The latest USDA Quarterly Hogs and Pigs Report was released at the end of March and showed limited growth in the U.S. hog sector. Total inventory increased by 0.4 percent to just over 74.3 million head. This was within the range of pre-report expectations, but below the average pre-report estimates. Market hog inventories were also slightly higher, up 0.6 percent to 68.4 million head.
The more notable shift occurred in the breeding herd, which declined 1.5 percent year-over-year to just under 5.9 million head. This was below pre-report expectations, and the decline suggests producers remain hesitant to expand aggressively. In addition, USDA revised the December 2025 inventory, which reinforced the signal of limited expansion.
Farrowings during the December 2025 to February 2026 quarter were also lower than expected and declined 1.5 percent. This was the opposite of average pre-report expectations for modest growth. Productivity gains helped offset reduced farrowings. Pigs per litter increased 2.1 percent to 11.9. This was stronger-than-expected and pushed the pig crop up 0.6 percent to 33.2 million head.
Looking ahead, farrowing intentions signal producers are being cautious with production changes. Producers plan a slight increase in farrowings for March to May (up 0.1 percent) but a decline for June to August (down 2.1 percent). Supplies are expected to remain adequate in the near term but tighten later in the year, which could provide some support to prices.
Maples, Josh. “Hogs and Pigs Report Signals Limited Supply Growth.” Southern Ag Today 6(15.2). April 7, 2026. Permalink
