Pig Market Update 28th July
No change in Irish pig prices with farmers receiving €1.64c/kg – €1.68c/kg in all the main export plants again this week. Rabobank pork production quarterly analysis has revised the world wide production of pigmeat down further.
It had prediction that worldwide pork production would decline by 5% compared with 2019, but since Covid-19, it has now revised this to a decline of 8% of worldwide pork production. The vast majority of this drop in pigmeat will come China, the Philippines and Vietnam, all due to ASF. This drop in worldwide production should offset the major disruption the sector has encountered due to Covid-19. The Chinese market remains volatile as a second Corona virus wave hits Beijing and restrictions are slowing down imports, including pigmeat consignments from Europe. This low supply of imports and the reduction in home production has seen live pig prices almost double in recent week in China.