Pork is essentially processed corn, with 4kg of corn needed to produce 1kg of pork. China in 2021 became the biggest importer of US corn, but now these imports are falling.

So why are pork prices rising? The simple reason is that Chinese pork prices fell too low versus domestic corn prices, and without corn prices falling, eventually pork prices had to rise.

Currently US producers of pork are disincentivised to produce pork with the US pork to corn ratio at levels where either pork prices rise, or corn prices have to fall.