By DTN Staff

This article was originally published at 2:04 p.m. CDT on Thursday, March 26. It was last updated with additional information at 2:28 p.m. CDT on Thursday, March 26.

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OMAHA (DTN) -- The United States inventory of all hogs and pigs on March 1, 2026, was 74.3 million head. This was up slightly from March 1, 2025, but down 1% from Dec. 1, 2025, USDA NASS reported on Thursday.

Breeding inventory, at 5.89 million head, was down 1% from last year, and down slightly from the previous quarter.

Market hog inventory, at 68.4 million head, was up 1% from last year, but down 2% from last quarter.

The December 2025-February 2026 pig crop, at 33.2 million head, was up 1% from last year. Sows farrowing during this period totaled 2.79 million head, down 1% from previous year. The sows farrowed during this quarter represented 47% of the breeding herd. The average pigs saved per litter was 11.90 for the December 2025-February 2026 period, compared to 11.65 last year.

United States hog producers intend to have 2.86 million sows farrow during the March-May 2026 quarter, up slightly from the actual farrowings during the same period one year earlier, but down 2% from the same period two years earlier. Intended farrowings for June-August 2026, at 2.90 million sows, are down 2% from the same period one year earlier, and down 3% 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 53% of the total United States hog inventory, up 1% from the previous year.

REVISIONS

All inventory and pig crop estimates for March 2025 through December 2025 were reviewed using final pig crop, official slaughter, death loss, and updated import and export data. The revision made to the December 2025 all hogs and pigs inventory was 0.2%. The net revision made to the September 2025 all hogs and pigs inventory was 1.3%. A net revision of 2.8% was made to the June-August 2025 pig crop, NASS said.

DTN ANALYSIS

USDA's quarterly Hogs and Pigs report will likely be viewed by the market as a mixed report for the industry, according to DTN Livestock Analyst ShayLe Stewart.

"On the bullish side, there was a slight decline in the breeding herd compared to last year, as the total inventory of sows kept for breeding totaled 5,892,000 head, which is down 1% from a year ago. This could bode well for the market, as a decrease in supply could eventually drive pork prices higher.

"But where the report was simply mixed to a tick bearish was in the marketing data. All the weight divisions were steady with a year ago, except for hogs weighing 180 pounds or more, which were up 2% compared to a year ago at 12,878,000 head. The surplus of heavier market-ready hogs could mean that the cash sector won't have the opportunity to trade much higher, as packers have plenty of supply available to them. And it could even have a negative effect on pork prices at the meat counter if too much supply is unloaded and prices weaken at the consumer level," Stewart said.

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

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