Pig Market ReportsPigs

Pig Market Update 18th October

There was no change to Irish pig prices on  Friday last with farmers reporting quotes of €2.23- €2.31 available from processors in ROI.

The average European The weekly throughput figures for ROI for week ending the 15th of October was 61,357 of which 1,688 were sows. 

The price for a grade E carcass pig for week 40 was 223.8/kg which is 9.2% higher than prices for the same week last year according to the Commission, however, it is back -.9% on last week’s average price and -2.4% on last month’s prices.  

 The USDA has cut its forecasts for US maize and soyabean production, which in turn triggered price rises in the Chicago futures markets. The cuts to output from last month’s yield and production estimates were bigger than the market had expected according to a pre-report by Refinitiv. The USDA cut the US maize crop estimated by 1.8 Mt to 382.6 Mt, and the soyabean crop by 1.1 Mt to 111.7 Mt. AHDB commented that it’s likely that short covering by speculative traders may also have added to the price rises. Refinitiv reports notable buying across the commodities by speculative traders yesterday.AHDB report that as a result of this Chicago maize futures (Dec-23) gained $3.15/t to close at $195.28/t. Chicago soyabeans futures (Nov-23) rose $13.78/t to $473.95/t, the contract’s highest price since 28 September. Chicago wheat futures (Dec-23) rose $5.70/t to $209.97/t. The upward moves in maize and soyabean prices, plus a trim to global wheat ending stocks, pulled Chicago wheat futures higher. This is despite US wheat 2023/24 end of season stocks being larger than anticipated.

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