Red Meat
Pork
Pork
Price movements (monthly)
EU Pork
Month-on-month Change
Year-on-year Change
US Pork
Month-on-month Change
Year-on-year Change
The Expana Benchmark Prices (EBP) for Pig Deadweight Grade S EXW Europe [Expana Code: BW56] was assessed at €1,930/mt on March 25, up €20/mt on the month. The EU pork market was supported by increasing domestic demand throughout the month. Market sources across the EU reported growing buying interest from the food service and retail segments, while demand from the processing side remained largely steady. The increase in demand was largely aided by milder temperatures and the start seasonal buying interest for grilling items. Supply remains tight. While slaughter numbers are steady, slaughter weights dropped slightly during the later part of the month.
The dressed price of US negotiated hogs [Expana Code 3788] was $0.90/lbs on April 28, up by 2.3% on the month and 0.9% lower y-o-y. US hog prices moved slightly higher April. The approaching grilling season and a seasonal reduction in hog supplies are supportive factors for the cash market. Live hog weights were unchanged m-o-m in March at 291 lbs. Hog weights remain elevated at near seasonal all-time highs, supported by low feed costs.
Pork
Other price drivers
↓ Logistics
The shipping 40ft container composite index fell 18.9% m-o-m to $2,390.79 per unit in March. The container shipping markets weakened significantly as seasonal demand softness combined with high inventory levels and growing tariff risks. Importers curtailed bookings amid US tariff threats and potential retaliatory measures, driving rates to their lowest since early 2024, with excess vessel capacity compounding the downward pressure on prices.
↓ Energy Prices
The Brent crude oil price decreased 5.46% m-o-m in March to $70.86/barrel, representing a 16.31% y-o-y decrease.
In March 2025, crude oil prices were pressured by rising US inventories, record American output, and expectations of OPEC+ supply increases. Weakening Chinese demand and deflation added further bearish momentum. However, escalating geopolitical tensions in the Middle East—including US airstrikes in Yemen and renewed Israeli-Palestinian conflict—raised risk premiums, providing price support. Despite a structurally oversupplied outlook, short-term price movements were increasingly driven by geopolitical instability.
↓ Feed Costs
Feed grains are a significant component of livestock production costs. As a result, any price increase in maize (corn) and wheat could push prices of animal protein upwards.
EU wheat prices rose modestly early on due to geopolitical tensions, weather risks, and currency volatility. However, gains were capped as global production forecasts improved, ending stocks rose, and export demand weakened. By month-end, ample supply and bearish fundamentals stabilized or slightly pressured prices downward.
↓ Currency Exchange Rates
In March 2025, the USD fell against the EUR, decreasing 3.76% m-o-m and 0.18% y-o-y.
The USD/EUR rate swung sharply as US consumer confidence plummeted to its lowest level since May 2013, according to data from the Conference Board. The sharp decline raised alarm over future household spending and broader economic resilience, fueling dollar weakness mid-month amid growing fears of a domestic slowdown.
Pork
Market sentiment for the month ahead
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