Pig Market Update 4th March
Another disappointment development to the Irish pig trade with all processors taking the decision to drop the pig price by 4c/kg. This leave suppliers to Rosderra and Kepak receiving €1.88-1.90c/kg, with supplier to both Dawn Pork & Bacon and Staunton’s 4c/kg better in general.
Justifying the price drop, the effect that coronavirus is having on the pigmeat trade to China was blamed. They reported a build-up of stocks of pork destined for the high value Chinese market, that are unable to set sail in a timely manner due to trade disruption caused by the human virus. This product is holding up valuable chill space for processors, and will, according to factory bosses, have to be offloaded at less than anticipated prices, depending on the evolving worldwide health scare. IFA Pig Chairman, Tom Hogan said in a statement that now was not the time to drop the pig price with EU markets having all improved. He continued, IFA will meet processors this week a ensure fairness for Irish pig farmers and no overreaction to the coronaviruses situation