Pig Market Update 12th October
There was no change in Irish pig price last Friday. Farmers are receiving quotes ranging from €2.06c/kg up to €2.16/kg from processing plants. The average price is €2.10/kg. The total weekly throughput for wk. ending the 9th of October was 69,540.
The past 18 months has been the most difficult period the pig sector has ever endured. The average composite feed price in December 2019 was €300/tonne and is currently €476/tonne; an increase of 60% in the cost of feed which constitutes 70-75% of the cost of production. Given this, producers feed credit has increased and therefore those who received financial aid from the government utilised it largely for feed costs.
Energy prices are further hampering the financial pressure on farms with increases evident in the region of 300% following the restrictions of gas exports to the EU by Russia. Farmers who were in contracts for electricity are now receiving quotes of 60-70c/kw hr.
The Chinese pig price is at 26.82RMB live weight, which for a carcass at 77% kill out is €5.00/kg.
The average European Grade E carcass price is €2.10/kg for week 39.