Irish pig prices finished last week unchanged, with producers reporting a broad spread of prices across the Republic of Ireland. For producers on the graded pricing system, some are reporting higher prices for specific ranges of pigs but the average price for pigs slaughtered this week is currently between €1.74/kg and €1.78/kg, although some producers are still securing higher prices in northern factories. Notably, cull sow prices have increased this week again which is quite positive and there have been further increases in pig prices observed across the EU.
The average price for grade E pig carcasses in week 8 was €1.53/kg (excluding VAT), which is up (+1.9%) on the previous weeks average price, however when compared to the previous month, prices are up 3.6% higher and sit – 16% below the same period last year.
The latest report from agritel reported that feed markets were highly volatile as tensions around the Strait of Hormuz briefly pushed oil close to $120/barrel before prices corrected, dragging grain markets up and then back down. Currency swings also added pressure, with the euro briefly dropping below 1.155 against the dollar. Euronext wheat closed around €195.75/t as the March contract expired.
In the US, corn briefly rose above $4.75/bushel and wheat above $6.40/bushel before both fell back as funds took profits. Energy market uncertainty is currently driving grain prices more than fundamentals.
