USDA’s quarterly hogs and pigs report was generally within pre-report trade expectations. The total swine herd inventory is up four percent from last year, but down one percent from December. The breeding herd is up slightly from last year and down one percent from last quarter and the market hog inventory is up four percent from one year ago and down one percent from last quarter. Jim Mintert, who is the director of the Purdue Center for Commercial Agriculture, expects the demand side of the market to be the primary driver in the upcoming weeks. “As you go forward, I think the real concern is going to be what happens to pork product prices and hog prices as we see the impacts of COVID-19 spill into increasing unemployment, lower consumer income levels and potentially lower pork exports.”
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