The quarterly Hogs and Pigs report released Dec 22nd reflected an increase in inventory overall from a year-ago, coming in above market analysts’ pre-report expectations which anticipated lower hog supplies. All Hogs and Pigs fell 352 thousand head or -0.5% from previously reported in September, with the current inventory 1.9 million head under last year. Market hogs declined 171 thousand head or -0.2% from the previous quarter, while the breeding herd was 180 thousand head or -2.9% lower than reported in September.
Revisions, as stated on the report: All inventory and pig crop estimates for December 2021 through September 2023 were reviewed using final pig crop, official slaughter, death loss, and updated import and export data. The revision made to the September 2023 all hogs and pigs inventory was 1.4 percent. A revision of 1.1 percent was made to the June-August 2023 pig crop. The net revision made to the June 2023 all hogs and pigs inventory was 1.6 percent. A net revision of 1.6 percent was made to the March-May 2023 pig crop. The net revision made to the March 2023 all hogs and pigs inventory was 1.7 percent. The net revision made to the December 2022 all hogs and pigs inventory was 2.5 percent. The revision made to the September 2022 all hogs and pigs inventory was 1.0 percent. A revision of 2.2 percent was made to the June-August 2022 pig crop. The net revision made to the June 2022 all hogs and pigs inventory was 0.2 percent. The net revision made to the March 2022 all hogs and pigs inventory was 1.4 percent.