The US inventory of all hogs and pigs on June 1 was 72.5 million head, said the USDA’s Quarterly Hogs and Pigs report this week. This was down about 1% from a year ago and down slightly from March 1.
The breeding herd, at 6.17 million head, was down about 1% from last year but was up about 1% from the previous quarter.
The market hog inventory, at 66.4 million head, was down about 1% from last year and down slightly from last quarter.
The March-May pig crop, at 32.9 million head, was down about 1% from 2021. Sows farrowing during this period totaled 2.99 million head, were down about 1% from 2021 and represented about 49% of the breeding herd. The average pigs saved per litter was 11.00 for the March-May period, compared with 10.95 last year.
JUNE 1 INVENTORY
On June 1, the US had 72.524 million hogs and pigs, down 95,000, or 0.13%, from 72.619 million on March 1 and down 629,000, or 0.86%, from 73.153 million a year earlier.
The June 1 breeding herd amounted to 6.168 million head, up 70,000, or 1.15%, from 6.098 million in the previous quarter but down 52,000, or 0.84%, from 6.220 million a year earlier.
Market hogs totaled 66.356 million head in this report, down 165,000, or 0.25%, from 66.521 million in the previous quarter and down 577,000, or 0.86%, from 66.933 million a year earlier.
MARKET HOGS AND PIGS BY WEIGHT GROUPS
Pigs weighing less than 50 pounds totaled 21.083 million head, up 1.038 million, or 5.18%, from 20.045 million the previous quarter but down 271,000, or 1.27%, from 21.354 million a year earlier.
Pigs weighing 50 to 119 pounds totaled 18.811 million head, down 204,000, or 1.07%, from 19.015 million in the previous quarter and down 108,000, or 0.57%, from 18.919 million a year earlier.
Market hogs weighing 120 to 179 pounds came to 13.737 million head, down 1.256 million, or 0.38%, from 14.993 million in the previous quarter and down 93,000, or 0.67%, from 13.830 million a year earlier.
Market hogs weighing 180 pounds or more totaled 12.725 million head, up 257,000, or 2.06%, from 12.468 million on March 1 but down 104,000, or 0.81%, from 12.829 million a year ago.
QUICK REACTION
Market analysts said the Quarterly Hogs and Pigs report came in near pre-release expectations, precluding a strong futures-market reaction.
The only item that stood out to many was the number of hogs weighing less than 50 pounds. These hogs will come to market in October or November and could pressure prices with their numbers.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $138.00 to $151.00 per cwt, compared with last week’s range of $139.00 to $147.09. FOB dressed steers, and heifers went for $217.74 to $229.38 per cwt, versus $216.47 to $225.02.
The USDA choice cutout Thursday was down $0.88 per cwt at $264.00, while select was down $0.24 at $240.57. The choice/select spread narrowed to $23.43 from $24.07 with 85 loads of fabricated product and 17 loads of trimmings and grinds sold into the spot market.
The USDA reported that basis bids for corn from feeders in the Southern Plains were unchanged at $1.90 to $2.00 a bushel over the Jul futures and for southwest Kansas were steady at even the Jul, which settled at $7.43 3/4 a bushel, down $0.26 1/2.
Fifteen heifer delivery intentions were retendered Thursday at 1.
The CME Feeder Cattle Index for the seven days ended Wednesday was $166.44 per cwt up $2.36. This compares with Thursday’s Aug contract settlement of $173.60, up $2.87.