Pig Market Update 17th May
There was no announced change to Irish pig prices last Friday with farmers reporting quotes of €2.34 – €2.42 available among Irish processing plants.
The average European price for a grade E carcass pig for week 17 was 239c/kg which is 26.7% higher than prices for the same week last year. The tightening in pig supplies is now beginning to really become clear with future auction prices within the EU on the rise. Barbecue weather is also creating an additional demand which is expected to result in further increases in pig prices over the coming weeks in Europe.
The weekly throughput for week ending the 19th of May was 61,917 of which 1,697 were sows.
There are doubts over the renewal of the Black Sea Initiative, which is set to expire this Thursday. Ukrainian officials announced yesterday that no further talks are planned this week to extend the deal. The end of this agreement cannot be ruled out yet, as markets await official announcements. However, the UN Aid Chief stated yesterday that efforts will continue to renew the deal, as two final ships are due to leave Ukrainian ports today.
From the market commentary on AHDB, Paris rapeseed futures (Nov-23) closed yesterday at €430.50/t, gaining €7.25/t on Friday’s close. This followed gains in soyabean and crude oil markets.