As previewed on Tuesday, USDA released the quarterly Hogs and Pigs report yesterday. The report was neutral, coming very close to pre-report expectations. The inventory of all hogs and pigs as of 1 June was 72.5 million head.
Compared to the last quarter, both the total inventory of hogs and pigs and the market hog inventory were down slightly (less than 1 percent). The bump in market hogs weighing less than 50 pounds will start to show in increased slaughter numbers by October and into 2023 – though slaughter will remain below last year. July slaughter should run a bit ahead of current rates and slow into August based on the market hog inventory.
The March-May 2022 pig crop, at 32.9 million head, was 99 percen...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
