The US inventory of all hogs and pigs on March 1 was 74.3 million head, up slightly from March 1, 2025, but down about 1% from Dec. 1, 2025, the USDA said in its Quarterly Hogs and Pigs report.
The report was interpreted bullishly by traders, rebuffing two days of price pressure and sending lean hog futures higher, according to market analysts.
HOG NUMBERS MIXED
Specifically, the March Hogs and Pigs report showed the inventory of all hogs and pigs at 74.321 million head, down 1.094 million, or 1.45%, from 75.415 million on Dec. 1 but up 324,000, or 0.44%, from 73.997 million a year earlier.
Breeding inventory, at 5.892 million head, was down 88,000, or 1.47%, from 5.980 million last year, and down 11,000, or 0.19%, from 5.903 million the previous quarter.
Market hog inventory, at 68.429 million head, was up 412,000, or 0.61%, from 68.017 million last year, but down 1.083 million, or 1.56%, from 69.512 million last quarter.
Market hogs weighing less than 50 pounds totaled 20.851 million head, up 40,000, or 0.19%, from 20.811 million a year ago but down 1.015 million, or 4.64%, from 21.866 million in the previous quarter. Market hogs weighing 50 to 119 pounds numbered 18.798 million head, up 26,000, or 0.14%, from 18.772 million a year earlier but down 204,000, or 1.07%, from 19.002 million in the previous quarter.
Market hogs weighing 120 to 179 pounds totaled 15.902 million head, up 37,000, or 0.23%, from 15.865 million a year earlier and up 1.010 million, or 6.78%, from 14.892 million the previous quarter. Market hogs weighing 180 pounds or more numbered 12.878 million head, up 309,000, or 2.46%, from 12.569 million a year earlier but down 874,000, or 6.36%, from 13.752 million in the previous quarter.
PIG CROP GROWS
The December 2025-February 2026 pig crop, at 33.177 million head, was up 188,000, or 0.57%, from 32.989 million last year. Sows farrowing during this period totaled 2.789 million head, down 42,000, or 1.48%, from 2.831 million the previous year. The sows farrowed during this quarter represented 47% of the breeding herd.
The average number of pigs saved per litter was 11.90 for the December 2025-February 2026 period, compared with 11.65 in the same quarter last year.
Hog producers said they intended to farrow 2.856 million sows in the March-May quarter, up 4,000, or 0.14%, from 2.852 million in the same quarter last year. In the June-August quarter, they intended to farrow 2.904 million sows, down 61,000, or 2.06%, from 2.965 million in the year-ago period.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $234.93 per cwt to $239.00, compared with the previous week’s range of $234.91 to $248.00 per cwt. FOB dressed steers and heifers went for $369.00 per cwt to $373.68, compared with $369.34 to $377.44.
The USDA choice cutout Monday was up $1.13 per cwt at $394.10 while select was up $1.14 at $391.01. The choice/select spread narrowed to $3.09 from $3.10 with 58 loads of fabricated product and 19 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $446.19 per cwt, and 50% beef was $182.96
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $0.90 to $1.05 a bushel over the May corn contract, which settled at $4.55 3/4, down $0.06 1/4.
The CME Feeder Cattle Index for the seven days ended Friday was $365.12 per cwt, up $2.14. This compares with Monday’s Apr contract settlement of $363.30, up $1.85.