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USDA's January 2026 Livestock, Dairy, and Poultry Outlook projects 2026 US commercial pork production at 28.2 billion pounds, up 2.3% from 2025. It forecasts hog prices averaging $67 per hundredweight, nearly 3% below the 2025 average.
The forecast is based on a 1% rise in hog inventory in the December Quarterly Hogs and Pigs report.
More pork supply and lower expected hog prices tighten producer margins, which puts pressure on cost-conscious feed buying. Higher output implies somewhat firmer feed demand from swine operations.
feedandgrain.comFeed, Grain StaffJan 20, 2026After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
