# Hog report numbers look bullish but can be deceiving, analyst says - Agweek | #1 source for agriculture news, farming, markets

> The USDA March Hogs and Pigs report came in below analyst expectations across almost all categories, showing the US breeding herd down almost 2% year on year. Producers intend to farrow 2.99 million sows in March-May 2022, down 2%. Steve Meyer questioned whether the small pre-report survey reflected market sentiment, and futures were lower through October in midday trading after the report.

- Date: 2022-03-31 · published 2022-03-31T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/42424-hog-report-numbers-look-bullish-but-can-be-deceiving-analyst-says-agweek-1
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A smaller-than-expected hog inventory is supportive for hog prices, but futures' decline afterward shows the market sees the report as partly priced in. Lower herd size reduces future pork supply and reduces feed demand.

## Read by commodity

- CORN: neutral
- HOGS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| HOGS | 2021-03-25 | [Hog futures higher ahead of bullish Hogs and Pigs report - Brownfield Ag News](https://feedsoft.ai/events/5153-hog-futures-higher-ahead-of-bullish-hogs-and-pigs-report-brownfield-ag-news.md) | +3.8% | +10.2% |
| HOGS | 2021-03-29 | [Bullish March 'Hogs and Pigs' report](https://feedsoft.ai/events/48270-bullish-march-hogs-and-pigs-report.md) | +1.6% | +8.8% |
| HOGS | 2021-06-25 | [Latest Hogs and Pigs report shows a decline in farrowing intentions - Brownfield Ag News](https://feedsoft.ai/events/46731-latest-hogs-and-pigs-report-shows-a-decline-in-farrowing-intentions-brownfield.md) | +2.6% | +2.4% |
| HOGS | 2025-03-31 | [Analysis of USDA Hogs and Pigs Report- JP Morgan - Swineweb.com - Complete Swine News, Markets, Commentary, and Technical Info](https://feedsoft.ai/events/25740-analysis-of-usda-hogs-and-pigs-report-jp-morgan-swineweb-com-complete-swine.md) | +0.2% | +3.6% |
| HOGS | 2021-09-27 | [Cattle, hog futures react to Friday's USDA reports - Brownfield Ag News](https://feedsoft.ai/events/45189-cattle-hog-futures-react-to-friday-s-usda-reports-brownfield-ag-news.md) | +4.1% | -12.1% |
| CORN | 2021-05-12 | [May WASDE report gives first look at new crop outlook - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/47042-may-wasde-report-gives-first-look-at-new-crop-outlook-agweek-1-source-for.md) | -7.8% | -3.3% |
| CORN | 2021-11-08 | [November WASDE neutral to bullish for grains - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/44005-november-wasde-neutral-to-bullish-for-grains-agweek-1-source-for-agriculture.md) | +5.9% | +8.0% |
| CORN | 2017-03-19 | [Markets preparing for spring - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/10725-markets-preparing-for-spring-agweek-1-source-for-agriculture-news-farming.md) | -2.1% | -0.6% |

## Sources

- agweek.com: https://www.agweek.com/business/markets/hog-report-numbers-look-bullish-but-can-be-deceiving-analyst-says

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