Pig Market Update 21st April
Irish pig price increased this week by 6c/kg. Farmers are receiving quotes of €1.66c/kg up to €1.70 or €1.72 – €1.76/kg. Farmers welcome this upward movement but need more significant movement for the price they receive for their pigs urgently to slow the haemorrhaging of money they have endured.
Even with markets showing signs of recovery, and pig price moving slowly in the right direction, the increase required to reach break-even is far too large and slow for farmers to secure cashflow. Teagasc forecast show that the average size 600 sow units are forecast to lose over €430,000 this year. This is completely unsustainable. Margins haven’t been recovered by the marketplace and this is concerning.
The European market is continuing to improve with pigmeat prices moving upward. The UK price had a further significant increase and is now at circa €2.10/kg. The average European price circa €1.94c/kg for Grade E carcass.