Pig outlook: Lean hog futures bulls regain power
Livestock analyst Jim Wyckoff reports on global pig news
25 July 2025
2 minute read
By: The lean hog futures bulls continue to make a strong push north after scoring a near-term price bottom in mid-July. The hog bulls are enjoying spillover buying interest from record-setting price gains in the cattle futures markets. The latest CME lean hog index is up another 39 cents to $108.59 as of July 21. Thursday’s projected cash index price (for July 22) is up 64 cents to $109.23.
Latest USDA and other news regarding the global pork industry
Weekly USDA US pork export sales
Pork: Net sales of 17,000 MT for 2025 were down 1 percent from the previous week and 43 percent from the prior 4-week average. Increases primarily for Mexico (7,200 MT, including decreases of 900 MT), Colombia (3,100 MT), Japan (2,200 MT, including decreases of 200 MT), Canada (1,900 MT, including decreases of 200 MT), and South Korea (1,000 MT, including decreases of 300 MT), were offset by reductions for China (400 MT). Exports of 27,600 MT were up 4 percent from the previous week, but down 13 percent from the prior 4-week average. The destinations were primarily to Mexico (11,800 MT), Japan (4,300 MT), China (2,800 MT), South Korea (2,200 MT), and Canada (1,500 MT).
Philippines denies lifting tariffs on US farm imports
Trade deal details still in flux despite White House visit
The Philippines has not removed tariffs on imports from the United States of corn, rice, sugar, fish, pork, and chicken, Reuters reported, a senior economic and trade adviser to President Ferdinand Marcos Jr. said on Thursday. Frederick Go, Special Assistant to the President for Investment and Economic Affairs, said in a briefing that the details of a deal with the United States are still being finalised by a technical working group.
President Donald Trump announced a new 19% tariff rate for goods from the Philippines on Tuesday after what he called a "beautiful visit" to the White House by Philippine President Ferdinand Marcos Jr., and said US goods shipped into the Philippines would pay zero tariffs.
China’s pork imports steady
China imported 90,000 MT of pork during June, unchanged from the previous month and year-ago. Through the first half of 2025, China imported 540,000 MT of pork, up 4.9% from the same period last year.
The next week’s likely high-low price trading ranges:
August lean hog futures--$106.00 to $111.00 and with a sideways-higher bias
September soybean meal futures--$268.70 to $285.00, and with a sideways-higher bias
December corn futures--$4.15 to $4.30 and a sideways-higher bias
Latest analytical daily charts lean hog, soybean meal and corn futures
