There was no change in Irish pig prices on Friday last, with producers reporting a broad spread of prices across the Republic of Ireland. Those operating under the graded pricing system have reported slightly higher prices for certain pig weight categories, though the average price for pigs processed this week remains between €1.74/kg and €1.78/kg. Pig farmers who are selling their pigs to the North are on higher prices than those quoted above and the same is the case for farmers selling pigs on the grading pricing structure in the South.
The average price for grade E pig carcasses in week 24 was €1.57 (excluding VAT), reporting a 2.0% drop on last week’s average price. When compared with the previous month, prices have fallen by 2.2% and sit 23.6% behind the same period last year.
Germany is experiencing extremely difficult economic circumstances, resulting from an oversupply of non-domestic pork originating from other European countries. Base price has fallen to €1.50/kg carcass weight, resulting in losses of up to €50 per animal.
With the temporary lifting of US sanctions on Iranian oil exports, oil prices are reported at $72 a barrel, the lowest since March 3rd of this year.
The harvest across Europe is continuing, with the heatwave bringing expected temperatures of between 35-40 degrees Celsius in some regions. Winter crops are suffering in some late areas and concerns are raised for crops in which the flowering stage is beginning.
Wheat and corn prices look positive on Euronext due to a downward trend reported on the Chicago market. Additionally, an easing of the euro/dollar means European wheat is competing well against Black Sea prices which have been trending downwards as of late.
