There’s only one story dominating all markets, including the pigmeat market this week, Coronavirus. Market forces generally dictate the price of food, but it’s the value of food rather than the price, that has risen to the fore in the past week.
Its this newly recognised value on the availability and need for food that will underpin the value and hence the price that consumers will pay for their food. The need for the pigmeat supply chain to be maintained was never greater, with five processing plants in ROI handling the vast majority of the Irelands 70 thousand weekly pig supply. Pig farmers are receiving steady quotes again this week, from a low of €1.88c/kg up to €1.92c/kg. Volatility in other European markets is set to continue again this week, with increases in pig prices expected to send pig prices back over €2/kg, as many countries try to secure their own food supply lines in these unchartered environments.