By Kirk Maltais
The USDA says the total supply of hogs and pigs in the U.S. is only slightly lower than this time last year, falling within analysts' expectations.
The USDA says in its quarterly report the total supply in the U.S. is 73.8 million head, which is down 1% from the year prior. However, it is a 2% uptick versus the USDA's last report in June.
Meanwhile, hogs for breeding totaled 6.15 million head, down 1% from the same time last year. Market hog inventory totaled 67.6 million head, which is also 1% lower from last year.
The USDA reported that for the third quarter of the year, the total pig crop totaled 33.6 million head, down 1% from the third quarter of 2021.
The data provided by the USDA fell generally within the estimates of analysts, who had forecast total supply to fall anywhere from 1% to 2%.
In trading Thursday, the most-active lean hogs contract trading on the CME closed virtually unchanged at 75.9 cents per pound. Meanwhile, live cattle futures closed up 1.1% at $1.48 per pound.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
09-29-22 1534ET
