The US Quarterly Hogs and Pigs report shows a smaller US hog herd than traders expected but the "kept for breeding" number was somewhat higher than had been predicted by analysts.
The report shows that the all hogs and pigs number is 98% of a year ago at 66.708 million head. Traders predicted a 1% drop in the hog herd from a year ago.
The breeding herd also showed a drop of 2% from a year ago at 6.081 million head while traders were expecting a bigger drop in this number of 3-4% under a year ago.
Market hogs also dropped about 2% to a total of 60.627 million head, which was also a bigger drop than what the traders had as their pre report guesses.