Hog and Pig Farming in the United States (NAICS 112210)

A Histometrics industry primer for public-market and private investors.

1. Overview

Hog and pig farming is the business of breeding and raising pigs for sale — as young weaned pigs, feeder pigs, or market-weight hogs bound almost entirely for pork. It is one of the largest single livestock sectors in U.S. agriculture: farmers sold roughly $36.4 billion of hogs in the 2022 Census of Agriculture, about 6.7% of all U.S. farm product sales, and the national herd runs steadily in the low-to-mid 70-million-head range [3][6].

This is a real-economy, food-supply business — not simply a stock-market sector. Pork is a high-volume, low-margin, deeply cyclical commodity. Producers make money on the spread between what a market hog sells for and the cost of the feed (corn and soybean meal) and piglets that went into it — a spread that swings from very profitable to sharply loss-making over a multi-year "pig cycle." The industry is also unusually concentrated and vertically integrated, so a handful of large companies shape the economics for tens of thousands of contract farmers.

Two ways in. There is no pure listed "hog farm." Public-market investors reach the sector through the integrated meat companies that own or contract the hogs and then slaughter, pack, and brand the pork (detailed in Section 4). The private side is where most of the actual pig-raising sits: large family-owned production systems, farmer-owned processors, and tens of thousands of contract grower farms. The central tension for either route is the same — pork demand is durable, but profits are cyclical, driven by live-hog prices, feed costs, disease control, labor, export access, processing capacity, and environmental compliance.

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2. What it is and how it's structured

The production chain generally runs:

genetics / sow farms → farrowing & weaning → nursery → grow-finish → slaughter & processing

Scope. The 2022 North American Industry Classification System (NAICS) code 112210 — Hog and Pig Farming covers operations that raise hogs and pigs, whether farrow-to-finish (birth to market weight, roughly 270–285 lb), farrow-to-wean (selling piglets at about three weeks and 12–14 lb), nursery (raising weaned pigs to roughly 40 lb), or finishing (feeding young pigs to slaughter weight) [2][7].

What it excludes. This code is farm production only. The steps that create most of the consumer value sit in adjacent codes:

• 311611 — Animal (except Poultry) Slaughtering and 311612 — Meat Processed from Carcasses (packing, cutting, bacon/ham/sausage). This is where the big branded revenue lives [2].
• 424470 — Meat and Meat Product Merchant Wholesalers (distribution).
• 311119 — Other Animal Food Manufacturing (feed).
• 115210 — Support Activities for Animal Production (custom hog services); plus separate codes for cattle, poultry, sheep, goat, and aquaculture production, and for rendering, branded food, and retail.

The catch: the same companies (Smithfield, Seaboard, Tyson, JBS) span all of these. So the "farming" code understates their real footprint — the money is made across the chain, not just at the barn.

Ownership mix — the key structural fact. Ownership is mostly family but economically concentrated. The 2022 Census reported that 93% of specialized hog and pig farms were family farms, yet 75% of the national hog inventory sat on operations with at least 5,000 head [4]. "Family farm" does not mean small-scale.

Contract production dominates. Of the hogs on U.S. farms in 2022, contract growers held 30.6 million, independent grower operations held 25.6 million, and contractors/integrators held 17.5 million directly [4]. Under a production contract, the integrator commonly owns the animals and supplies feed, genetics, and the veterinary program, while the grower provides the barn and labor for a per-head or per-space fee [5]. Combining the integrator-owned and contract-grown animals, roughly two-thirds of U.S. hogs are under contractor/integrator control rather than sold at arm's length. The mental model is not "many small farmers competing" — it is a small number of integrators orchestrating a large network of contract barns.

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3. How big it is

Standard federal business statistics badly undercount this industry, so the caveat comes first. The only Census/SBA business-statistics figure in our ground-truth file for NAICS 112210 is the U.S. Small Business Administration (SBA) size standard of $4 million in average annual receipts — the ceiling below which a hog/pig operation counts as a "small business" for federal programs and lending [1]. That is a government-contracting definition of "small," not a measure of industry revenue. We hold no establishment count, employment, payroll, or profit figure for this code, and none is inferred here.

The undercount is structural: the Census Bureau's County Business Patterns excludes crop and animal production (all of NAICS 112), and its Nonemployer Statistics likewise exclude animal production [9][10]. Employer-based business datasets therefore miss most of this sector — tiny, family-run, nonemployer, and contract-growing operations especially. The authoritative source is instead the U.S. Department of Agriculture (USDA) Census of Agriculture, designed as a complete count of farms.

Two "how big" numbers differ by design: the Census reports the gross sales value of hogs ($36.4B, which double-counts pigs sold between farms), while USDA Economic Research Service (ERS) cash receipts ($27–31B) is a net farm-income measure. Both are correct; they answer different questions. Note also that these are agricultural sales, not the same as revenue reported by companies classified under NAICS 112210.

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4. The investable universe

There is no listed pure-play hog farmer. Public exposure comes through vertically integrated meat companies whose economics are driven by hogs and pork. The clearest read-through is Smithfield.

Public companies (pork-relevant):

Slaughter concentration (2020): Smithfield ~25.4%, JBS ~18.2%, Tyson ~16.0% — a top-three that packs roughly 60% of U.S. hogs [17].

Major private / non-listed owners (where the actual pigs are):

• Pipestone Management — ~392,000 sows via a sow-management and shared-ownership model [18].
• Iowa Select Farms — Iowa's largest producer; markets 5M+ hogs/year across ~800 farms [19].
• Christensen Farms — 140,000 sows, ~3.6M hogs marketed/year; largest shareholder of Triumph Foods [21].
• The Maschhoffs — family-owned; 130,000+ sows across five states [20].
• Triumph Foods — farmer-owned pork processor supplied by its owner-producers, aligned with Seaboard Foods; ~6M hogs/year [24].
• Prestage Farms (integrated pork and turkey) and The HANOR Company (integrated pork) — large privately held systems [22][23].

Private-company scale figures are generally company-reported, not audited public disclosures. Takeaway: buying "hog farming" as a public stock really means buying Smithfield (most direct) or a diversified processor. The genuine farm-level economics are largely in private hands.

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5. How the money works

A farm's basic economics are:

hog revenue − feed − piglet/breeding-stock cost − labor − veterinary − utilities − transport − manure management − financing

Integrated producers earn a crush-style margin: the value of the finished hog minus the cost of the piglet and the feed to grow it. The variables that matter most:

• Feed is the swing factor. Feed is the largest single cost — about 48% of total production expenses across all specialized hog farms in the 2022 Census, and 60–70% of operating cost in a farrow-to-finish budget, dominated by corn and soybean meal [4][26]. When corn fell below $4/bushel and soybean meal to ~$260–270/ton in late 2024, Iowa farrow-to-finish cost of production dropped to about $65/cwt (per hundred pounds of liveweight), roughly $10/cwt cheaper than a year earlier [26].
• Two hog-price benchmarks, different bases. The CME Lean Hog Index (a carcass-lean benchmark producers hedge against with lean-hog futures) ran around $90/cwt across 2025–26 [27]. USDA's separate live-weight national-base forecast is lower — about $66.63/cwt for 2026 — because live weight is only ~74% of carcass; the two are not in conflict [8].
• The pig cycle. A ~10–12 month biological lag from breeding decision to market hog means supply overshoots and undershoots demand, producing multi-year boom-bust cycles. 2023 was a deep-loss year; 2024–25 recovered on cheap feed; margins are judged likely to stay positive but slightly softer into 2026 [27].
• Throughput and integration. Because per-head margins are thin, profit is a function of volume, feed conversion, herd health, and plant utilization. Integrators capture margin at multiple stages (piglets, feed, finishing, slaughter, branded meat, byproducts, even renewable natural gas from manure), smoothing swings that crush a standalone farmer — but a strong processing margin does not guarantee a strong farm margin. Notably, Smithfield's current strategy is to reduce owned sows (deeding ~178,000 sows to independent growers, targeting only ~30% of hogs internally) to cut commodity-hog volatility and lean on higher-margin packaged meats [11][36].
• Contract growers trade upside for stability: they earn a per-space or per-head fee plus incentives, insulated from hog-price swings but exposed to their own barn debt and the integrator's contract terms.

Exports are a critical margin lever: the U.S. shipped a record $8.63 billion of pork in 2024, led by Mexico ($2.58B), Japan ($1.38B), and China/Hong Kong ($1.14B) [25]. Variety meats (organs, feet) that command little value domestically sell profitably abroad, so export access directly supports whole-hog value.

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6. What drives demand

• Domestic pork consumption — steady but mature. Pork competes at the meat case with cheaper chicken and pricier beef, so relative meat prices and consumer trade-down shift volume across bacon, sausage, ham, ribs, and foodservice.
• Exports — the marginal demand driver. Roughly a quarter of U.S. pork is exported; Mexico and Japan alone made up about half of exports over the past decade, with Canada, South Korea, and other trade-agreement markets also important [7][25]. Trade policy, tariffs, and currency (a weak yen or peso dents buying power) move volumes quickly. Exports also improve carcass utilization because different countries value different cuts.
• North American live-animal flows — the U.S. imports live hogs and feeder pigs from Canada, especially into the Corn Belt, so border rules, freight, and disease controls affect supply as well as demand [7].
• Feed costs (inverse driver of supply) — cheap corn/soybeans expand the herd and lower breakevens; a drought that spikes feed can force herd liquidation [26].
• Foreign disease outbreaks — an African Swine Fever (ASF) outbreak abroad (as in China in 2018–19) can wipe out foreign herds and surge U.S. export demand.
• Higher-value programs — antibiotic-free, welfare-certified, or traceable pork can lift pricing and retention, but require segregated supply chains, audits, and higher cost.

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7. Regulation

The main regulatory burdens are animal-welfare, environmental, animal-health, food-safety, and market-conduct rules.

• Animal-welfare sales laws (the big current issue). California's Proposition 12 requires that whole pork sold in the state come from sows given at least 24 square feet of space. The U.S. Supreme Court upheld it in May 2023; because California is ~13% of the U.S. pork market but had almost none of its own compliant sow housing, producers nationwide must convert barns to keep selling there — an estimated ~$3,500 per sow, with under 4% of U.S. sow housing compliant at the outset [28][35]. Massachusetts Question 3 is a similar law, upheld by a federal appeals court in 2025 [29]. These state laws effectively set national production standards and split the market into "compliant" and "non-compliant" pork.
• Environmental. Large hog farms are Concentrated Animal Feeding Operations (CAFOs) regulated by the Environmental Protection Agency (EPA) under the Clean Water Act; a CAFO may need coverage under the National Pollutant Discharge Elimination System (NPDES), including manure- and nutrient-management controls. State and local rules govern siting, odor, setbacks, and manure application; lagoon and odor issues drive local litigation (notably nuisance suits in North Carolina) [30].
• Food safety. USDA's Food Safety and Inspection Service (FSIS) inspects slaughter and processing, and oversees labeling, adulteration, and humane-slaughter requirements [31].
• Animal drugs. The Food and Drug Administration (FDA) regulates medically important antimicrobials used in feed under a Veterinary Feed Directive (VFD), requiring licensed-veterinarian oversight; they cannot be used for growth promotion [32].
• Market conduct. The Packers and Stockyards Act (P&S Act), administered by USDA, governs livestock purchasing, contracting, and payment; USDA maintains a swine contract library and investigates alleged unfair or deceptive practices [33].
• Disease policy. USDA's Animal and Plant Health Inspection Service (APHIS) runs disease prevention and import/export health rules. ASF has not been detected in the U.S., but an introduction could trigger herd losses, movement controls, and an export shutdown [34].

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8. Competitive dynamics and consolidation

This is a consolidated, vertically integrated, low-margin industry. USDA ERS reports the number of U.S. farms with hogs has fallen more than 70% since 1990 as operations grew larger and more specialized [7]. The 2022 Census shows the result: farms with at least 5,000 head held 75% of inventory, while farms with fewer than 2,000 head held just 5% [4]. Farm numbers fell ~13% just from 2017 to 2022 even as output rose.

The industry has shifted from traditional farrow-to-finish farms toward specialized breeding, nursery, and finishing systems linked by contracts — improving biological efficiency and year-round plant utilization, but raising dependence on integrators and packers. Competitive pressure runs on cost per pound and plant utilization: whoever has the cheapest feed logistics, best herd health, and fullest packing plants wins. The advantages worth underwriting are low feed/transport cost, strong genetics and herd-health systems, high sow productivity and low mortality, reliable slaughter access, modern compliant barns, skilled labor with succession depth, diversified customers and export outlets, and the ability to capture value beyond live-hog sales.

That top-three slaughter concentration (~60%) has drawn antitrust and price-fixing scrutiny of the pork-packing oligopoly [17]. Producer-owned processing (Triumph Foods) offers a partial alternative to packer dependence. Notably, the largest players are now partly deconsolidating the farming piece — Smithfield deeding sows back to independents [36] and several majors trimming sow herds — a judgment that owning the volatile hog-raising step is less attractive than buying hogs and focusing on branded, packaged meat.

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9. Risks

1. Disease. Domestically, Porcine Reproductive and Respiratory Syndrome (PRRS) is endemic and costly; a Porcine Epidemic Diarrhea virus (PEDv) epidemic killed millions of piglets in 2013–14. A U.S. ASF detection — the disease reached Spain's wild boar in 2025 for the first time in three decades — would likely trigger an immediate export shutdown and is the sector's tail risk [27][34].
2. Feed-price volatility. Corn and soybean meal dominate cost; a farm can face higher feed prices before it can adjust herd size or market animals [26].
3. Pig-cycle risk. The biological lag means industry-wide expansion can produce oversupply and sharply lower prices — whole years of losses (2023) are normal [27].
4. Processing bottlenecks. A farm needs a buyer and a slaughter slot; plant outages, labor shortages, strikes, weather, or transport problems can force discounts or animal backlogs.
5. Trade dependence. With ~25% of output exported, tariffs or a single market's closure (China retaliation, Mexico friction, Canadian live-hog disruption) can swamp domestic prices [25].
6. Regulatory-cost / welfare risk. Prop 12 / Question 3-style laws impose real capital costs, segregation, and market fragmentation; more states could follow [28][29].
7. Environmental & social license. Manure spills, groundwater contamination, odor, greenhouse-gas scrutiny, and opposition to expansion invite fines, litigation, higher capital costs, and lost permits.
8. Buyer concentration & antitrust scrutiny. Large packers and integrators improve efficiency but raise bargaining-power, contract-dispute, and litigation exposure [17].
9. Financial & succession risk. Private farms often carry heavy barn, land, and working-capital debt; interest rates, refinancing, and family succession can matter as much as biological performance.

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10. How to invest and the outlook

Public routes.

• Most direct: Smithfield Foods (SFD) — the only large listed company whose identity is pork/hogs; note WH Group still controls ~91%, so float is thin and governance is parent-dominated [12].
• More concentrated but diluted: Seaboard (SEB) offers vertically integrated pork inside a diversified holding company [13].
• Diversified / global: Tyson (TSN), JBS (JBS), Hormel (HRL), and WH Group (0288) give pork exposure blended with other proteins, branded foods, or foreign operations — lower purity, lower single-commodity risk, added currency/governance risk [14][15][16].
• Treat these as commodity-cyclical equities: value them on mid-cycle earnings, feed spreads, and export access, not on a single year. Dividend and multiple discussion belongs to the specific ticker's cycle position.

Private routes.

• Direct farm equity, senior lending, barn/farmland finance, producer-owned processors, feed mills, veterinary/genetics businesses, logistics, or manure-to-energy projects. Focus on the operating asset, not the label. The $4M SBA receipts line marks the "small business" boundary for programs and lending [1].
• Underwriting questions that matter: What is the cost per cwt of gain? How much feed- and hog-price exposure is hedged? Who owns the animals under the contract — and can the integrator terminate, reprice, or require capital improvements? How old are the barns and manure systems? What happens if the nearest packing plant closes? How diversified are customers and export destinations? Does the business earn only live-hog revenue, or also processing, branded, byproduct, or energy income?

Near-term outlook. USDA's July 2026 forecast calls for just under 28 billion pounds of U.S. pork production in 2026 (up 1.4% on 2025), and 28.1 billion pounds in 2027; 2026 exports of 7.2 billion pounds (up 3.8%); and average hog prices of $66.63/cwt in 2026 and $64.75/cwt in 2027 [8]. Watch: continued cheap feed (supports margins) [26]; Mexico/Japan export strength and any China swing (sets the marginal price) [25]; Prop 12 build-out and possible new state laws (reshapes where the margin sits) [28]; herd discipline as majors trim sows (supply-restrained, margin-supportive) [11][27]; and ASF vigilance (the dominant downside) [34].

Editor's judgment. The base case is stable-to-growing pork volume but modest industry-wide pricing power. This is a mature, cyclical, export-sensitive commodity industry that is consolidating at the farm level even as its biggest players shift risk toward packaged meats — investable mainly through the integrators, with the genuine farming economics largely private. The strongest risk-adjusted businesses combine low biological and feed costs with reliable processing access, disciplined leverage, disease preparedness, environmental compliance, and downstream value capture. Highly leveraged, spot-exposed farms remain vulnerable even when long-term pork demand is healthy.

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Sources

1. U.S. Small Business Administration, "Table of Size Standards" (NAICS 112210 = $4.0 million receipts), 2023. https://www.sba.gov/document/support-table-size-standards
2. U.S. Census Bureau, "2022 NAICS Manual" (definitions and exclusions), 2022. https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf
3. USDA National Agricultural Statistics Service (NASS), "Hogs and Pigs Highlights: Hog Sales Up, Number of Farms Down, Since 2017" (2022 Census of Agriculture), 2024. https://www.nass.usda.gov/Publications/Highlights/2024/Census22_HL_Hogs_Pigs.pdf
4. USDA NASS, "2022 Census of Agriculture: United States Data," Volume 1, Chapter 1, 2024. https://www.nass.usda.gov/Publications/AgCensus/2022/Full_Report/Volume_1,_Chapter_1_US/usv1.pdf
5. USDA NASS, "2022 Census of Agriculture Report Form and Instructions Guide" (contract-production definitions), 2022. https://www.nass.usda.gov/AgCensus/Report_Form_and_Instructions/2022_Report_Form/2022_Census_of_Agriculture_Report_Form_Guide.pdf
6. USDA NASS, Quarterly Hogs and Pigs ("United States Hog Inventory Down Slightly"), June 2026. https://www.nass.usda.gov/Newsroom/2026/06-25-2026.php
7. USDA Economic Research Service (ERS), "Hogs & Pork: Sector at a Glance" (cash receipts, farm decline since 1990, exports, Canadian live-hog trade), 2025. https://www.ers.usda.gov/topics/animal-products/hogs-pork/sector-at-a-glance
8. USDA ERS, "Hogs & Pork: Market Outlook" (July 2026 production, export, and price forecasts; ASF), 2026. https://www.ers.usda.gov/topics/animal-products/hogs-pork/market-outlook
9. U.S. Census Bureau, "County Business Patterns" (excludes crop and animal production, NAICS 112). https://www.census.gov/programs-surveys/cbp.html
10. U.S. Census Bureau, "Nonemployer Statistics FAQ" (excludes animal production). https://www.census.gov/programs-surveys/nonemployer-statistics/about/faq.html
11. Smithfield Foods Inc., "2025 Form 10-K" (11.1M internal head, ~40% of Fresh Pork throughput; sow strategy), U.S. Securities and Exchange Commission (SEC), 2026. https://www.sec.gov/Archives/edgar/data/91388/000009138826000014/smf-20251228.htm
12. SEC / Smithfield Foods Inc., Form FWP and Form S-1 (Nasdaq: SFD IPO Jan 2025; FY2024 net sales $14.1B; WH Group ~91%), 2025. https://www.sec.gov/Archives/edgar/data/91388/000162828025002073/smithfieldfoods-fwp12125.htm
13. Seaboard Corporation, "2025 Form 10-K" (Seaboard Foods integration; 50% of Seaboard Triumph Foods), SEC, 2026. https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm
14. Tyson Foods, "Fiscal 2025 Form 10-K" (Pork segment), 2025. https://s203.q4cdn.com/483587180/files/doc_financials/2025/10k/TSN-FY25-10K.pdf
15. JBS USA, "About Our Company" (JBS USA Pork: 5 plants, ~92,000 hogs/day; Live Pork 150,000+ sows, ~3.5M hogs/year), 2026. https://sustainability.jbsfoodsgroup.com/chapters/who-we-are/about-our-company/
16. JBS N.V., "Fourth Quarter and Fiscal 2025 Results," SEC, 2026. https://www.sec.gov/Archives/edgar/data/1791942/000121390026034244/ea028344501ex99-2.htm
17. Choices Magazine (Agricultural & Applied Economics Association), "Is There Price-Fixing in the U.S. Pork Industry?" (2020 slaughter market shares), 2024. https://www.choicesmagazine.org/choices-magazine/submitted-articles/is-there-price-fixing-in-the-us-pork-industry
18. Swineweb, "2024 U.S. Swine Leaders: America's Top Pork Producers" (sow rankings; Pipestone, Iowa Select, Triumph), 2024. https://www.swineweb.com/industry-perspectives/2024-u-s-swine-leaders-swine-webs-exclusive-look-at-americas-top-pork-producers/
19. Iowa Select Farms, "About" (5M+ hogs/year, ~800 farms), 2026. https://www.iowaselect.com/about/
20. The Maschhoffs, "About" (130,000+ sows, five states), 2026. https://themaschhoffs.com/about/
21. Christensen Farms, "About Us" (140,000 sows, ~3.6M hogs; largest Triumph Foods shareholder). https://www.christensenfarms.com/about-us/
22. Prestage Farms, "Our Story" (integrated pork and turkey), 2026. https://www.prestagefarms.com/our-story
23. The HANOR Company, "Who We Are" (integrated pork producer), 2026. https://hanorcompany.com/who-we-are/
24. Triumph Foods, "About Us" (producer-owned processor; ~6M hogs/year). https://www.triumphfoods.com/about/
25. U.S. Meat Export Federation, "U.S. Pork Exports Record-Large in 2024" ($8.63B / 3.03M MT; Mexico, Japan, China/HK), 2025. https://usmef.org/news/u-s-pork-exports-record-large-in-2024-beef-export-value-trends-higher-1
26. farmdoc daily (University of Illinois) / Purdue Center for Commercial Agriculture, "Prospects for Swine Feed Costs in 2025" (feed 60–70% of cost; Iowa farrow-to-finish ~$65/cwt; corn <$4/bu), 2024. https://farmdocdaily.illinois.edu/2024/12/prospects-for-swine-feed-costs-in-2025.html
27. Terrain (Farm Credit), "Pork Producer Margins to Remain Resilient in 2026" (CME Lean Hog Index; 2023 losses/2024–25 recovery; ASF in Spain), 2025–2026. https://www.terrainag.com/insights/pork-producer-margins-to-remain-resilient-in-2026/
28. Iowa State University Center for Agricultural Law and Taxation, "California's Proposition 12 Survives Supreme Court Challenge" (May 2023; 24 sq ft; ~$3,500/sow; <4% compliant; ~13% of market), 2023. https://www.calt.iastate.edu/post/californias-proposition-12-survives-supreme-court-challenge
29. Texas A&M AgriLife, "Federal Appellate Court Upholds Massachusetts Question 3 Animal Confinement Law," 2025. https://agrilife.org/texasaglaw/2025/10/20/federal-appellate-court-upholds-massachusetts-question-3-animal-confinement-law/
30. U.S. Environmental Protection Agency, "Animal Feeding Operations" (CAFO / NPDES under the Clean Water Act), 2026. https://www.epa.gov/npdes/animal-feeding-operations-afos
31. USDA Food Safety and Inspection Service, "Inspection of Meat Products," 2026. https://www.fsis.usda.gov/inspection/inspection-programs/inspection-meat-products
32. U.S. Food and Drug Administration, "Veterinary Feed Directive," 2026. https://www.fda.gov/animal-veterinary/development-approval-process/veterinary-feed-directive-vfd
33. USDA Agricultural Marketing Service, "Packers and Stockyards Act" (and swine contract library), 2026. https://www.ams.usda.gov/rules-regulations/packers-and-stockyards-act
34. USDA Animal and Plant Health Inspection Service, "Pork Producers: African Swine Fever," 2026. https://www.aphis.usda.gov/animal-disease/swine/protect-pigs/producers
35. California Legislature, Health and Safety Code §§25990–25993 (Proposition 12 provisions). https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?chapter=13.8.&division=20.&lawCode=HSC&title=
36. Building Benjamins, "Pork Powerhouse Smithfield Pivots to High-Margin Focus" (sow deeding ~178,000; ~30% internal target), 2024. https://buildingbenjamins.com/stock-thoughts/pork-powerhouse-pivots-to-high-margin-focus/
37. MEAT+POULTRY, "JBS shares begin trading on NYSE" (JBS listing June 2025), 2025. https://www.meatpoultry.com/articles/32034-jbs-shares-begin-trading-on-nyse