USDA National Agricultural Statistics Service (NASS) released the September 1 Hogs and Pigs report today, which indicated lower supplies than pre-report estimates. The report had all hogs and pigs down 3.9% to nearly 75.4 million head, the lowest in three years. Average pre-report estimates were expecting all hogs and pigs to be down 1.7% with the actual statistic well below the lowest range estimate. The breeding herd was expected to drop 1.1% to 6.263 million head but the reported breeding herd fell 2.3% to 6.190 million head and outside of the range of pre-report estimates.

Inventories of beef and pork are close to last year levels on a total basis.  Pork is the closest, within 1% of last year, except for boneless loins, picnics and bellies that are still more than 20% below last year. Hams were the only category to show a year-over-year gain in inventories over August of 2020.  Beef totals, were 8% lower than 2020.  Beef cuts were just shy of last year’s totals, while boneless beef is 8% lower.  Lamb inventory continues to be very tight, 44% lower than a year ago.

The August Milk Production report released by USDA National Agricultural Statistics Service (NASS) earlier this week confirmed the U.S. is continuing to shed milk cow numbers. August is the third month this year to show a decline, estimating the U.S. herd at 9.480 million cows. The 24-state total has had a similar trend, losing 27 thousand head over the last three months. The U.S. has lost 29 thousand head since May.