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USDA’s June hogs & pigs report the U.S. hog inventory expanding a bit more than trade expected and neutral to bearish, but futures priced it in?

(Jun 27, 2019)

futures might have it all priced in after the plunge in the past month! The Quarterly Hogs and Pigs report posted an increase of 4% in all inventory on June 1. Overall inventory levels increased 1% from March 1, as year-to-year growth in the hog herd continues to be consistent with previous plans. The 69.1 million head of market hog inventory is the largest June 1 total since estimates began in 1964, leaving concern that additional growth will continue over the near future. Even though farrowing intentions are down slightly from a year ago, numbers are 3% above 2017 levels, creating expectations of continued large supplies through the near future.

Maurizio “Moe” Agostino
Moe is the Chief Commodity Strategist. He is responsible for developing plans and assisting clients in the feed, grain and livestock industry to help them protect themselves from commodity price swings. Moe holds a Derivatives Market Specialist (DMS) designation as well as an Honors Degree in Business Administration. Moe has more than 15 years of financial services industry experience.