VOL. 18, NO. 4 / FALL 2023 / URNER BARRY'S REPORTER • 51
50
55
60
65
70
75
80
85 4% 5% 6% 7% 8% 9% 10% 11% 12% 13%
All Hogs and Pigs Inventory
Operating Loan Rate (t -3)
(Million Head)
Strong negative
correlation
Seventh District New Farm Loans vs Hog Inventory
Strong negative correlation (3 quarters prior)
3,000
4,000
5,000
6,000
7,000
8,000 4% 5% 6% 7% 8% 9% 10% 11%
Pork Production
Operating Loan Rate (t-2)
(Million lbs)
Strong negative
correlation
Seventh District New Farm Loans vs Pork Production
Strong negative correlation (3 quarters prior)
Figure 5. Seventh District Operating Loan Rate vs Hog Inventory, 1990-YTD. Source: Federal Reserve
Bank of Chicago, USDA, UB Consulting
Figure 6. Seventh District Operating Loan Rate vs Pork Production, 1994-YTD. Source: Federal
Reserve Bank of Chicago, USDA, UB Consulting
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