Pig Market Update 4th January
The Christmas period has come and gone, as has 2022, a year which will not be forgotten by the Agri sector, in particular by pig farmers. Pig prices have remained stable over Christmas with prices ranging from €2.06c/kg up to €2.16/kg from processing plants.
Bord Bia report that Irish pigmeat exports data available on their export performance and prospects increased from Jan 22 – Oct22 by 1.2% in value and decreased by 1% in volume when compared with the same period for the previous year. Exports improved in the latter part of 2022. Exports to China are back circa 40%, a similar trend to the rest of EU, US and Canada.
Pig farmers have gone through an incredibly difficult 18months – the most difficult in living memory for most, however Teagasc expect that pig prices in 2023 will increase. This would be driven by EU pigmeat supply and demand. There has been reported increased demand from China, in increasing imports of pigmeat from EU, which is positive. The EU sow herd decreased by 3%.
The average EU Grade E pig price was €2.05/kg for week 51. This is up 55.2% on the same week the previous year.