# More hogs, soft demand driving lower Q4 hog prices

> USDA's December Livestock, Dairy, and Poultry Outlook projects Q4 US pork production at 7.09 billion pounds, up 2.4% year over year, with hog prices averaging $54 per cwt, down 15%. Q1 2024 hog price forecasts were lowered to $56 per cwt, while 2024 is seen averaging $60.

- Date: 2023-12-19 · published 2023-12-19T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/32856-more-hogs-soft-demand-driving-lower-q4-hog-prices
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md)

## Why it matters

Ample hog supplies and weak pork cutout demand point to continued pressure on hog prices into early 2024. Lower hog values reduce producer margins and could slow future herd expansion.

## Read by commodity

- HOGS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| HOGS | 2026-10-27 | [Why such low hog prices?](https://feedsoft.ai/events/595-why-such-low-hog-prices.md) | -5.8% | — |
| HOGS | 2020-04-06 | [Record pig herd and stymied demand hits hog prices](https://feedsoft.ai/events/53801-record-pig-herd-and-stymied-demand-hits-hog-prices.md) | -4.4% | +26.7% |
| HOGS | 2018-07-08 | [Record hog and pig inventory forcing prices lower - High Plains Journal](https://feedsoft.ai/events/64198-record-hog-and-pig-inventory-forcing-prices-lower-high-plains-journal.md) | -1.8% | -22.3% |
| HOGS | 2019-06-29 | [The US has so many fat pigs that pork prices are at decade low \| FMT](https://feedsoft.ai/events/58747-the-us-has-so-many-fat-pigs-that-pork-prices-are-at-decade-low-fmt.md) | -2.7% | +12.2% |
| HOGS | 2020-06-27 | [Hog futures lower following Hogs and Pigs report - Brownfield Ag News](https://feedsoft.ai/events/52770-hog-futures-lower-following-hogs-and-pigs-report-brownfield-ag-news.md) | -0.0% | +13.0% |

## Sources

- nationalhogfarmer.com: https://www.nationalhogfarmer.com/market-news/more-hogs-soft-demand-driving-lower-q4-hog-prices

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.