The USDA's Quarterly Hogs & Pigs report was released Thursday, September 28th. Hog inventories were reported higher than market analyst's pre-report estimates, however farrowings were notably lower.
All Hogs & Pigs came out a half a percent higher than pre-report estimates, increasing 1.58 million head higher or +2.2% from June's tally and bringing current inventories 194 thousand head or up +0.3% from a year earlier. Market hog categories were all reported higher than a year ago, rising +0.1% to +0.7% with those weighing more than 120lbs up the most. From the previous quarter, the latest market-ready 180+lb hog inventories fell -2.1% while the categories reporting those 119lbs or lighter were each down more than -4.5%. Kept for breeding aligned with market expectations, slipping -1.1% from the previous quarter and -1.2% under a year earlier.
The September pig crop was expected lower, however came out +0.4% over year ago levels, and pigs per litter reached the highest recorded to date at 11.61 for the June-August period.
Revisions, as reported by the USDA:
“All inventory and pig crop estimates for September 2022 through June 2023 were reviewed using final pig crop, official slaughter, death loss, and updated import and export data. The revision made to the June 2023 all hogs and pigs inventory was 0.5 percent. A revision of 0.2 percent was made to the March 2023-May 2023 pig crop. A net revision of 1.0 percent was made to the March 2023 all hogs and pigs inventory. The net revision made to the December 2022-February 2023 pig crop was 1.5 percent.”
