USDA Hogs & Pigs Report               12/23 14:43

US Dec. 1 Hog Inventory Up 1% From Year Ago 

                           2024         2025     2026    2025 as   2026 as
                                                         percent   percent
                                                         of 2024   of 2025
                       (1,000 head) (1,000 head)        (percent)

All Hogs Dec. 1          75,075        75,545               101%
Kept for Breeding         6,004         5,952               99%
Kept for Marketing       69,071        69,592               101%

WEIGHT BREAKDOWN
Under 50 lbs.            21,644        21,866               101%
50-119 lbs.              19,166        19,002               99%
120-179 lbs.             14,784        14,872               101%
180 lbs. and over        13,477        13,852               103%

FARROWINGS/INTENTIONS* 
Sep-Nov                   2,925         2,933               100%
Dec-Feb*                  2,929         2,831    2,885      97%     102%
Mar-May*                  2,920         2,852    2,910      98%     102%
Sep-Nov Pig Crop         34,875        34,998               100%

                          (number)    (number)           (percent)

Sep-Nov Pigs Per Litter   11.92         11.93               100%


This article was originally posted at 2:19 p.m. CST on Tuesday, Dec. 23. 
It was last updated with new information at 2:43 p.m. CST on Tuesday, Dec. 
23.

**

OMAHA (DTN) -- United States inventory of all hogs and pigs on Dec. 1, 
2025, was 75.5 million head. This was up 1% from Dec. 1, 2024, and up 
slightly from Sept. 1, 2025, USDA NASS reported on Tuesday.

Breeding inventory, at 5.95 million head, was down 1% from last year, but 
up slightly from the previous quarter.

Market hog inventory, at 69.6 million head, was up 1% from last year, and 
up slightly from last quarter.

The September-November 2025 pig crop, at 35.0 million head, was up 
slightly from 2024. Sows farrowing during this period totaled 2.93 million 
head, up slightly from 2024. The sows farrowed during this quarter 
represented 49% of the breeding herd. The average pigs saved per litter 
was 11.93 for the September-November period, compared to 11.92 last year. 

United States hog producers intend to have 2.89 million sows farrow during 
the December 2025-February 2026 quarter, up 2% from the actual farrowings 
during the same period one year earlier, but down 1% from the same period 
two years earlier. Intended farrowings for March-May 2026, at 2.91 million 
sows, are up 2% from the same period one year earlier, but down slightly 
from the same period two years earlier.

The total number of hogs under contract owned by operations with over 
5,000 head, but raised by contractees, accounted for 52% of the total 
United States hog inventory, up 2% from the previous year. 

REVISIONS

All inventory and pig crop estimates for December 2023 through September 
2025 were reviewed using final pig crop, official slaughter, death loss, 
and updated import and export data. The revision made to the September 
2025 all hogs and pigs inventory was 1.1%. A revision of 2.5% was made to 
the June-August 2025 pig crop. The net revision made to the June 2025 all 
hogs and pigs inventory was 1.9%. A net revision of 1.9% was made to the 
March-May 2025 pig crop. 

DTN ANALYSIS

"Tuesday's Dec. 1 Hogs and Pigs report shared a slightly different story 
than what the last quarterly report detailed, as there are more market-
ready hogs than originally anticipated," said DTN Livestock Analyst ShayLe 
Stewart. "And although the weekly slaughter data would have suggested that 
same conclusion, as throughput has been more aggressive in recent weeks, 
it is a difference between the two reports that our customers need to 
note. 

"The biggest detail that jumped out of the report was the total number of 
all hogs and pigs being up 1% from a year ago at 75,545,000 head. From 
there, the next-biggest headline in the report was in the market hog data, 
which showed that hogs weighing 180 pounds or more totaled 13,852,000 head 
-- 3% higher than a year ago. And lastly, farrowing intentions for 2026 
were 2% higher than a year ago, as well, for all three divisions (December 
through February, March through May and December through May). 

"Needless to say, there seem to be more hogs in the countryside than what 
was originally assumed in September's report. It's likely that traders 
will find this to be bearish news, as an increase in supply could dampen 
prices."
 
**

To view the full Quarterly Hogs and Pigs report, visit 
https://www.nass.usda.gov/