- Quarterly USDA “Hogs and Pigs” survey shows 3.3% more market hogs than a year ago and also a 1.7% increase in the breeding herd
- Based on the survey results we expect summer slaughter to increase by 3.5% y/y and fall slaughter will once again be at record levels, increasing 3% from last year
- Low feed costs and good demand has encouraged US hog producers to expand in the last three years and we expect higher production and lower y/y prices for the next 12 months
- Prices should be seasonally higher in the summer, with bellies and pork trim expected to increase rapidly from current levels.
Please see the rest of the document for our detailed price summary as well as our forecasts for the next six months.