The USDA's Quarterly Hogs & Pigs report was released Thursday, September 29th. The reported inventories were modestly under expectations though were generally near market analyst's pre-report estimates.
- All Hogs & Pigs climbed 1.2 million head higher or +1.8% from June's tally, however is -1.4% or 1.07 million head under last year. All Hogs & Pigs remain higher than quarterly reports prior to mid-2018, however the current inventory represents a 5-year low for the September quarter.
- Market-ready hogs were under expectations in nearly all weight groups, with those 180+ pounds notably -0.6% under pre-report estimates and -1.5% under last year's reported tally.
- Kept for breeding edged 16 thousand head or -0.3% under the previous report, with the current breeding herd 38 thousand or -0.6% under last year.
- The September pig crop was reported lower, down 363 thousand head or -1.1% from the figure reported for last year.
Revisions, as reported by the USDA:
“All inventory and pig crop estimates for September 2021 through June 2022 were reviewed using final pig crop, official slaughter, death loss, and updated import and export data. The revision made to the March 2022-May 2022 pig crop was 0.1 percent. A net revision of 0.7 percent was made to the March 2022 all hogs and pigs inventory. The net revision made to the December 2021-February 2022 pig crop was 0.6 percent.”
