Pig prices aren't only under pressure in Europe. A global surplus has also caused prices in the United States to fall sharply. American pig farmers are also struggling with weak domestic demand and a challenging global market. Meanwhile, supply continues to grow.
The US pork price has fallen 39,8% since the market peak this summer. On July 23, the average price paid in the United States was $114,79 ($2,26 per kilo) per cwt, according to the Iowa-Minnesota quotation. Over the summer, the average price dropped to $69,08 ($1,36 per kilo).
Just as in Europe, demand for pork in the United States remains weaker than expected. The main reason for this has remained essentially the same for almost three years: simply high consumer prices. While pork prices in the United States are relatively low, supermarket prices are not being lowered. Consequently, demand for pork is lagging, at the expense of cheaper poultry.
Furthermore, the lower demand is attributed to weaker export demand. Unfortunately, the extent to which this is true is only partially corroborated by data, as the data provided by the US Department of Agriculture (USDA) is significantly behind schedule. This is still a consequence of the US government shutdown earlier this year. Layoffs at the USDA are also causing delays. The latest data is from September. In that month, exports were down 2%, primarily due to weaker sales in Asia.
A major reason for the lower price is also a structural oversupply. In the United States, we see the well-known pig cycle at work. Since the beginning of 2024, the US pig price has risen sharply. As a result, the supply of pigs has increased, meaning there are now simply more pigs than there is demand.
Pig supply is increasing
The total US pig herd reached 75,55 million animals as of December 1, 2025. This represents a 1% increase compared to the same date a year earlier, according to the latest Quarterly Hogs and Pigs from the U.S. Department of Agriculture (USDA). The number of pigs raised for finishing was 69,59 million, a 1% increase year-over-year.
This is due to higher piglet production between September and November 2025. The number of piglets reached 35 million, a slight increase compared to the same period in 2024. The larger pig population has clear implications for supply. The US expects the number of slaughters to increase by 1,3% in 2026 compared to the previous year.
However, the consequences of the low US pig price are slowly becoming apparent. At the last count, the pig herd had a 1% drop in sows, totaling 5,95 million. However, the number has increased slightly compared to the previous quarter. This is a sign that the market is already preparing for a supply reduction.