A USDA hogs and pigs report Thursday showed a larger American herd than expected as of March 1, although no major expansion either.
The report pegged the total inventory of all hogs and pigs in the US as of March 1 at 74.6 million head, up 1% on the year.
The breeding inventory, at 6.02 million head, was down 2% from last year, while the market hog inventory was up 1% at 68.6 million head.
The December 2023-February 2024 pig crop was reported at 33.1 million head, up 2% from last year. The average pigs saved per litter was 11.53 for the December 2023-February 2024 period, compared to 11.02 last year.
Most of the estimates in the report were slightly above expectations, making the news bearish for the market.
The bottom line is US hog producers are not aggressively cutting back any longer, but not aggressively expanding either.
