Pig Market Update 18th January
The remaining Irish pig processing plants that did not drop prices the previous Friday fell by 4c/kg for this week’s pigs. Farmers are now receiving quotes of €2.04c/kg up to €2.12/kg from processing plants.
The weekly throughput figure for week ending 15/01/23 was 65,889 of which 2,285 were sows.
While the annual slaughter figures for 2022 are back -1.6% in ROI for 2022, when you look at the trend, Q4 figures are back -4.5%. Live exports to Northern Ireland 21 vs 22 are back 9% while live exports for Q4 are back -15%.
International market prices are challenged in some instances as consumers face high inflation costs increases and as producers battle the increase in their cost of production. However, green shoots are evident with Spain and France increasing their prices by circa 2c/kg to producers this week. China’s live hog prices decline is largely due to covid and a decrease in demand as result, but restrictions have lifted and forecasters expect prices to increase in the coming weeks. Tightening in pig supplies are evident across the continent which as mentioned had only really begun to effect slaughter figures toward the end of last year.
According to the European Commission, the average EU Grade E pig price was €2.03.5/kg for week 1. This is up 54% on week 1 2022.