Sep. 1 Hog Inventory Up From Year Earlier

The US inventory of all hogs and pigs on Sep. 1, was reported Thursday at 76.480 million head by the USDA’s National Agricultural Statistics Service.

That was up 347,000, or 0.46%, from 76.133 million on Sep. 1, 2023, and up 1.269 million, or 1.69%, from 75.211 million on June 1, 2024.

Of that, 6.044 million head were kept for breeding, down 135,000, or 2.18%, from 6.179 million a year earlier but up 36,000, or 0.60%, from 6.008 million as of June 1 this year.

Another 70.437 million were market hogs, up 483,000, or 0.69%, from 69.954 million a year ago and up 1.233 million, or 1.78%, from 69.204 million as of June 1.

 

PIG CROP DECLINES

 

The June-August 2024 pig crop, at 35.030 million head, was down 265,000, or 0.75%, from 35.295 million in 2023.

The Steiner Consulting Group pointed out in its Daily Livestock Report for the CME Group that the USDA had revised its December-February pig crop upward by 609,000 head, accounting for a larger-than-expected hog and pork supply this summer.  The March-May pig crop also was revised upward but by only 102,000 head.

Sows farrowing in June-August totaled 2.989 million head, down 51,000, or 1.68%, from 3.040 million in the 2023 period.  The sows farrowed during this quarter represented 50% of the breeding herd.

June-August farrowings totaled 2.989 million head, down 51,000, or 1.68%, from 3.040 million a year earlier.  March-May farrowings were 2.953 million head, up 12,000, or 0.41%, from 2.941 million a year earlier.

September-November farrowings were projected at 2.959 million head, up 3,000, or 0.10%, from 2.962 million a year earlier.  The December-February farrowings were estimated at 2.933 million head, up 5,000, or 0.17%, from 2.928 million a year earlier.

Pigs per litter rose in the June-August period to 11.72, up 0.11 head, or 0.95%, from 11.61 a year earlier and up 0.16 head, or 1.38%, from 11.56 in the March-May period.

 

MARKET HOG INVENTORY MIXED

 

The number of market hogs weighing less than 50 pounds was reported at 22.194 million head down 348,000, or 1.54%, from 22.542 million a year ago.  Those weighing 50 through 119 pounds were reported at 20.232 million pounds, down 273,000, or 1.33%, from 20.505 million a year earlier.

Market hogs weighing 120 through 179 pounds numbered 14.997 million head up 505,000, or 3.48%, from 14.492 million in 2023, and those weighing 180 pounds or more totaled 13.014 million head, up 599,000, or 4.82%, from 12.415 million.

 

CATTLE, BEEF RECAP

 

The USDA reported formula and contract base prices for live FOB steers and heifers last week ranged from $182.95 per cwt to $185.78, compared with the previous week’s range of $181.00 to $183.70 per cwt.  FOB dressed steers, and heifers went for $285.83 per cwt to $292.69, compared with $284.25 to $290.12.

The USDA choice cutout Friday was up $0.32 per cwt at $296.69 while select was down $0.29 at $282.08.  The choice/select spread widened to $14.61 from $14.00 with 82 loads of fabricated product and 14 loads of trimmings and grinds sold into the spot market.

The USDA-listed weighted average wholesale price for fresh 90% lean beef was $353.53 per cwt, and 50% beef was $76.06.

The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.33 to $1.45 a bushel over the Dec corn contract, which settled at $4.18 a bushel, up $0.04 3/4.

The CME Feeder Cattle Index for the seven days ended Thursday was $245.53 per cwt, up $1.33.  This compares with Friday’s Oct contract settlement of $247.07, up $0.15.