Source: FARM DOC DAILY, UNIV. OF ILLINOIS, 1/6/20

The USDA’s December Hogs and Pigs report indicates that producers continue to expand, with the December 1 inventory of all hogs and pigs coming in at 77.338 million head, a record for this quarter and up 3 percent from a year ago. The U.S. hog industry has been expanding since mid-2014, with the annual breeding herd growth rate peaking around 3.5 percent in early 2018. Unprofitable margins and uncertainties from trade tariffs have slowed breeding herd expansion, as the USDA’s December report has the breeding and market herds, respectively, up 2 and 3 percent from this time last year. These numbers are fairly in-line with pre-report expectations.

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