The inventory of hogs and pigs was just over 79 million, up one percent from one year ago and down one percent from June. The breeding herd inventory was down 1.5 percent and the market hog inventory rose one percent from a year ago. Steiner Group Consulting President Len Steiner is still optimistic demand will offset the large supply. “On a per capita basis this year, we think pork supplies will actually be down despite the fact we’ll have record pork production. The reason is exports.” It’s very unusual to see rising hog prices in the fourth quarter, but that is what Steiner is expecting. “This fourth quarter is going to be an oddball, but it’s good for the producers.” After COVID hit, packing plants shut down or slowed production. Analysts estimate 1.5 million hogs are backed up in the system or otherwise unaccounted for.
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