Brazil hog margins hit record as feed costs fall
Firm hog prices and low soybean meal boost returns
2 January 2026
1 minute read
By: Live swine prices remained firm in Brazil’s domestic market in 2025, supported by strong domestic and export demand alongside limited supply, according to Cepea. At the same time, soybean meal prices, a key feed input, stayed at low levels, lifting producers’ purchasing power.
In São Paulo state, swine farmers recorded the highest purchasing power in Cepea’s historical series, which dates back to 2004. On average, producers were able to buy 4.8 kilograms of soybean meal with one kilogram of live swine in 2025, up 25% from the previous year and the highest level on record.
Soybean meal prices averaged BRL 1,748.19 per tonne in Campinas, São Paulo, down 18.4% from 2024 and the third lowest level in real terms in Cepea’s series. Cepea attributed the decline to high supply, driven by strong demand for soybean oil in both Brazil and the US.
