Hogs And Pigs Up Marginally

The March 1 US hogs and pigs inventory was 72.860 million head, up 171,000, or 0.24%, from 72.689 million a year earlier, the USDA’s National Agricultural Statistics Service said Thursday in its Quarterly Hogs and Pigs report.

That implies adequate butcher hog availability in the near term, while fed cattle supplies are fading from an industry drawdown of cows, a market analyst said.  And, the total is down 259,000, or 0.35%, from the Dec. 1 inventory of 73.119 million, so the trend is downward.

Some market analysts were expecting little change in the US hog population in this report, so it may not have much of a direct effect on lean hog futures on Friday, the analyst said.

 

GAIN MOSTLY IN MARKET HOGS

 

Of the total, 66.734 million head were classed as market hogs, up 143,000, or from 66.591 million last year but down 232,000, or, 0.35%, from 66.966 million on Dec. 1.

Another 6.127 million head were kept for breeding, up 29,000, or 0.48%, from 6.098 million a year earlier, but down 27,000, or 0.44%, from 6.154 million in the previous report.

 

WEIGHT CHANGES MIXED

 

The major weight categories showed little and mixed changes from a year ago.

Pigs weighing less than 50 pounds on March 1 totaled 20.059 million head, down 46,000, or 0.23%, from 20.105 million a year ago.

Those weighing 50 to 119 pounds on March 1 came to 18.975 million head, down 55,000, or 0.29%, from 19.030 million a year ago.

Market hogs weighing 120 through 179 pounds on March 1, totaled 14.973 million head, down 15,000, or 0.10%, from 14.988 million a year ago.

Hogs that weighed 180 pounds or more on March 1 came to 12.727 million head, up 259,000, or 2.08%, from 12,468 million a year ago.

 

FARROWINGS EDGE LOWER

 

The number of sows that farrowed in the December-February quarter totaled 2.910 million head, down 9,000, or 0.31%, from 2.919 million a year earlier and down 19,000, or 0.65%, from 2.929 million two years earlier.

Producers planned to farrow 2.930 million sows in the March-May quarter, down 37,000, or 1.25%, from 2.967 million last year an down 104,000, or 3.43%, from 3.034 million in the 2021 quarter.

June-August planned farrowings were expected to total 2.973 million head, down 89,000, or 2.91%, from 3.062 million a year ago and down 77,000, or 2.52%, from 3.050 million two years ago.

December-February farrowings produced a pig crop of 32.058 million, up 111,000, or 0.35%, from 31.947 million a year ago but down 1,000, or 0.003%, from 32.059 million two years ago.

Pigs per litter averaged 11.02 in the December-February quarter, compared with 10.95 a year ago and 10.94 two years ago.

 

CATTLE, BEEF RECAP

 

The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $163.20 to $166.06 per cwt, compared with last week’s range of $164.03 to $165.84.  FOB dressed steers, and heifers went for $257.12 to $260.18 per cwt, versus $257.00 to $262.24.

The USDA choice cutout Thursday was down $1.09 per cwt at $279.20 while select was off $0.44 at $268.46.  The choice/select spread narrowed to $10.74 from $11.39 with 79 loads of fabricated product and 26 loads of trimmings and grinds sold into the spot market.

The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.60 to $1.70 a bushel over the May corn contract.  Bids in Kansas were steady at $0.75 over May, which settled at $6.49 1/2 a bushel, down $0.01.

The CME Feeder Cattle Index for the seven days ended Wednesday was $192.35 per cwt, up $1.08.  This compares with Thursday’s Mar contract settlement of $192.40 per cwt, up $0.95 and Apr’s $199.90, up $1.70.