USDA released its quarterly hogs and pigs report today with most all categories coming in below pre-report expectations. Total inventory was 75.4 million head, at 96 percent of 1 September 2020, which was a record for the quarter. Inventory was 101 percent of 1 June.    

This is the first year-over-year drop in the September hogs and pigs inventory since the porcine epidemic diarrhea virus (PEDv) in 2014 – but, again, last year was a record. The last quarterly report showed the same – the first drop year-over-year for the June inventory since 2014. The year-over-year comparison – especially for June - is less instructive than typical, however, because June 2020 reflected the disruption to harvest caused b...