USDA Hogs & Pigs Review

Thursday, June 24, 2021

Report Summary
The USDA June 1st Hogs and Pigs
report was considered mostly neutral Hogs and Pigs Report
but somewhat supportive for the Current Year Current Year
October contract. All Hogs and Pigs on
June 1 came in at 97.8% of last year as Percent of as Percent of
as compared with average trade Current Year Last Year 2 Years Ago
expectations of 97.7% of last year Million Head Percent Percent
(96.5%-99.0% range). Kept for
Breeding supply came in at 98.5% of June 1 Inventory
last year which was below trade All Hogs and Pigs 75.653 97.8 99.9
expectations of 98.8% of last year Kept for Breeding 6.230 98.5 97.2
(98.2%-100% range). For Market
animal supply, the USDA came in at Kept for Market 69.423 97.7 100.2
97.7% of last year as compared with Market Hogs and Pigs
trade expectations for 97.5% (96.3%–
by Weight Groups
99.1% range). Pig crop for March–May
was 96.9% of last year which was Under 50 Pounds 21.474 97.1 96.7
below expectations of 98.1% of last 50-119 Pounds 19.349 97.3 98.3
year with a range of 97.0% to 99.8%.
120-179 Pounds 15.010 98.5 104.3
180 Pounds and Over 13.589 98.5 104.4
Pig Crop
Mar-May 33.584 96.9 97.5

US Hog Inventory: All Hogs and Pigs on March 1 US Hog Inventory: All Hogs and Pigs on June 1
80 112 80 110

77 110 77 108

74 108 74 106

71 106 71 104
% of Last Year

% of Last Year
Million Head

Million Head
68 104 68 102

65 102 65 100

62 100 62 98

59 98 59 96

56 96 56 94
Head % of Last Year Head % of Last Year

53 94 53 92
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

US Hog Inventory: All Hogs and Pigs on Sept 1 US Hog Inventory: All Hogs and Pigs on Dec 1
80 109.0 81 112
78 107.5 78 110
76
106.0 75 108
74
104.5
72 72 106
% of Last Year

% of Last Year
Million Head

Million Head

70 103.0
69 104
68 101.5
66 102
66 100.0
64 63 100
98.5
62
97.0 60 98
60
95.5 57 96
58 Head % of Last Year
Head % of Last Year
56 94.0 54 94
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we
do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. Any information or recommendation contained herein: (i) is not
based on, or tailored to, the commodity interest or cash market positions or other circumstances or characterizations of particular investors or traders; (ii) is not customized or
personalized for any such investor or trader; and (iii) does not take into consideration, among other things, risk tolerance, net worth, or available risk capital. Any use or
reliance upon the information or recommendations is at the sole discretion and election of the subscriber. The risk of loss in trading futures contracts or commodity options
can be substantial, and traders should carefully consider the inherent risks of such trading in light of their financial condition. Any reproduction or retransmission of this report
without the express written consent of The Hightower Report is strictly prohibited.
 USDA Hogs & Pigs Review
Thursday, June 24, 2021

US Pig Crop: December-February US Pig Crop: March-May

38 114 36 111
35
36 111 109
34
107
34 108 33
32 105

% of Last Year
% of Last Year
Million Head

Million Head
32 105
31
103
30 102 30
101
29
28 99
28 99
26 96 27
97
26
24 93 95
Head % of Last Year 25 Head % of Last Year
22 90 24 93
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
US Pig Crop: June-August US Pig Crop: September - November
38 116 37 111

36 113 35 109

34 110 33 107

% of Last Year
% of Last Year

Million Head
Million Head

32 107 31 105

30 104 29 103

28 101 27 101

26 98 25 99

24 95 23 97
Head % of Last Year
Head % of Last Year
22 92 21 95
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we
do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. Any information or recommendation contained herein: (i) is not
based on, or tailored to, the commodity interest or cash market positions or other circumstances or characterizations of particular investors or traders; (ii) is not customized or
personalized for any such investor or trader; and (iii) does not take into consideration, among other things, risk tolerance, net worth, or available risk capital. Any use or
reliance upon the information or recommendations is at the sole discretion and election of the subscriber. The risk of loss in trading futures contracts or commodity options
can be substantial, and traders should carefully consider the inherent risks of such trading in light of their financial condition. Any reproduction or retransmission of this report
without the express written consent of The Hightower Report is strictly prohibited.