February lean hogs have seen a resumption of technical buying as prices are in an uptrend on the daily bar chart. The February lean hog futures contract is well above the latest CME lean hog index, which is bullish for futures and suggests futures traders expect the cash hog market to continue to appreciate. The latest CME lean hog index is down $1.40 to $82.44. Today’s projected cash index price is down 19 cents at $82.25.
USDA Hogs & Pigs report revisions: What changed and why it matters
USDA made notable upward revisions to several recent hog and pig estimates in the December Quarterly Hogs and Pigs report, reinforcing the view that actual supplies over the past year were larger than previously reported and that productivity gains were understated earlier
What USDA revised. According to NASS, all inventory and pig crop estimates from December 2023 through September 2025 were re-evaluated using updated slaughter data, death loss, and trade flows. Key revisions include:
- September 2025 all hogs and pigs inventory revised up 1.1%
- June–August 2025 pig crop revised up 2.5%
- June 2025 all hogs and pigs inventory revised up 1.9%
- March–May 2025 pig crop revised up 1.9%
These are material adjustments by USDA standards, especially for pig crop data, which directly feed into supply expectations for subsequent quarters.
Why the revisions matter. The revisions carry several important implications:
Click here to see more...