According to the latest Quarterly Hogs and Pigs report from USDA, inventory of hogs in the U.S. is down 1% in June from last year. The number came in at 72.5 million head with breeding inventory at 6.17 million head. That was also down 1% from a year ago. The inventory number was also down 1% from March of this year. This report could probably be viewed as neutral to bullish for the hog markets.
Read the full report from USDA here: https://downloads.usda.library.cornell.edu/usda-esmis/files/rj430453j/2v23x176m/jm215w193/hgpg0622.pdf