Pig Market Update 8th March
There was no increase in Irish pig prices with farmers receiving quotes of €2.14c/kg up to €2.22/kg from processing plants in Ireland. Irish pig prices have begun to increase but this increase leaves producers only circa 4c/kg ahead of where they were at the beginning of the new year. Irish prices remain circa 30c behind the Spanish pig price while the French pig price is at 2.70/kg, up 9c last week. The weekly throughput for week ending the 5th of March was 65,256 of which 1,545 were sows. European prices have continued to increase on the back of tighter supplies. Defra pig census figures estimates that the UK sow herd has fallen 20% in the last year and a cumulative 25% drop since 2020. Ireland is estimated to have dropped 10% over the same period.
Some feed ingredient prices have come back slightly over the past 2 weeks. Matif March Delivery: Prices had decreased in the last two weeks; wheat is now €278/tn a reduction from €300/tn. Maize followed a similar pattern and is currently circa €280/tn. The price reduction is due to Russian-Chinese & Russian-Turkey talks indicating that the Ukraine trade corridor will be extended beyond March and a stronger Dollar: Euro exchange rate. France reports that their winter crops are in excellent condition after the winter period, with 95% reported in ‘good-excellent’ condition.