USDA released a bearish quarterly Hogs and Pigs report this afternoon, with all categories coming in above the consensus pre-report expectations. The report shows four new records:
All hogs and pigs inventory on 1 June
Market hog inventory on 1 June
Pig crop for the March-May quarter
Pigs saved per litter for the March-May quarter
The hog sector is on a remarkable run of production efficiency gains. Pigs saved per litter were 11.01 for the quarter, which compares to last year at 11. That caps off a string of four consecutive quarters of records for the respective quarters. The data go back to 1970.
Sows farrowing during March-May totaled 3.17 million head, 101 percent of 2019. The industry exp...
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