Pig Market Update 16th August
There was no change to the Irish pig price last Friday and farmers are receiving quotes of €2.00c/kg up to €2.08/kg.
Teagasc estimate that break-even is at €2.20/kg while Irish producers are receiving up to 20c less than that, some farmers are reporting break-even far in excess of that figure resulting in current losses over €25/pig. European market prices continue to increase as pig supply tightens. The French pig price is now at €2.30/kg while the UK pig price is at €2.34/kg.
Matif September 2022 delivery wheat and maize remain in the region of €300-€335/tonne. This week EU maize production forecast decreased by 10Mt (now est. 55Mt) since last month due to high temperature /drought across Europe. France is experiencing its 4th heatwave this summer with a consequential production forecast 18% lower than last year (French Farm Ministry). The US is also experiencing drought problems, with their crop rating falling 3% on the week to 58% ‘good-excellent’. Soyabean (Irl ex-port) spot continues to trade at €575 /tonne.
As of Saturday 13th, 16 ships have departed from Ukraine with a total tonnage of 450,000t. At this rate the total tonnage for the month would be ~ 1-1.2MT. The Ukraine monthly export pre-war was ~ 6MT so the volume, while welcome, is still very limited/slow.