Pig Market Update 18th May
Irish pig price was unchanged this week with Farmers receiving quotes of €1.66c/kg up to €1.70 or €1.72 – €1.76/kg.
The IFA Pigs Committee continue their efforts to get the price of pigmeat increased in the domestic market urgently. The Committee are engaging with secondary processors currently to ensure that when an increase request of utmost urgency comes from the primary producer that they will not reject this increase. Primary producers are haemorrhaging massive unprecedented losses continuously now for close on 9 months which must be recovered.
The average cost of feed on a c/kg basis is c. €1.69 / kg according to Teagasc, while there are farmers with considerably higher feed costs depending on how they have bought forward. That leaves the cost of production at circa €2.25/kg currently. Harvest 22 prices are continuing to rise on back of:1. French crop drought, 2. US winter crop drought, 3. India restricting wheat exports. French Sept wheat is up + €90/t since start of April. For those farmers buying on the spot market, this will put further substantial increases in their feed costs. The European market prices have levelled slightly at circa. €1.90/kg for grade E carcass. The Irish price is c. 20c/kg behind.