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From 2011 through 2014, the lean hog price needed to cover production costs averaged $83 per cwt, as calculated by Iowa State University’s Estimated Livestock Returns. Lower feed costs trimmed the 2015 breakeven price for farrow-to-finish operations to about $66 per cwt. It goes without saying that the market wants to buy more hogs at $66 per cwt than it did at $83. Lower costs let producers increase the herd to get quantity supplied closer to demand.
Schulz, Lee L., "Hog Inventory Breaks a Record" (2015). Economics Publications. 468.