U.S. hog farms held 71 million head of pigs at the start of this month, the largest herd ever for this time of the year, said a quarterly USDA report. Analysts said the large number of hogs “should help keep the lid on pork prices at the meat case through 2018,” reported Reuters.
The hog herd was 4 percent larger than a year ago, said the Hogs and Pigs report. The 69.3 million head of hogs being raised for slaughter also was a March 1 record.
Analysts said the expansion of the U.S. hog herd showed farmers ramped up production ahead of four new slaughter plants scheduled to come into operation this year, said Reuters. The USDA data were slightly higher than traders expected. Don Roose, of U.S. Commodities, said larger pork exports will be needed because of the additional hogs being raised. One-fifth of U.S. pork is exported.