Recent rainfall from tropical remnants has eased drought across parts of the Southern Plains and Southeast, lowering the share of U.S. hog inventory in moderate or worse drought to around 23% in late September data. Key hog-producing regions in the Midwest show mixed conditions, with dry weather aiding fieldwork yet limited precipitation leaving northern areas vulnerable. Official U.S. Drought Monitor updates and short-term forecasts through mid-October introduce substantial uncertainty, as model consensus on additional relief versus persistent deficits will determine the exact percentage for the week of October 13. Trader consensus around 48-50% implied probability across bins captures this narrow window for measurable shifts before resolution.
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