Source: FARM DOC DAILY, UNIV. OF ILLINOIS, 3/30/20


The USDA’s March Hogs and Pigs report pegs the March 1 inventory of all hogs and pigs at 77.6 million head, a record for this quarter and up 4% from a year ago compared to pre-report expectations of 3.5% higher. Although the number is down 1% from last December, it is in general a continuation of the industry expansion that has been ongoing since mid-2014. The higher than expected inventory is driven by market hog inventory, which is 4.3% more than a year ago compared to expectations of 3.7% higher, whereas the breeding herd is up just 0.4%, which is 1% lower than pre-report expectations and may be an early sign of expansion slowing.

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