Weekly Market Report
September 2026, Week 4
Covering Sep 20 – Sep 26 | Published Mon, Sep 28, 2026
This week's key points
- US: Hog inventory down 1.5% y/y, the smallest since 2017 — yet prices keep falling
- US: Loin stocks in cold storage rise 13% in August, a month when they usually fall — bearish outlook
- US: Soybean meal up 33% y/y, highest since June 2024
- EU: Pig prices (carcass-weight basis) fall for a second week — Germany down 5.6% w/w
US: Hog inventory down 1.5% y/y, the smallest since 2017 — yet prices keep falling
The Sep 1 hog inventory was 74.3 million head, the smallest Sep 1 count since 2017. The breeding herd is down 1.0%, the lowest level since 2013. Market hogs are down year on year in every weight class, so fewer hogs will come to slaughter through around next March.