USDA Hogs & Pigs Report               09/28 14:45

US Sept. 1 Hog Inventory Up Slightly From Year Ago 

                           2022         2023     2024    2023 as   2024 as
                                                         percent   percent
                                                         of 2022   of 2023
                       (1,000 head) (1,000 head)        (percent)

All Hogs Sept. 1         74,125        74,319              100%
Kept for Breeding         6,152         6,079               99%
Kept for Marketing       67,973        68,241              100%

WEIGHT BREAKDOWN
Under 50 lbs.            21,893        21,913              100%
50-119 lbs.              19,677        19,756              100%
120-179 lbs.             14,013        14,110              101%
180 lbs.                 12,390        12,463              101%

FARROWINGS/INTENTIONS* 
Jun-Aug                   3,062         2,949               96%
Sep-Nov*                  3,092         2,930               95%
Dec-Feb*                  2,919         2,952    2,912     101%      99%
Jun-Aug Pig Crop         34,096        34,229              100%

                          (number)    (number)           (percent)

Jun-Aug Pigs Per Litter   11.13         11.61              104%

This article was originally published at 2:21 p.m. CDT on Thursday, Sept. 
28. It was last updated with additional information at 2:45 p.m. CDT on 
Thursday, Sept. 28.
**
OMAHA (DTN) -- United States inventory of all hogs and pigs on Sept. 1, 
2023, was 74.3 million head. This was up slightly from Sept. 1, 2022, and 
up 2% from June 1, 2023, USDA NASS reported on Thursday.

Breeding inventory, at 6.08 million head, was down 1% from last year, and 
down 1% from the previous quarter.

Market hog inventory, at 68.2 million head, was up slightly from last 
year, and up 2% from last quarter.

The June-August 2023 pig crop, at 34.2 million head, was up slightly from 
2022. Sows farrowing during this period totaled 2.95 million head, down 4% 
from 2022. The sows farrowed during this quarter represented 48% of the 
breeding herd. The average pigs saved per litter was 11.61 for the June-
August period, compared to 11.13 last year.

United States hog producers intend to have 2.93 million sows farrow during 
the September-November 2023 quarter, down 5% from the actual farrowings 
during the same period one year earlier, and down 4% from the same period 
two years earlier. Intended farrowings for December 2023-February 2024, at 
2.91 million sows, are down 1% from the same period one year earlier, and 
down slightly from the same period two years earlier.

The total number of hogs under contract owned by operations with over 
5,000 head, but raised by contractees, accounted for 52% of the total 
United States hog inventory, up 2% from the previous year. 

REVISIONS

All inventory and pig crop estimates for September 2022 through June 2023 
were reviewed using final pig crop, official slaughter, death loss, and 
updated import and export data. The revision made to the June 2023 all 
hogs and pigs inventory was 0.5%. A revision of 0.2% was made to the March 
2023-May 2023 pig crop. A net revision of 1.0% was made to the March 2023 
all hogs and pigs inventory. The net revision made to the December 2022-
February 2023 pig crop was 1.5%.

DTN ANALYSIS

"Determining how the market will react to a report when revisions are made 
to past publications is always a tough call, but it's likely that, come 
Friday morning, traders will view Thursday's Sept. 1 Hogs and Pigs report 
as neutral at best," said DTN Livestock Analyst ShayLe Stewart. "Yes, the 
September/November farrowings are down 5% from a year ago, but when you 
look at the number of hogs in the marketing-weight breakdown, the market 
isn't going to be short supply anytime soon.

"Truthfully, I expected that the immense financial hardship that the pork 
industry endured during late 2022 through 2023 would have had a greater 
effect on the market, especially on the number of sows kept back for 
breeding. But Thursday's report shared an industry outlook that maintains 
stability across all the divisions despite financial pressure and concerns 
over Prop 12."

**

To view the full Quarterly Hogs and Pigs report, visit 
https://www.nass.usda.gov/