, $3.50 

Premium/Discount Type: Cutout Percentage 92%

Premium/Discount Type: Low Cutout Percentage 88%
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 19 of 31

Determination of Base Price 1429

All Reports Referenced

LM_HG207, Weighted Average, Day of Delivery

LM_HG208, Weighted Average, Day of Delivery

LM_PK602, Pork Carcass Cutout, Day of Delivery

Local Survey, Cash Corn, Average - 6 weeks prior to delivery

Local Survey, Soybean Meal, Average - 6 weeks prior to delivery

Other Terms

Final Price = 50% Cash Price + 50% (Matrix Contract Price/75.5%) + Carcass Merit Adjustment. Cash Price = 

[ECB Weighted Average + WCB Weighted Average + (Cutout Percentage * Cutuout Value) ]/ 3Live Cash 

Price = 75.5% Cash Price If Live Cash Price < Matrix Price - $10, then Matrix Contract Price = Matrix Price -

$10If Live Cash Price > Matrix Price + $10, then Matrix Contract Price = Matrix Price + $10 If Live Cash Price 

> (Matrix Price - $10) and < (Matrix Price + $10), then Matrix Contract Price = Live Cash Price. See Schedule: 

104 Matrix Price = price derived from cost of production matrix using corn price rounded to neares 0.10/bushel 

and and soybean meal prices rounded to nearest $10.00/ton.

Premium/Discount Type: Sort See Schedule: 227 

Premium/Discount Type: Trim See Schedule: 41 

Premium/Discount Type: Cutout Percentage 95%

Determination of Base Price 541

All Reports Referenced

LM_HG203, Negotiated Base Weighted Average Range, Average - 3 days prior to delivery

LM_PK603, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Negotiated Average Base - $2.00Negotiated Base Average +$2.00

Base Price = 88% Cutout Value

Premium/Discount Type: Regional East, $1.70 

Determination of Base Price 739

All Reports Referenced

LM_PK603, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = 95.5% Cutout Value + Carcass Merit Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 20 of 31

Determination of Base Price 1087

All Reports Referenced

LM_HG200, Negotiated Base Weighted Average, Day of Delivery

LM_PK603, Pork Carcass Cutout, Day Prior to Delivery

Other Terms

Final Price = 50% (Cutout Percentage * Cutout Price) + 50% (WCB Weighted Average) + Carcass Merit 

Adjustment

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Cutout Percentage 95.72%

Determination of Base Price 524

All Reports Referenced

LM_HG200, Negotiated Base Weighted Average, Day of Delivery

Other Terms

Final Price = Market Price + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Contract Premium, $0.75 

Determination of Base Price 438

All Reports Referenced

LM_HG201, Negotiated Base Weighted Average, Day Prior to Delivery

LM_HG201, Negotiated Base Weighted Average, Day Prior to Delivery

LM_HG201, Swine Market Prod Sold Average Net, Day Prior to Delivery

LM_HG201, Swine or Pork Market Weighted Average, Day Prior to Delivery

Other Terms

Base Price = simple average of all quotes

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 37 

Premium/Discount Type: Sort See Schedule: 80 

Determination of Base Price 443

All Reports Referenced

LM_HG201, Prod Sold Negotiated Average Net, Day Prior to Delivery

Other Terms

Final Price = 99% Market Price + Carcass Merit Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Sort See Schedule: 37 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 21 of 31

Determination of Base Price 487

All Reports Referenced

LM_HG201, Prod Sold Negotiated Average Net, Average - Previous Week

NW_GR110, US #2 Yellow, hi and low, Average - 8 weeks prior to delivery

NW_GR116, 46.5% SBM + $5 freight, Average - 8 weeks prior to delivery

Other Terms

Floor Price (FP) = 38.25 + [(10.2 * Corn Price + .1 elevation charges) + (.0825 SBM Price)] / 2

If Market Price (MP) < FP, then Base Price = FPIF MP > FP, then Base Price = FP + 50% (MP - FP)

Determination of Base Price 1183

All Reports Referenced

Decatur SBM, Soybean Meal, Average - 6 months prior to delivery

Fostoria Corn, Cash Corn, Average - 6 months prior to delivery

Fostoria SBM, Soybean Meal, Average - 6 months prior to delivery

Lima Corn, Carcass Average, Average - 6 months prior to delivery

LM_HG201, Weighted Average, Day Prior to Delivery

Sidney SBM, Soybean Meal, Average - 6 months prior to delivery

Other Terms

Floor Price = 49.95 + {[(Lima Corn + Fostoria Corn)/2 +0.15 - 2.50] x 4} + {[(Decatur SBM + Sidney SBM + 

Fostoria SBM)/3 + 10.00 - 250] x 0.022

Calculated Live Price (CLP) = 50% (National Price + Contract Premium) * 74.5% + 50% Floor Price + Carcass 

Merit Adjustment Final Price = CLP + 25% (CLP - Floor Price) Premium/Discount Type: Sort loads between 

240 and 290 pounds

Premium/Discount Type: Contract Premium, $3.00 

Determination of Base Price 1413

All Reports Referenced

LM_HG201, Prod Sold Negotiated Average Net, Last Posted

Other Terms

Final Price = Net Price + Carcass Merit Adjustment + Antibiotic Free Premium, when required

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Antibiotic Free $0.50 

Determination of Base Price 1418

All Reports Referenced

LM_HG201, Weighted Average, Last Posted

Other Terms

Final Price = Weighted Average + Contract Premium + Carcass Merit Adjustment + Antibiotic Free Premium, 

when required

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Antibiotic Free$0.50 

Premium/Discount Type: Contract Premium, $1.00 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 22 of 31

Determination of Base Price 1419

All Reports Referenced

LM_HG201, Weighted Average, Last Posted

Other Terms

Final Price = Weighted Average + Contract Premium + Carcass Merit Adjustment + Antibiotic Free Premium, 

when required

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Antibiotic Free$0.50 

Premium/Discount Type: Contract Premium, $0.50 

Determination of Base Price 1420

All Reports Referenced

LM_HG201, Weighted Average, Last Posted

Other Terms

Final Price = Weighted Average + Contract Premium + Carcass Merit Adjustment + Antibiotic Free Premium, 

when required

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Antibiotic Free$0.50 

Premium/Discount Type: Contract Premium, $0.25

Determination of Base Price 555

All Reports Referenced

GX_GR117, 48% SBM Rail, hi and low, Average - 8 weeks prior to delivery

LM_HG203, Negotiated Base Weighted Average Range, Average - 3 days prior to delivery

NW_GR110, Corn, Average - 8 weeks prior to delivery

Other Terms

Floor Price (FP) set by COP Floor published at the end of each month Ceiling Price (CP) = FP + $5,

If Market Price (MP) < FP, then Base Price = FP If MP > CP, then Base Price = 93% MP See Schedule: 60

Limit on Ledger: Maximum positive balance is $10/head marketed annually, maximum negative balance is 

determined by producer financial condition.MP > Ceiling, 7% MP deducted from ledger If MP < FP, then FP -

MP added to ledger

Premium/Discount Type: Regional West, $1.70 

Premium/Discount Type: Contract Premium, $0.50 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 23 of 31

Determination of Base Price 583

All Reports Referenced

LM_HG203, Negotiated Base Weighted Average Range, Average - 3 days prior to delivery

Other Terms

Floor Price is set by COP Ceiling Price (CP) = FP + $5.00

If Market Price (MP) < FP, then Base Price = FP If MP > CP, then Base Price = 93% MP Final Price = Base 

Price + Contract Premium + Carcass Merit Adjustment valid for the first specified volume remaining volume is 

verbal price agreement. See Schedule: 62

Limit on Ledger: Maximum positive balance is $10/head marketed annually; maximum negative balance is 

determined by producer financial condition. If MP > CP, then 7% MP deducted from ledger If MP < FP, then 

FP - MP added to ledger

Premium/Discount Type: Regional West, $1.70 

Premium/Discount Type: Contract Premium, ($2.00) 

Determination of Base Price 585

All Reports Referenced

LM_HG203, Negotiated Base Weighted Average Range, Average - 3 days prior to delivery

Other Terms

Initial payment is Market Price Monthly adjustment = Packer per head revenue - Packer average

premiums/discounts + Producer average premiums/discounts - Packer average cost processing - processing fee

Difference paid to owed party at the of month

Premium/Discount Type: Regional West, $1.70 

Determination of Base Price 1182

All Reports Referenced

LM_HG203, Weighted Average, Day Prior to Delivery

Other Terms

Floor Price: 45Ceiling Price: 60

Calculated Live Price (CLP) = (National Price + Contract Premium) * 75.5% + Carcass Merit Adjustment; If

CLP < Floor Price, then Final Price = Floor Price. If CLP > Ceiling Price, then Final Price = Ceiling Price. IF 

CLP > Floor Price and < Ceiling Price, then Final Price = Calculated Live Price

Premium/Discount Type: Sort See Schedule: 225 

Premium/Discount Type: Contract Premium, $3.00 

Determination of Base Price 1235

All Reports Referenced

LM_HG203, Negotiated Base Weighted Average, Average - 3 days prior to delivery

Other Terms

Final Price = Negotiated Base + Carcass Merit Adjustment + Never Ever Incentive

Premium/Discount Type: Carcass Merit See Schedule: 64 

Premium/Discount Type: Never Ever Incentive$10.00 

Premium/Discount Type: Sort See Schedule: 85 

Premium/Discount Type: Sort See Schedule: 129 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 24 of 31

Determination of Base Price 1270

All Reports Referenced

LM_HG203, Weighted Average, Day Prior to Delivery

Other Terms

Floor Price: 47Ceiling Price: 57

Live Price = (Weighted Average + Contract Premium) * 75.5%If Live Price < Floor Price, Final Price = Floor 

Price + Carcass Merit Adjustment If Live Price > Ceiling Price, Final Price = Ceiling Price + Carcass Merit 

Adjustment If Live Price > Floor Price and < Ceiling Price, Final Price = Live Price + Carcass Merit 

Adjustment.

Premium/Discount Type: Sort See Schedule: 225 

Premium/Discount Type: Contract Premium, $3.00 

Determination of Base Price 1030

All Reports Referenced

LM_HG205, Weighted Average, Average - Previous Week

Other Terms

Floor Price: 52.5Ceiling Price: 85If MP < FP, the MP = FP - 50% (FP - MP) If MP > CP, then MP = CP + 50%

(MP - CP) Market Price (MP) = IA/MN Weighted Average Final Price = MP + Contract Premium + Carcass 

Merit Adjustment + Participation Fee + Sales Mix Premium + Genetic Line Premium, if applicable Quality

scores and sales mix adjusted quarterly.

Premium/Discount Type: Sort See Schedule: 97 

Premium/Discount Type: Carcass Merit See Schedule: 99 

Premium/Discount Type: Genetic Line$7.00 no quality premium or sales mix premium

Premium/Discount Type: Contract Premium, $7.00 

Premium/Discount Type: Supplier Program - Participation Fee, ($1.25) 

Premium/Discount Type: Sales Mix, See Schedule: 98 

Determination of Base Price 385

All Reports Referenced

LM_HG206, Weighted Average, Day prior to Slaughter

Other Terms

Floor Price: 54.05Ceiling Price: 68.92

Floor and Ceiling adjusted at 3-month intervals

Premium/Discount Type: Contract Premium, $17.57 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 25 of 31

Determination of Base Price 500

All Reports Referenced

LM_HG206, Weighted Average, Weekly Average

Other Terms

Floor Price: 64Ceiling Price: 55

IF Market Price (MP) < Floor Price (FP), then Base Price (BP) = MP + 50% (FP - MP) IF MP > Ceiling Price 

(CP), then BP = MP - 50% (MP - CP) If MP is between FP and CP then BP = MP. Final Price = BP + Contract 

Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Contract Premium, $2.50 

Determination of Base Price 501

All Reports Referenced

LM_HG206, Negotiated Base Weighted Average, Day Prior to Delivery

Other Terms

Floor Price: 62Ceiling Price: 52

IF Market Price (MP) < Floor Price (FP), then Base Price (BP) = MP + 50% (FP - MP) IF MP > Ceiling Price 

(CP), then BP = MP - 50% (MP - CP) If MP is between FP and CP then BP = MP. Final Price = BP + Contract 

Premium + Carcass Merit Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Contract Premium, $1.00 

Determination of Base Price 503

All Reports Referenced

LM_HG206, Negotiated Base Weighted Average, Day Prior to Delivery

Other Terms

Floor Price: 52Ceiling Price: 62

IF Market Price (MP) < Floor Price (FP), then Base Price (BP) = MP + 50% (FP - MP) IF MP > Ceiling Price 

(CP), then BP = MP - 50% (MP - CP) If MP is between FP and CP then BP = MP. Final Price = BP + Contract 

Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Contract Premium, $1.50 

Determination of Base Price 740

All Reports Referenced

LM_HG206, Negotiated Base Weighted Average, Day Prior to Delivery

Other Terms

Final Price = Market Price + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Contract Premium, $2.00 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 26 of 31

Determination of Base Price 1041

All Reports Referenced

LM_HG206, Live Weighted Average, Shipped Date

Other Terms

Floor Price: 40Ceiling Price: 65If MP < FP, then MP = FP - MP, minimum = $34.00If MP > CP, then MP = CP 

+ MP, maximum = $71.00 Market Price (MP) = IA/MN Live Weight

Premium/Discount Type: Sort Average Live Weight > 250 = - $0.02

Determination of Base Price 357

All Reports Referenced

LM_HG207, Weighted Average, Day of Delivery

LM_HG208, Weighted Average, Day of Delivery

Other Terms

Floor Price = COP - $6.00Ceiling Price = COP + $6.00 Market Price (MP) = average of two markets + $2.00If 

MP < COP, then Base Price = MP + 50% (MP - COP)If MP > COP, then Base Price = COP + 50% (COP -

MP)Base Primal % = 56.5, higher % receive premiums, lower receive discounts Max Primal Premium = 4.5%, 

unlimited discounts Premium based on 56 day Average of quoted market prices for primal cuts Outside 164-205 

pound weight range, sort discount is reimbursed for primals of acceptable size Cost of Production (COP) is set 

by 3 month average at Buyers Production Facilities

Premium/Discount Type: Sort See Schedule: 13 

Premium/Discount Type: Freight, $0.02 per live pound

Determination of Base Price 364

All Reports Referenced

LM_HG207, Weighted Average, Day of Slaughter

LM_HG208, Weighted Average, Day of Slaughter

Other Terms

Floor Price = RCOP -$6.00Ceiling Price = RCOP +$6.00

Market Price (MP) = Average of reported prices + $2.00If MP< RCOP, then Base Price = MP + 50% (RCOP -

MP) If MP > RCOP, then Base Price = RCOP + 50% (MP - RCOP) Base Primal % = 56.5, higher % receive 

premiums, lower receive discounts Max Primal Premium = 4.5%, unlimited discounts Premium based on 56 

day Average of quoted market prices for primal cuts Outside 164-205 pound weight range, sort discount is 

reimbursed for primals of acceptable size Regional COP (RCOP) is regional grain basis and transportation 

differential

Premium/Discount Type: Sort See Schedule: 13 

Premium/Discount Type: Trim See Schedule: 11 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 27 of 31

Determination of Base Price 596

All Reports Referenced

LM_HG207, 49-51% Weighted Average, Day of Delivery

LM_HG208, 49-51% Weighted Average, Day of Delivery

Other Terms

Floor Price = COP - $10.00Ceiling Price = COP + $10.00

Market Price (MP) = average of two reported markets If MP < COP, then Base Price = COP - 50% (COP-MP)

IF MP > COP, then Base Price = COP + 50% (MP - COP) Cost of Production (COP) based on regional standard 

hog production assumptions

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Contract Premium, $2.00 

Premium/Discount Type: Supplier Program - Compliance Bonus, $2.00 

Determination of Base Price 598

All Reports Referenced

LM_HG207, 49-51% Weighted Average, Day of Delivery

LM_HG208, 49-51% Weighted Average, Day of Delivery

Other Terms

Floor Price = COP - $12.00Ceiling Price = COP + $12.00

Market Price (MP) = average of two reported markets If MP < COP, then Base Price = COP - 50% (COP-MP)

IF MP > COP, then Base Price = COP + 50% (MP - COP) Cost of Production (COP) based on regional standard 

hog production assumptions

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Supplier Program - Compliance Bonus, $3.00 

Determination of Base Price 1389

All Reports Referenced

LM_HG207, Swine or Pork Market Weighted Average, Day of Delivery

LM_HG208, Swine or Pork Market Price, Day of Delivery

Other Terms

Floor Price = Matrix Price - $12.50Ceiling Price = Matrix Price + $5.50

Base Live Price = (ECB SPMF + WCB SPMF)/2 + Contract Premium if Base Live Price < Floor Price, then 

Final Price = Floor Price + 50% (Floor Price - Base Price) + Antibiotic Premium + Carcass Merit Adjustment If

Base Price > Ceiling Price, then Final Price = Ceiling Price + 50% (Base Price - Ceiling Price) + Antibiotic 

Premium + Carcass Merit Adjustment If Base Price > Floor Price and < Ceiling Price, then Final Price = Base 

Price + Antibiotic Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 227 

Premium/Discount Type: Antibiotic Free$7.50 

Premium/Discount Type: Contract Premium, $2.00 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 28 of 31

Determination of Base Price 601

All Reports Referenced

LM_HG208, 49-51% Weighted Average, Day of Delivery

Other Terms

Floor Price = COP - $10Ceiling Price = COP + $10

If Market Price (MP) < COP, then Base Price = COP - 50% (COP-MP) IF MP > COP, the Base Price = COP + 

50% (MP - COP) Cost of Production (COP) based on regional standard hog production assumptions

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Contract Premium, $1.00 

Premium/Discount Type: Supplier Program - Compliance Bonus, $2.00 

Determination of Base Price 502

All Reports Referenced

LM_HG210, Negotiated Base Weighted Average, Day Prior to Delivery

Other Terms

Floor Price: 52Ceiling Price: 62

IF Market Price (MP) < Floor Price (FP), then Base Price (BP) = MP + 50% (FP - MP) IF MP > Ceiling Price 

(CP), then BP = MP - 50% (MP - CP) If MP is between FP and CP then BP = MP. Final Price = BP + Contract 

Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Contract Premium, $1.25 

Determination of Base Price 592

All Reports Referenced

LM_HG212, 49-51% lean, Day of Delivery

Other Terms

Floor Price = COP - $8.00Ceiling Price = COP + $8.00

First specified volume delivered per delivery period, priced as risk share If Market Price (MP) < COP, then 

Base Price = COP - 50% (COP-MP)IF MP > COP, the Base Price = COP + 50% (MP - COP). Next specified 

volume and any excess deliveries priced on market. Base Price = MP. Deliver period is one week. Final Price = 

Base Price + Carcass Merit Adjustment Cost of Production (COP) based on regional standard hog production 

assumptions.

Premium/Discount Type: Compliance Program - Meet Target Weight$2.00 

Premium/Discount Type: Sort See Schedule: 86 

Premium/Discount Type: Trim See Schedule: 87 

Premium/Discount Type: Supplier Program - Compliance Bonus, $3.00 

Premium/Discount Type: Contract Premium, $1.50
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 29 of 31

Determination of Base Price 802

All Reports Referenced

LM_HG212, Weighted Average, Average - Previous Week

Other Terms

Floor Price: 82.5

Final Price = Market Price + Contract Premium + Carcass Merit Adjustment + Gains or Losses from any futures 

contracts undertaken

Premium/Discount Type: Sort See Schedule: 21 

Premium/Discount Type: Contract Premium Market Price <= $82.50, Premium = $3.75, Market Price > $82.50, 

Premium = $4.50

Determination of Base Price 1090

All Reports Referenced

LM_HG212, Negotiated Base Weighted Average, Day Prior to Delivery

Other Terms

Final Price = WCB Weighted Average + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 80 

Premium/Discount Type: Lean See Schedule: 34 

Premium/Discount Type: Contract Premium, $2.50 

Determination of Base Price 1123

All Reports Referenced

LM_HG212, Weighted Average, Average - Previous Week

NW_GR110, #2 yellow Corn, Average - 8 weeks prior to delivery

NW_GR116, 46.5% Soybean Meal, Average - 8 weeks prior to delivery

Other Terms

Floor Price = [(10.2 x (Corn Price + .10)] + [(0.816 x (Soybean Meal Price + 5)]

Market Price (MP) = WCB Weighted Average + Contract Premium + Carcass Merit Adjustment If MP > Floor 

Price (FP), then Final Price = FP + 50% (MP-FP). If MP < FP, then Final Price = FP.

Premium/Discount Type: Carcass Merit See Schedule: 64 

Premium/Discount Type: Sort See Schedule: 85 

Premium/Discount Type: Contract Premium, ($2.00) 

Determination of Base Price 1124

All Reports Referenced

LM_HG212, Weighted Average, Average - Previous Week

NW_GR110, #2 yellow Corn, Average - 8 weeks prior to delivery

NW_GR116, 46.5% Soybean Meal, Average - 8 weeks prior to delivery

Other Terms

Floor Price = [(10.2 x (Corn Price + .10)] + [(0.816 x (Soybean Meal Price + 5)]

Market Price (MP) = WCB Weighted Average + Contract Premium + Carcass Merit Adjustment If MP > Floor 

Price (FP), then Final Price = FP + 50% (MP-FP). If MP < FP, then Final Price = FP.

Premium/Discount Type: Sort See Schedule: 85 

Premium/Discount Type: Carcass Merit See Schedule: 64 
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 30 of 31

Determination of Base Price 1410

All Reports Referenced

LM_HG212, Weighted Average, Day of Delivery

Other Terms

Final Price = Weighted Average + Contract Premium + Carcass Merit Adjustment

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Contract Premium, $3.25 

Determination of Base Price 1415

All Reports Referenced

LM_HG212, Negotiated Base 5 day rolling average, Week Prior - Friday

Other Terms

Final Price = 5 Day Average + Contract Premium + Carcass Merit Adjustment + Antibiotic Free Premium, 

when required

Premium/Discount Type: Sort See Schedule: 286 

Premium/Discount Type: Antibiotic Free$0.50 

Premium/Discount Type: Contract Premium, $3.50 

Determination of Base Price 450

All Reports Referenced

CBOT, Corn, Average - 8 weeks prior to delivery

CBOT, Soybean Meal, Average - 8 weeks prior to delivery

Other Terms

Base Price = [(8.5 Corn + .065 SBM)/1.963] + 40.59 See Schedule: 33

Determination of Base Price 454

All Reports Referenced

CBOT, Corn, Average - 8 weeks prior to delivery

CBOT, Soybean Meal, Average - 8 weeks prior to delivery

Other Terms

Base Price = [(10.04 Corn + .079 SBM)/1.963] + 38.79

Determination of Base Price 455

All Reports Referenced

CBOT, Corn, Average - 8 weeks prior to delivery

CBOT, Soybean Meal, Average - 8 weeks prior to delivery

Other Terms

Base Price = [(10.04 Corn + .079 SBM)/1.963] + 37.09 See Schedule: 33
Swine Packer Marketing Contract Summary - National

Other Purchase Arrangement

Page 31 of 31

Determination of Base Price 1179

All Reports Referenced

Decatur SBM, Soybean Meal, Average - 6 months prior to delivery

Fostoria Corn, Cash Corn, Average - 6 months prior to delivery

Fostoria SBM, Soybean Meal, Average - 6 months prior to delivery

Lima Corn, Cash Corn, Average - 6 months prior to delivery

Sidney SBM, Soybean Meal, Average - 6 months prior to delivery

Other Terms

Final Live Price = 49.95 + {[(Lima Corn + Fostoria Corn)/2 +0.15 - 2.50] x 4} + {[(Decatur SBM + Sidney 

SBM + Fostoria SBM)/3 + 10.00 - 250] x 0.022

Determination of Base Price 451

All Reports Referenced

GX_GR117, 48% SBM Rail, hi and low, Average - 8 weeks prior to delivery

NW_GR110, NC IA Corn, Average - 8 weeks prior to delivery

Other Terms

Base Price =Matrix Price + $1.50 See Schedule: 32

Determination of Base Price 341

All Reports Referenced

Plant Base, Day of Delivery

Other Terms

Floor Price: 47Ceiling Price: 53If Plant Price < Floor Price (FP), then Base Price = $50.00 + 50% ($47 - Plant 

Price) If Plant Price> Ceiling Price (CP), then Base Price = $50.00 + 50% (Plant Price - $53)

If Plant Price > Floor Price and < Ceiling Price, then Base Price = $50.00

Premium/Discount Type: Sort See Schedule: 6