PACKER HIDES ($/cwt)

Heavy Native Steer Colorado Steer Butt Branded Steer Branded Heifer Light Native Cow Branded Cow Native Bull Phone 732-240-5330 Fax 732-341-0891 www.urnerbarry.com www.yellowsheet.com 79-81 75-77 76-78 83-85 69-72 58-59 36-37 Oil (/lb) 21.40 +0.18 21.76 +0.21 22.11 +0.19 22.40 +0.14 22.51 +0.15 22.61 +0.16 21.40 -0.07 48.00 nc 27.50 nc 30.90 +0.18 20.50 nc Cattle Hogs Calves 124,000 400,000 3,000 486,000 1,613,000 11,000 496,000 1,614,000 11,000 97,000 21,000 Sheep 11,000 44,000 45,000 Meal ($/ton) 203.60 +2.70 203.60 +2.40 204.00 +2.60 204.90 +2.50 205.70 +3.20 204.50 +3.00

Urner Barrys Yellow Sheet

Editor: Joseph Muldowney Associate Editor: James Kenny Market Reporters: Bill Smith, Gary Morrison, Bruce Longo Published 5 times weekly in a variety of media by Urner Barry Publications, Inc. P.O. Box 389, Toms River, NJ 08754-0389 Copyright 2005 Urner Barry Publications, Inc. ISSN 1066-8195 Phone 732-240-5330 Fax 732-341-0891 www.urnerbarry.com www.yellowsheet.com
URNER BARRYS YELLOW SHEET is available by mail for $559 per year. Back issues $4 ea. This report is also available via fax, email and through Urner Barrys agship service Comtell Online. The UB Products that are identied in the Services and Products Order Form are oered to you conditioned on your acceptance without modication of the terms, conditions, and notices contained herein. Please read the End-User License Agreement (the Agreement), a copy of which is available at www.urnerbarry.com and which has been received by the contact named on the Services and Products Order Form, 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. The information, commentary and price quotations contained herein are intended solely for the internal, condential and exclusive use of Urner Barry subscribers. All subscribers expressly agree that they will not sell, communicate or give any of said information, commentary or price quotations to any other person, rm or corporation, including any governmental agent or agencies whatsoever and any news distributing or communications company or service. The use of quotations for contractual or other purposes is beyond the control of Urner Barry, which in no case assumes any responsibility for such use. The quotations given herein represent, to the best of the reporters knowledge, prevailing wholesale values in the specied grades of each commodity, based on sales to stores or warehouses from receivers and wholesale distributors, and on indications of willingness and ability to buy. They represent in the judgment of the publishers an accurate picture of current business, but they are not ocial in any sense of the word. The publishers disclaim and do not assume responsibility for any damages, alleged or otherwise, that may result or claim to have resulted from any use made by any person or any reliance by any person upon any of the statements of quotations appearing at any time herein.

CHICAGO BOARD OF TRADE

Futures Close - Soybean January-06 March-06 May-06 July-06 August-06 September-06

LARD, TALLOW & GREASES

($/cwt) Edible Products, FOB Chicago Basis Loose Lard Edible Tallow Inedible Tallow, FOB Chicago Basis Fancy Bleachable, Renderer
Fancy Bleachable, Renderer <.15%

YS Close 16.25 18.5 16.5

USDA Range 16.25 18.50

USDA Wtd Avg 16.25 A 18.50 C

CRUDE VEGETABLE OILS (/lb)

FMC Midwest Soybean Oil Peanut Oil W/C Coconut Crude PBSY CSO fob Mid-South RBD Palm Oil Federally Inspected
Thursday, December 22, 2005

16.50 16.5 16.50 11.75 9.5 8.5 14.75-15.25 15 15 15.75 15-15.5 FOB Midwest River Area 2.70 2.60 2.50 350-380 145-160 520-545 175-185 UNQ

16.50 A 16.50

Fancy Bleachable, Packer

Fancy Bleachable, Packer <.15%

Prime Tallow No. 1 No. 2 Grease, FOB Chicago Basis Choice White (All Hog) Yellow FOB Midwest River Basis Fancy Bleachable, Renderer Fancy Bleachable, Packer Choice White Grease Yellow Grease CAF Gulf Ports Edible Tallow Fancy Bleachable, Packer

USDA ESTIMATED DAILY LIVESTOCK SLAUGHTER

Week to Date Same Period Last Week Wednesday Steer & Heifer Wednesday Cow & Bull 15.75 A 15.00 E

15.75 15.00 E

By-Product Situation
The by-product complex experienced light-to-moderate trade this afternoon at mostly steady price levels. Loose lard traded late yesterday at lower price levels. Some traders were frustrated as they have been unable to secure product at those levels. The bleachable tallow continued to trade at steady prices this afternoon. Undertones for the greases were about steady. Bill Smith Urner Barry Publications, Inc. 732-240-5330 ext. 265 bsmith@urnerbarry.com

16.50 FOB IL, IN, WI, MI 2.90 2.80 2.70

16.50 D USDA Range

PROTEIN
($/unit of protein/ton) DRT Low Test DRT Med Test DRT High Test ($/ton) Ring Dried Blood 50% Meat & Bone Meal Pork Blood Meal Pork 50% Meat & Bone Meal Feather Meal, FOB South

Proud Members

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2005 Urner Barry Publications, Inc. All rights reserved. This publication is protected by USA Federal copyright law. Please do not copy or redistribute this information.

Page 1 - Yellow Sheet - Inedible

Thursday, December 22, 2005

No. 248 - Vol. 83