Pig Market Update 9th March
Pig prices remain unchanged in plants this week and farmers are receiving quotes of €1.40c/kg up to €1.44 or €1.46 – €1.50/kg.
Exceptionally high feed prices continue to deplete pig farmers margins. Some have received quotes for wheat of €440/tonne which is completely unprecedented. Along with the challenge of the cost of feed, there now lies a real concern of its availability. With buyers uncertain of the supply of raw materials and the many logistical pressures which are paramount, the sector is not getting much respite at present. Input costs are soaring to new unheard levels in the last number of days, pushing Irish pig farmers even further into negative margins. On Monday the Department of Agriculture announced the opening of applications for the Pig Exceptional Payment Scheme (PEPS). Pig farmers have a two-week window to apply for the scheme with applications closing for the €7m scheme on March 20th.
European pig meat prices have seen upward price movement in recent days which is positive and perhaps reflective of the decline in the European sow herd and improvements in markets.