Pig Market Update 19th October
There was no change in Irish pig price last Friday. Farmers are receiving quotes ranging from €2.06c/kg up to €2.16/kg from processing plants. The average price is €2.10/kg. The total weekly throughput for wk. ending the 16th of October was 66,672, 1,607 of which were sows, an 8% reduction on the weekly throughput for the same week last year.
EU pig meat production is expected to decrease by 5% in 2022, on the back of high input prices and the disruption caused by African swine fever, according to the latest European Commission red meat forecast. The current high feed prices are very likely to remain into 2023 and with energy prices soaring, the EU predicts that this combined with the continued impact of ASF, this will result in a further decrease in pork production in 2023.
Last week global grain markets differed in their movement across the week. Price movements continue to be volatile, conflict on the Black Sea is a key market driver. Concerns have also been growing for the renewal of the UN corridor deal with Russia which allows the current flow of exports from Ukraine. This deal is set to expire towards the end of November. It currently takes circa 15 days for a single ship to pass through, largely down to the time taken to search ships.
The average European Grade E carcass price is €2.06/kg for week 40, which represents a 55.9% increase on last year.