Rising feed costs squeeze Brazil hog producers' margins
Soybean meal costs at lowest ratio since January 2024
20 July 2026
1 minute read
By: Brazilian hog producers' purchasing power against feed ingredients has declined in July, falling to multi-year lows against both corn and soybean meal, according to Brazil's Centre for Advanced Studies on Applied Economics (Cepea).
Against soybean meal, July marked the fourth consecutive monthly decline, bringing purchasing power to its lowest level since January 2024. Against corn, purchasing power fell to its lowest since January 2023.
While prices for live swine, corn and soybean meal all edged higher in São Paulo this month, feed price gains outpaced those for live swine, eroding producer margins. High supply of market-ready hogs is limiting more significant price increases, though demand for pork has been firm in the first half of July.
