Market Reports

Packer Margins Flip Negative as Hog Prices Rise

Wed, 13 May 2026 16:17:46 GMT

Farrow-to-finish margins gained nearly $8/head last week as indicated by Sterling estimated average of $65.55/head. Calculated break-evens were down slightly from the prior week while the W. Cornbelt Lean Carcass Value averaged $95.12/cwt. for the week compared to $92.55/cwt. a week earlier.

Pork packer margins eroded further last week with Sterling’s estimated average for the week at -$7.60/head compared to $1.01/head the previous week as the result of the stronger Lean Carcass Value and weakness in the Pork Cutout. The Pork Cutout averaged $96.32/cwt. down from $97.81/cwt. a week earlier.

View the full Sterling Pork Profit Tracker for the week ending May 9.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Hold Firm at $57.97

Wed, 06 May 2026 14:35:42 GMT

Sterling estimated farrow-to-finish margins last week $57.97/head and the same as the previous week. The W. Cornbelt lean carcass value averaged $92.55/cwt. for the week against $92.13/cwt. the prior week with the breakeven for finished hogs averaging $65.83/cwt. compared to $65.42/cwt. the prior week.

Last week’s Sterling estimated packer margins averaged $1.01/head compared to $4.54/head the previous week. Capacity utilization for market hogs averaged 92.4%.

View the full Sterling Pork Profit Tracker for the week ending May 2.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Profitability Holds Steady: Farrow-to-Finish Margins Near $58

Tue, 28 Apr 2026 16:37:32 GMT

Sterling estimated margins across the pork industry remain nearly unchanged from the prior week. Farrow-to-finish did show about a $2/head improvement from the prior week to average $57.97/head compared to $55.68/head the prior week.

The Lean Carcass Value averaged $92.13/cwt for the week. Sterling’s estimated packer margin for the week was $4.54/head against $3.24/head a week earlier. Plant capacity utilization averaged 92.9% according to the Sterling estimate. Market hog slaughter hovering at 2.4 to 2.5 million for the past year, this has held utilization in the low-to-mid 90% range.

View the full Sterling Pork Profit Tracker for the week ending April 25.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Market Analysis: Lean Carcass Values Rise While Cutout Remains Steady

Tue, 21 Apr 2026 14:28:40 GMT

While Sterling’s estimate of packer margins averaged $3.11/head last week against $5.51/head the previous week, farrow-to-finish margins averaged $55.42/head and about $2/cwt. higher than the prior week.

The Lean Carcass Value averaged $91.38/cwt. last week compared to $90.49/cwt. a week earlier while the breakeven for finished market hogs hovers near $66/cwt., break-evens for hogs placed on the finishing floor last week was estimated by Sterling Marketing at $68/cwt.

The Pork Cutout value last week averaged $97.75/cwt. and little changed from the previous week’s average of $97.97/cwt.

View the full Sterling Pork Profit Tracker for the week ending April 18.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Hold Steady at $53 Per Head

Wed, 15 Apr 2026 12:19:48 GMT

Compared to the prior week, there was little change in the pork industry margin situation last week. Farrow-to-finish margins were $53.09/head against $51.84/head the previous week with the Lean Carcass Value averaging $90.49 compared to $90.43/cwt. the previous week.

Packer margins averaged $5.51/head last week with an average Pork Cutout of $90.49/cwt., about unchanged from $90.43/cwt. the previous week.

View the full Sterling Pork Profit Tracker for the week ending April 11.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Average $51.84/head

Wed, 08 Apr 2026 10:56:20 GMT

Pork packer/processor margins improved last week with the Lean Carcass Value averaging $90.43/cwt. against $91.84/cwt. the previous week. The Pork Cutout was a bit averaged $97.11/cwt. for the week compared to $96.98 the previous week.

At 2,336,100 head, hog numbers going through the plants was down about 110,000 head from a week earlier with utilization averaging 90% for the week. Capacity utilization for the previous was at 94.6%.

Sterling’s estimated packer margin last week averaged $3.44/head while Sterling’s estimated farrow-to-finish margins averaged $51.84/head for the week.

View the full Sterling Pork Profit Tracker for the week ending April 4.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Unchanged as Producers Exercise Caution

Wed, 01 Apr 2026 15:39:28 GMT

Farrow-to-finish margins averaged $55.35/head last week and unchanged from the prior week with W. Cornbelt Lean Carcass Value averaging $91.84/cwt. and down only slightly from the prior week. This situation with positive farrow-to-finish margins is likely to continue with the March 1 Hogs and Pigs Report showing hog numbers unchanged from a year earlier as producers with long memories exercise caution.

Packers saw the Pork Cutout weaken to $96.98/cwt. from $99.28 the prior week which in turn led to only a breakeven margin compared to $3.20/head the previous week.

View the full Sterling Pork Profit Tracker for the week ending March 28.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Market Conditions Remain Steady

Tue, 24 Mar 2026 15:11:23 GMT

Market conditions in the pork industry are generally steady with the previous week with farrow-to-finish margins hovering near $55/head (Sterling estimate is $55.53/head) and the Sterling’s estimate for packer margins averaging $3.33/head against $5/head the prior week.

The Pork Cutout averaged $99.28/cwt. and little changed from the previous week’s $99.86/cwt. Both producer and packer margins are near estimates from a year ago.

View the full Sterling Pork Profit Tracker for the week ending March 21.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Lean Carcass Value Continues to Strengthen

Tue, 17 Mar 2026 16:44:23 GMT

Lean carcass value continued to strengthen last week, further supporting farrow-to-finish margins. This is expected to continue going forward.

At the same time, unlike the second quarter of 2025, while I am not saying consumers are moving away from beef, the pork cutout during the second quarter of this year will be supported by consumers moving down the retail meat case and buying pork to “adjust” their food budget.

View the full Sterling Pork Profit Tracker for the week ending March 14.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

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Pork Exports Open 2026 on High Note

Fri, 13 Mar 2026 19:44:36 GMT

U.S. pork exports trended higher year-over-year in January, led by another outstanding performance from leading market Mexico, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). January pork exports totaled 250,861 metric tons (mt), up 3% from a year ago, while value increased 4% to $692.1 million. In addition to Mexico, exports were larger year-over-year to Japan, South Korea, Canada, Central America, Colombia, the Dominican Republic, the ASEAN and Taiwan.

“Very impressive start to the year for U.S. pork in Mexico and other Western Hemisphere markets, but strengthening demand in Asian destinations is especially encouraging,” says USMEF President and CEO Dan Halstrom. “The U.S. industry continues to capitalize on consumers’ growing demand for convenience-oriented products at both retail and foodservice, and this is reflected in our recent export results.”

Broad-based growth for January pork exports

Coming off a fifth consecutive record year, pork exports to Mexico remained on a roll in January, increasing 3% from a year ago to 107,902 mt. Export value climbed 8% to $238.7 million. As USMEF has previously reported, U.S. pork faces a potential headwind in Mexico due to antidumping and anti-subsidy investigations on U.S. hams and shoulders. Led by the National Pork Producers Council and USMEF, as well as individual company participation, the U.S. industry has responded in great detail to the Mexican government’s requests for information, demonstrating that U.S. export growth is demand-driven and refuting concerns about dumping or subsidization.

Pork exports to Japan totaled 27,910 mt in January, up 22% from a year ago and the largest since May. Export value was $103.8 million, up 14%. With the U.S. and Japan continuing to work on a reciprocal trade deal, Prime Minister Sanae Takaichi is set to visit the White House next week. USMEF does not expect any impact on red meat market access in Japan, as the U.S. continues to benefit from the U.S.-Japan Trade Agreement reached in President Trump’s first term. But a reciprocal deal could further solidify general trade relations between the two nations.

Pork exports to Colombia set a value record in 2025 and nearly matched 2024’s record volume, but shipments slowed toward the end of the year. That trend was reversed in January, as shipments climbed 16% year-over-year to 9,853 mt, valued at $30 million (up 13%). While Colombia was once primarily a destination for raw material for further processing, exports have expanded in recent years to include a range of value-added products.

Other January results for U.S. pork exports include:

Similar to Colombia, pork exports to Central America were record-large in 2025 but slowed near the end of the year. Led by growth in leading market Honduras, January exports to the region edged slightly higher than a year ago in both volume (14,651 mt, up 1%) and value ($47.6 million, up 2%).
January exports to South Korea increased year-over-year for the seventh consecutive month, climbing 3% in volume (16,691 mt) and 9% in value ($57.5 million). This growth was achieved even as cheaper Spanish pork became available in the market, due to African swine fever (ASF) related restrictions other trading partners have imposed on Spain.
In the Dominican Republic, Brazilian pork has made inroads in the market, but demand continues to grow, U.S. market share has rebounded, and domestic production is still battling ASF and other challenges. January exports to the DR reached 8,108 mt, up 25% from a year ago, while value climbed 26% to $24.2 million.
The U.S. and Taiwan recently announced a reciprocal trade deal that includes market access gains for U.S. pork, including lower tariffs. While those benefits have not yet been implemented, January exports totaled 1,346 mt, up 181% from the low year-ago volume. Export value more than tripled to $3.6 million (up 205%).
Pork exports to Canada were strong in January, increasing 6% from a year ago to 16,243 mt. Export value climbed 7% to $63.1 million.
Despite retaliatory duties, sluggish demand and ample domestic supplies, China continues to be the largest destination for U.S. pork variety meats. January variety meat exports to China totaled 24,139 mt, up 3% from a year ago, though value declined 11% to $52 million. Global variety meat exports increased 6% to 47,129 mt, including gains in Mexico, the Philippines, Canada, Guatemala, Korea and the DR. Export value fell 3% to $97.3 million, mainly due to the decline in China.
Pork export value averaged $62.07 per head slaughtered in January, up 6.5% from a year ago. Exports accounted for 28.5% of total January pork production and 24.9% for muscle cuts only, up from the respective January 2025 ratios of 27.1% and 23.8%.

A detailed summary of the January export results for U.S. pork, beef and lamb, including market-specific highlights, is available here .

Farrow-to-Finish Margins Lose Ground as Feed Costs Increase $3/head

Wed, 11 Mar 2026 13:53:02 GMT

Pork packer margins were slightly improved last week against a Pork Cutout Value of $989.62/cwt. and up about $1/cwt. from the prior week. The drop credit also moved higher to average $12.90/cwt. on a dressed weight equivalent compared to $12.38/cwt. every week for the previous seven weeks.

Farrow-to-finish margins lost some ground to average $53.25/head the feed cost for those hogs was $3/head higher than for hogs marketed the previous week.

View the full Sterling Pork Profit Tracker for the week ending March 7.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Gain Strength

Wed, 04 Mar 2026 20:07:44 GMT

Farrow-to-finish margins continued to gain strength with the Lean Carcass Value averaging $91.33/cwt. last week against $89.04/cwt. a week earlier.

Sterling hog producer margin was at $56.21/head and $4/head higher than the prior week. A lower feed cost added further support. While the Pork Cutout value also gained last week to average $91.33/cw.t, it was not enough to maintain packer margins which fell to $1.53/head according to Sterling’s estimate from $3.50/head the prior week.

View the full Sterling Pork Profit Tracker for the week ending Feb. 28.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Get a Boost Averaging $52/head

Wed, 25 Feb 2026 13:06:39 GMT

Pork packing-processing margins continued to weaken last week averaging $3.50/head and $2/head from the prior week.

The Pork Cutout gained about $1/cwt. from a week earlier to average $96.04/cwt. However, the W. Cornbelt Lean Carcass Value averaged $89.04 for the week against $87.26/cwt. the prior week giving farrow-to-finish margins a boost to average $52/head for the week and nearly $4/head higher than the previous week.

Capacity utilization in the plants averaged 95% last week.

View the full Sterling Pork Profit Tracker for the week ending Feb. 21.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

2025 U.S. Pork Export Performance: Key Statistics and Market Trends

Mon, 23 Feb 2026 18:09:57 GMT

U.S. pork exports reached significant milestones in 2025, recording the second-highest value and third-largest volume in history. According to data from the USDA and the U.S. Meat Export Federation (USMEF), the year concluded with robust performance in Latin America and a late-year rebound in Asian markets.

Quick Facts: 2025 Pork Export Totals

Total Volume: 2.94 million metric tons (mt) — third largest on record.
Total Value: $8.4 billion — second highest on record.
Per Head Value: Approximately $65 for every animal slaughtered.
Variety Meat Contribution: 13% to 14% of total export value (approx. $1.1 billion).

What These Export Numbers Mean for U.S. Pork Producers

According to USMEF President and CEO Dan Halstrom, the export market adds significant value to the bottom line of domestic producers. The $65-per-head contribution is driven largely by products with low domestic demand, such as variety meats. In December alone, pork variety meat exports were valued at nearly $105 million, the highest level since March.

Top Performing Markets in 2025

The 2025 export story was defined by record-breaking demand in the Western Hemisphere and a recovery in the East:

Mexico: Remained the leading market with record-large volume and value.

Latin America: Achieved its second-largest value year ever, with record shipments to Central America and the Caribbean.

Colombia: Reached a new record in export value.

Asia: While down for the full year, markets in South Korea, Japan, ASEAN, and Taiwan saw a significant rebound in the second half of 2025.

Market Outlook for 2026

Despite a 3.5% year-over-year dip in December volume (257,846 mt), the industry remains well-positioned for growth. The late-year momentum in Asia and consistent demand from Mexico suggest a strong trajectory heading into 2026.

“The thing that doesn’t stand out here is that Asia, in the last half of the year, really started to pick up some ground,” Halstrom says. “They were down for the year. But if you remember, early last year, Asia was down quite a bit. In the last half of the year, we saw a rebound in Asia on pork as well. The pork side is well positioned going into 2026.”

Farrow-to-Finish Margins Improve to $48.15/head

Wed, 18 Feb 2026 12:28:03 GMT

Farrow-to-finish producer margins continued to improve last week with Sterling’s average estimate at $48.15/head. For the same week one month ago, producer’s average margin was estimated by Sterling at $19.29/head.

Feed costs remain near $73.50 per head while the W. Cornbelt Lean Carcass Value averaged $87.26/cwt. last week and about $.50/cwt. higher than the prior week. Sterling’s estimated pork packer margins last week at $5.60/head, down about $1/head from the prior week with average Pork Cutout at $95.17/cwt. For the same week a month ago, packer margins were estimated at $26.65/head.

View the full Sterling Pork Profit Tracker for the week ending Feb. 14.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Packer Margins Drop to $6.86

Wed, 11 Feb 2026 10:16:25 GMT

Pork packer margins dropped to $6.86/head from $9.64/head the prior week (Sterling) as the Lean Carcass Value was up $1/cwt. while the Pork Cutout Value at $95/cwt. was about unchanged from the prior week.

Farrow-to-finish margins gained on the higher Lean Carcass Value to average $46.75/head (Sterling) compared to $41.22/head the prior week.

View the full Sterling Pork Profit Tracker for the week ending Feb. 7.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Profit Tracker: Farrow-to-Finish Margins Improve to $41/head

Wed, 04 Feb 2026 04:05:27 GMT

Farrow-to-finish margins improved substantially to average $41/head as estimated by Sterling and this compares to $33/head the prior week and $7.84/head a month ago.

Breakeven prices for hogs placed on the finishing floor last week averaged $64/cwt. against $67/cwt. for hogs marketed last week. Packers continue to see margins shrink according to Sterling estimates with last week at $9.64/head. Sterling showed the prior week’s packer margin at $14.10/head and $42/head a month ago.

View the full Sterling Pork Profit Tracker for the week ending Jan. 31

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Get Boost Improving to $32.98/head

Wed, 28 Jan 2026 16:41:02 GMT

A stronger W. Cornbelt Lean Carcass Value ($82.73/cwt. compared to $75.28/cwt. a week earlier) gave a boost to farrow-to-finish margins last week with Sterling’s estimate averaging $32.98/head for the week compared to $19.29/head the prior week.

The average Pork Cutout Value also gained last week ($94.90/cwt. against $92.68/cwt. the prior week) led a weaker packer margin with Sterling’s average for the week at $15.20/head against $26.65/head the prior week.

View the full Sterling Pork Profit Tracker for the week ending Jan. 24.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Stronger Lean Carcass Value Boosts Farrow-to-Finish Margin

Wed, 21 Jan 2026 16:53:14 GMT

Pork packer margins were off $5.41/head last week to average $26.42/head as the W. Cornbelt lean carcass value for the week gained $3/cwt. against the Pork Cutout value, which averaged $92.68/cwt. compared to $92.10/cwt. the previous week.

The stronger lean carcass value gave a boost to farrow-to-finish margins, which averaged $19.20/head for the week, a $7/head boost from the previous week. A drop in grain and meal prices pushed the breakeven price for hogs placed last week to $64/cwt. This was the lowest breakeven since hogs placed on the finishing floor the week of March 13, 2021.

View the full Sterling Pork Profit Tracker for the week ending Jan. 17.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Weaner Pig Breakeven at $99.57, Up $5.64 from Last Week

Tue, 20 Jan 2026 14:57:04 GMT

NutriQuest Business Solutions publishes weekly weaner pig profitability calculations which uses industry representative production costs and futures pricing for lean hogs, corn and soybean meal, using historical basis assumptions, to establish approximate profitability and break-even pricing for the current sale or purchase of weaner pigs. Prices are based on closing futures prices on Jan. 16 and assumes CME Lean Hog Index cost and historical basis assumptions.

When you consider that today’s purchased weaner would be sold in July 2026 using July 2026 futures, the weaner breakeven was $99.57, up $5.64 for the week. Feed costs were down $2.63 per head, and July futures increased $2.28 compared to last week’s futures, while historical basis is declined from last week by $0.84 per cwt.

The “weaner pig breakeven” is an all-in break-even considering fixed costs (e.g., housing and labor) that would be incurred by the buyer. However, many buyers of weaners have empty space and therefore will incur these fixed costs whether the buildings are stocked with weaners. For those producers with empty space, the maximum price a buyer could pay for a weaner pig and breakeven is the “margin over variable costs,” which is $125.68.

(NutriQuest)

Note that the weaner pig profitability calculations provide weekly insight into the relative value of pigs based on assumptions that may not be reflective of your individual situation.

From the National Direct Delivered Feeder Pig Report

Cash-traded weaner pig volume was below average this week with 43,375 head being reported which is 62% of the 52-week average. Cash prices were $90.97, up $7.64 from a week ago. The low to high range was $75 to $100. Cash prices were 85.23% of average 6-month Lean Hog Futures for the week.

Formula-priced weaners were up $2.39 this week at $70.41.

Cash-traded feeder pig reported volume was below average with 6,625 head reported. Cash feeder pig reported prices were $108.29, up $4.37 per head from last week.

Graph 1 shows the seasonal trends of the cash weaner pig market.

(NutriQuest)

Graph 2 shows the seasonal trends of cash weaner pig market as percentage of 6-month Lean Hog Futures.

(NutriQuest)

Graph 3 shows the cash weaner price and cash feeder price on a weekly basis through Jan. 16.

(NutriQuest)

Graph 4 shows the estimated weaner pig profit by comparing the weaner pig cash price to the weaner breakeven. The profit potential decreased $2.00 this week to a projected gain of $8.60 per head.

(NutriQuest)

Jennifer Brown is Director of NutriQuest Business Solutions, a division of NutriQuest. NutriQuest Business Solutions is a team of leading business and financial experts that bring years of unparalleled experience in the livestock, row-crop and financial industries. At NutriQuest our success comes from helping producers realize improved profitability and sustainability through innovation driven by a relentless focus on helping producers succeed. For more information, please visit our website at www.nutriquest.com or email jenniferbrown@nutriquest.com.

Positive Pork Packer, Feeder and Producer Margins

Wed, 14 Jan 2026 15:38:36 GMT

On the pork side, margins for both packers and producers remained positive with some improvement for producers last week as the W. Cornbelt lean carcass value was stronger to average $72.26/cwt. for the week.

Sterling’s estimate for farrow-to-finish margins was $12/head compared to $8/head the previous week, but still well below returns of $20/head a year ago. Packers lost ground paying more for hogs while facing a weaker cutout value. The Pork Cutout averaged $92.10/cwt. against $94.60/cwt. the prior week. Plant utilization remains strong.

View the full Sterling Pork Profit Tracker for the week ending Jan. 10.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Producer Profit Margins Continue to Gain

Thu, 08 Jan 2026 20:39:30 GMT

Hog producers saw some further gain in their margins last week as the W. Cornbelt lean carcass value averaged $70.12/cwt. compared to $68.75 the previous week leaving producer margins at $7.77/head against $4/head a week earlier.

The stronger lean carcass value coupled with a weaker cutout value ($94.60/cwt. compared to $96.62/cwt. a week earlier) left pork packers with a reduced margin last week. Sterling’s estimated average pork packer margins for the week were $41.34/head.

View the full Sterling Pork Profit Tracker for the week ending Jan. 3.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Producer Profit Margins Continue to Weaken

Tue, 30 Dec 2025 16:04:04 GMT

The pork industry saw the same margin story as the beef industry in the Christmas holiday shortened week. Farrow-to-finish operations had an estimated margin for the week of $4.03/head according to Sterling, while packer margins at $49/head were also down from the prior week, albeit only $3/head.

The Pork Cutout last week averaged $96.62/cwt. compared to $98.62 the prior week. Producer margins over the past 6 weeks, though still in positive territory continue to weaken and averaged $4.03/head according to the Sterling calculation.

Even though the Dec. 1 Hogs and Pigs Report indicated a 1% year-over-year growth in total hog numbers, the breeding herd was down 1% from a year ago with the pigs per litter having the greatest impact on pig numbers.

Caution is still the watchword. Pork plant capacity utilization averaged 74.4% (1.9 million market hogs) and down sharply from the prior week estimate, which bumped at full capacity with the industry slaughtering 2.6 million market hogs.

View the full Sterling Pork Profit Tracker for the week ending Dec. 27.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Farrow-to-Finish Margins Continue to Decrease

Tue, 23 Dec 2025 16:08:43 GMT

The trend in pork industry margins continued last week with Sterling estimated farrow-to-finish margins averaging $6.85/head against $11.68/head the previous week.

Packer margins were estimated by Sterling to average $52.12/head compared to $46.26 a week earlier.

The Pork Cutout averaged $98.62/cwt. last week, a gain of nearly $1.25/cwt. from a week earlier while the W. Cornbelt Negotiated Lean Carcass Value averaged $69.31 for the week against $70.64/cwt. the prior week.

View the full Sterling Pork Profit Tracker for the week ending Dec. 20.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Packer Margins Highest Since January 2024

Tue, 16 Dec 2025 19:11:12 GMT

Pork packer margins as estimated by Sterling averaged $45.94/head and the highest since the week ending January 27, 2024, following a stronger Pork Cutout which averaged $97.25 for the week compared to $94.55 a week earlier.

The W. Cornbelt Lean Carcass Value was down about $1/cwt. from the prior week to average $70.64/cwt.

Farrow-to-finish margins as estimated by Sterling continued to weaken averaging $11.63/head for the week. Packing plant capacity utilization remains strong.

View the full Sterling Pork Profit Tracker for the week ending Dec. 13.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Packing Plants Operating at Full Capacity

Wed, 10 Dec 2025 13:11:47 GMT

The pork industry saw mixed margin results following Thanksgiving week with packers holding steady with the prior week with Sterling’s estimated margin at $38.18/head while farrow-to-finish operations saw an estimated gain of $3/head from the prior week and averaging $12.84/head for the week.

The weighted average W. Cornbelt Lean Carcass Value price was at $71.84/cwt. for the week and $1/cwt. higher than the prior week while the Pork Cutout Value averaged $94.55/cwt. for the week against $93.63/cwt. a week earlier.

Plants utilized full capacity as estimated by Sterling.

View the full Sterling Pork Profit Tracker for the week ending Dec. 6.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)

Pork Profit Tracker: Hog Plants Operate at Near Capacity

Tue, 25 Nov 2025 15:27:08 GMT

The margin picture in the pork industry generally followed the beef industry with farrow-to-finish margins continuing to weaken with Sterling’s estimate for the week averaging $13.80/head and down from $30.98 the previous week.

The W. Cornbelt Lean Carcass Value averaged $73.14/cwt last week and down from $80.94/cwt the prior week.

Just as in the beef industry pork packer margins were notably improved with Sterling’s estimate for week’s average at $33.78/head compared to $24.28/head the prior week. Hog plants operated with nearly all of their slaughter capacity last week.

View the full Sterling Pork Profit Tracker for the week ending Nov. 22.

The Beef and Pork Profit Trackers are calculated by Sterling Marketing, Vale, Ore.

(Note: The Sterling Beef Profit Tracker calculates an average beef cutout value for the week in its estimates for feedyard and packer margins. Other prices in the weekly Profit Tracker also are calculated weekly averages. Feedyard margins are calculated on a cash basis only with no adjustment for risk management practices. The Beef and Pork Profit Trackers are intended only as a benchmark for the average cash costs of feeding cattle and hogs. Sterling Marketing is a private, independent beef and pork consulting firm not associated with any packing company or livestock feeding enterprise.)