Livestock analyst Jim Wyckoff reviews on international pig information
24 October 2025
3 minute learn
December lean hogs Wednesday fell 87 1/2 cents to $82.40. The lean hog futures market noticed technical promoting strain after costs hit a two-month low Tuesday. Charts stay bearish. Falling money hog market costs are additionally prompting promoting in futures. December futures’ low cost to the money market did considerably restrict losses in futures. Sharply decrease to limit-down cattle futures markets costs at this time additionally weighed on hogs. The most recent CME lean hog index is down one other 60 cents at $94.98. At this time’s projected money hog index is down one other 80 cents at $94.18. Wednesday’s nationwide direct 5-day rolling common money hog worth quote was $89.49.
Pork Trade and associated information
Past Meat’s Final Stand: Debt Deal Wipes Out Shareholders as Inventory Plummets Under $1
The onetime Wall Road darling that symbolized the way forward for meals is now combating for survival after an enormous debt-for-equity swap crushed investor worth
Past Meat’s inventory collapsed this week to close $1 a share — a surprising reversal for a corporation as soon as valued at over $14 billion. The plunge got here after the embattled plant-based meat maker finalized a debt change that handed bondholders tons of of hundreds of thousands of recent shares, successfully wiping out most present traders.
Shares fell nearly 50% on Monday to about $1.10 and hovered between $1.03 and $1.10 on Tuesday, leaving the inventory down greater than 76% this 12 months and deep in penny-stock territory. As of now, the shares are buying and selling round $0.60, down about 10.46% intraday. In 2019, shares had soared close to $240 following the corporate’s high-profile IPO, fueled by investor enthusiasm for a “meatless revolution.” Since then, Past has misplaced over 99% of its peak worth.
A Debt Deal That Saved the Firm — however Not Its Shareholders
As Reuters reported, the restructuring swapped Past Meat’s present 2027 convertible bonds for brand new 7 p.c convertible notes due 2030, together with tons of of hundreds of thousands of shares. The transfer is designed to scale back about $800 million in debt and lengthen maturities — but it surely got here at an enormous value to widespread shareholders, who now face dilution estimated at over 300–400 p.c. “The change buys time, however on the worth of obliterating shareholder fairness,” one analyst informed Reuters.
The transfer was successfully a survival maneuver. Past’s steadiness sheet had been below extreme pressure, with greater than $1.3 billion in debt and chronic working losses. The corporate has additionally been burning by way of money, struggling to regain profitability amid weakening demand.
The Nice Fade of the Plant-Based mostly Increase
Past Meat’s collapse underscores the dramatic cooling of the plant-based meals sector. Based on AP Information, the corporate’s U.S. gross sales have declined steadily over the previous two years as shopper enthusiasm waned. Customers have balked at excessive costs and “processed” ingredient lists, whereas inflation has pushed many again to cheaper animal protein.
“The promise of saving the planet wasn’t sufficient to beat the truth of style and worth,” wrote one analyst on Investing.com, noting that many early adopters of Past Meat merchandise haven’t returned. As soon as hailed as a disruptor, Past now finds itself combating for relevance in a crowded, contracting market.
Broader Classes for Buyers
The corporate’s fall from grace serves as a cautionary story about debt-fueled progress within the absence of sustainable fundamentals. Analysts warn that Past’s scenario displays the perils of overreliance on hype and capital markets. “Convertible debt can work when fairness is rising,” one market strategist informed Monetary Instances. “When it falls, it turns into a trapdoor.”
With shares beneath $1, Past dangers delisting from Nasdaq if it fails to regain compliance within the coming months. For present shareholders, restoration seems unlikely until the corporate can dramatically minimize prices, revive shopper curiosity, and show that plant-based meat can nonetheless be worthwhile.
Backside Line: Whether or not Past Meat can reinvent itself — or turns into one other image of post-pandemic extra — now will depend on its potential to execute a turnaround in a market that has largely moved on.
The following week’s seemingly high-low worth buying and selling ranges:
December lean hog futures–$81.00 to $85.00 and with a sideways-lower bias
December soybean meal futures–$282.00 to $300.00, and with a sideways-higher bias
December corn futures–$4.09 1/4 to $4.31 1/4 and a sideways-higher bias
Newest analytical every day charts lean hog, soybean meal and corn futures
