The U.S. hog inventory signals a tighter pipeline, not an immediate shortage of every cut

USDA’s September quarterly report places the U.S. all-hog-and-pig inventory at 74.3 million head on 1 September 2026. That is 2% below the level a year earlier, although 2% above the previous quarter. Market-hog inventory stood at 68.4 million head and breeding inventory at 5.87 million; both were lower year on year.