Daily pork producer profitability signal — the margin on taking a feeder pig to market weight using current lean hog, corn, and soybean meal prices.
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| HFM Range | Signal | What It Means |
|---|---|---|
| +$100 or more | Strong Profit | Wide margins — producers expand, sow placements increase, corn & meal demand building |
| +$40 to +$99 | Profitable | Normal operating environment — stable placements, no urgency to hedge |
| $0 to +$39 | Marginal | Breakeven conditions — producers watch closely; any input spike is painful |
| −$1 to −$79 | Stress | Losses mounting — contract renegotiations, expansion plans frozen |
| −$80 or worse | Severe Loss | Structural losses — herd liquidation possible, sow culling accelerates |
U.S. hogs consume roughly 12 bushels of corn and 75 lbs of soybean meal per animal finished. When HFM goes deeply negative, farrow-to-finish operations slow placements. That demand hit reaches corn and soy markets 4–6 months later. Watch HFM to anticipate basis direction before it moves.
Pork is the primary end market for soybean meal in the U.S. When HFM is severely negative, meal demand weakens — which can widen the soybean crush margin or depress it depending on crush capacity utilization. HFM and soybean crush margins are linked at the hip.
Iowa produces 30% of U.S. pork. When Iowa pork operations tighten placements due to negative HFM, local corn basis in the state can widen. Grain farmers selling corn into central Iowa should track HFM as a leading basis indicator.
GrainBrief Pro computes Hog Finishing Margin daily using USDA AMS lean hog, NASS corn, and AMS soybean meal prices. Delivered to your inbox at 6:30 AM CT with trend alert if margin crosses a key threshold.
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