Bearish Quarterly Hogs and Pigs Report

By Bernt Nelson

USDA’s second Quarterly Hogs and Pigs report of 2025, released on June 26, contains key metrics for the hog industry including inventory, the number of pigs saved from every litter and the number of hogs kept for breeding. Hog farmers experienced one of their worst economic years in history in 2023. Though small levels of profitability returned in 2024, farmers are still fighting to make up for their 2023 losses. This Market Intel provides analysis of the second quarterly report of 2025 and what it means for hog profitability through the rest of the year.

The Report

This was a bearish report. The total inventory of hogs and pigs in the U.S. on June 1 is estimated to be 75.1 million, up 1%, or 390,000 from March 1, and up 246,000 from a year ago. This is the highest June 1 inventory since 2020. Pigs kept for breeding were estimated at 5.98 million, down slightly from last year and the lowest breeding inventory in a decade. Pigs saved per litter are the number of piglets that make it to weaning age for each litter born to a sow (female pig). USDA estimates pigs saved per litter is 11.7, which is a record high for the second quarter (Figure 1). The rising number of pigs saved per litter combined with lower pigs kept for breeding is evidence of improved production that continues to elevate the total hog inventory.