USDA isowean and feeder pig prices continue at historically strong levels, and are generally higher than other strong starts recorded in 2014, 2022 & 2023.
Isowean cash averaged $83.33/head for January 2025, -0.7% under the high of 2014 at $83.96 but up +20.9% over Jan’22 ($68.95) and +25.0% over Jan’23 ($66.69).
Feeder cash averaged $102.82/head for January 2025, up +6.5% over Jan’14 at $96.57, +13.3% over Jan’22 ($90.75) and +18.6% from Jan’23 ($86.68).
It’s worth noting that January 2014 & 2022 were based off a notably lower number of receipts, while 2023 was generally near the average, and 2025 is among the highest amount of reported receipts (only under Jan’24).
Receipts for isowean and feeder pig cash included in the weighted average price calculation have increased overall (blue line in the third graph), surging from late-2022 to high levels late-2023 and holding there until late-2024. In more recent weeks, the number of cash receipts being included has slid however still holds above the historical weekly average. The 10-year average was near 53,000 head per week (2015-2024), while receipts for the more recent period of 2023-2024 averaged 76,000 head.
Formula receipts, of which are exceedingly for isoweans, have decreased over time (black line on the third graph). From 2015, the 10-year average was around 42,000 head. Receipts began falling throughout the first-half of 2022 to hold lower counts until mid-2023 before declining again until late-2023. A surge following this low was recorded into early 2024, however has since retreated to hold near a genearlly stable level of around 33,000 head.
For reference, according to the latest hog inventory numbers for the previous quarter, the annual pig crop for 2024 is the third highest recorded historically (behind 2019 & 2020 at 139.4 & 140.2 million, respectively).