The USDA's latest Quarterly Hogs & Pigs report was released Wednesday, June 29th, and outlined lower inventories overall compared to last year however was modestly above market analysts' pre-report estimates.
Market hogs weighing under 50 pounds were very near expectations, however heavier weight groups were reported increasingly higher than market analysts' projections. Market hogs weighing 50-119 lbs as well as 120-179 lbs are among the lowest in recent history, the lowest quarters recorded since March 2018 and March 2020 respectively.
All Hogs & Pigs declined 95 thousand from the previous quarter which brings the category 629 thousand head under last year. Notably, the latest inventory records the lowest quarter since June 2018 at 72,231 thousand head. Market hogs were down 165 thousand head from reported for March, and 577 thousand head under last year. Kept for breeding was up 70 thousand head from the last quarter, bringing the breeding herd 52 thousand head under year-ago levels.
Revisions, as provided in the USDA report:
“All inventory and pig crop estimates for June 2021 through March 2022 were reviewed using final pig crop, official slaughter, death loss, and updated import and export data. The revision made to the March 2022 all hogs and pigs inventory was 0.6 percent. The revision made to the December 2021-February 2022 pig crop was 0.4 percent. The net revision made to the December 2021 all hogs and pigs inventory was 0.3 percent. A net revision of 1.2 percent was made to the September-November 2021 pig crop.”