IFA National Pig Chairman Roy Gallie said pig farmers across the country are breathing a small sigh of relief following an eight cent per kg increase in pig prices today.
“After over 18 months of loss-making and anticipation that pig production would eventually return to profitability, the 8c rise today is a positive step towards achieving this objective”, he said.
The increase in pig price can be attributed to a tightening of supplies and market demand. This is good news for farmers, as it is a signal that the market is beginning to stabilise after a prolonged period of oversupply and cost challenges for farmers in 2022.
“However, it is important to note that this increase alone is not sufficient to recoup the significant losses that have been endured by pig farmers over the past year and a half. It still only leaves pig farmers 4c better off than prices at the start of this year.”
“The pig price increase follows substantial engagement by IFA with primary and secondary processors over the previous weeks. The increase in price is a positive sign, but it is imperative that this trend continues so that pig farmers can begin to return to some sort of stable financial footing. European pig prices are forging ahead and Irish prices must do likewise,” Roy Gallie said.
“Pig farming needs a sustained period of profitability to recoup the accumulated losses and invest in their farms to comply with new EU requirements. Today marks the first positive move for Irish family pig farms, but this is only the beginning of what is required at farm level,” he concluded.