Pig Market Update 2nd August
There was no announced change to the Irish pig price last Friday having increased the previous Friday by 4c/kg. Farmers are receiving quotes of €2.00c/kg up to €2.06/kg. The weekly throughput for week ending 31st of July was 67,979.
There is positive news on the grain front with the first Ukrainian shipment departed from Odesa carrying circa 26,000 tonnes of corn. This shipment destined for Lebanon, is a significant milestone as it is the first grain shipment to depart from Ukraine since the war began. This will hopefully be the start of some decline in grain prices if safe passageway opens, however, insurance costs on moving grain will remain high given the ongoing conflict and price volatility is expected to continue. Paris Milling Wheat as of the 02.08.22 for Dec 22 is €324/tonne according to ahdb.
European Pig Prices are averaging for the Grade E & S Carcass at €1.96/kg for week 29. When compared with last year, this illustrates an increase of 24%. The Uk’s sow herd is demonstrating a decline of circa 15% when compared with this time last year. The sow herd in the UK is now forecast to be 350,000 down from 415,000 mid 2021.
Pig prices are among the highest on record in Ireland and in the UK but unfortunately with the extortionate increases in cost of production and in particular feed costs – producers are still losing money. Recent figures released from the European Commission show that up until April the EU throughput figures are down 4.2% and the tonnage is down 5%.