In 2023, the finishing pig population reached its lowest level since 2015 at 4.26 million head, down 11.2% from the previous year, confirming historically low hog slaughter rates. The number of breeding pigs remained nearly unchanged, with a 3.6% decrease in breeding sows and a significant 13.0% increase in gilts. The increased number of gilts and gilts for first breeding suggests some improvement in industry sentiment, likely due to improved farm profitability, but the industry is not expected to fully recover in the near future.