Pig Price Update 20th March
Following from a 4c/kg increase that factories passed onto pig farmers a week ago, they all held prices this week, but the negotiation power has definitely started to turn back towards sellers rather than buyers of pigs.
All procurement managers and agents are anxious to make sure they have enough pigs to meet demand, which is a very positive sign of the trade, especially in this, a bank holiday week. The main story driving the increased demand for pigmeat globally is African Swine Fever (ASF), a serious disease that effects swine but presents zero risk to humans. ASF has affected a large part of China, the world’s biggest producer, consumer and importer of pigmeat. Recent reports put the national Chinese pig herd at 16.6% lower year on year. While it is to the detriment of the pig industry in certain parts of China, it is the EU including Ireland, who are best placed to supply the increased demand to fill the growing void caused by ASF.