Hog inventory numbers continue to climb

DES MOINES — Iowa’s hog and pig inventory is around a million heads higher than at the same time last year, according to recently released data from the United States Department of Agriculture’s December Hog & Pig report for the state.

As of Dec. 1, the department counted 24.9 million hogs and pigs on farms in the Hawkeye state. The inventory comes in at 1% more than last quarter’s, and 3% more than last year’s.

The pig crop, meanwhile, is down, after 5.37 million hogs were harvested in the September-November quarter, down 13% from the same time in 2022, as a total of 455,000 pigs farrowed during that window, according to the USDA. The report said that as of Dec. 1, producers planned to farrow 470,000 sows and gilts in the coming December-February quarter and 470,000 head during the March-May 2024 quarter.

Carcass prices stayed relatively low compared to the feed needed to grow them. Another USDA report, the Livestock, Dairy, and Poultry Outlook for December of 2023, suggested pig prices wouldn’t be especially promising next quarter, either, and that “soft consumer pork demand is likely to persist, limiting hog price increases,” despite a promising trend of growing exports for the commodity.

“Two factors have driven fourth-quarter hog prices lower on the supply side: First, there are simply more hogs available,” wrote Agricultural Economist Mildred Haley in that report. “On the demand side, fourth-quarter wholesale pork cutout prices during weeks 40-48 averaged $88.41 per cwt, compared with $96.70 over the same period last year. Soft demand for pork cuts — the second factor — has been a drag on hog prices throughout 2023.”

Nationally, hog inventories — at 75 million head — are also up from last year, but down slightly compared to last quarter, according to the USDA’s Iowa Hog and Pigs report, which includes an addendum on nationwide trends.

Across the country, production plans appear to be trending down in the coming months, according to that report.

“United States hog producers intend to have 2.90 million sows farrow during the December 2023-February 2024 quarter, down 2 percent from the actual farrowings during the same period one year earlier, and down 1 percent from the same period two years earlier,” the document said. “Intended farrowings for March-May 2024, at 2.91 million sows, are down 1 percent from the same period one year earlier, and down 2 percent from the same period two years earlier.”

Comments: Kalen.McCain@southeastiowaunion.com