US Hog Inventory Declines – 9/1/2022
US hog numbers likely declined over the summer to 74 million head on September 1 compared to 75 million head a year ago. High feed costs have kept hog production on the decline since the last hog cycle peak in 2019. Record high hog returns at farm level this summer could encourage farmers to reverse the hog inventory trend this autumn.
| Hog Balance June/August Million head | |||||
| 2019 | 2020 | 2021 | 2022 | Percent | |
| June 1 | 75.7 | 77.7 | 73.2 | 72.5 | 99% |
|
June/August Pig Crop
|
36.4 | 36.1 | 33.9 | 33.5 | 99% |
| Net Imports | 1.1 | 1.2 | 1.7 | 1.8 | |
| Supply | 113.2 | 114.9 | 108.8 | 107.8 | |
| Slaughter | 31.1 | 33.5 | 31.0 | 30.8 | 99% |
| Residual | 3.6 | 3.3 | 2.9 | 2.8 | |
| September 1 | 78.6 | 78.1 | 74.9 | 74.2 | 99% |
| 2022 Our Estimate Assumes USDA Sows Farrowing Forecast published in June. | |||||