More downward price pressure last week as all Irish pig processors reduced the pig price by an additional 4c/kg. This leaves farmers receiving a price in the range of €1.74-1.76/kg. This represents a sixth consecutive price drop, 24c/kg in total, or in stark terms, €20 per pig.
The European market trend has also taken a turn for the worse with the volatile German market dropping by 10c/kg, to a low of €1.60c/kg. It is clear that there are many issues affecting the price at the moment, from processing backlogs due to staffing issues, the closure of the hotel, catering and restaurant food service channel, and many logistic problems due to Covid-19 restrictions. IFA Pigs Chairman Tom Hogan said that the pig market was the sector greatest affected by Covid-19 in Ireland in terms of price reduction today. He welcomed the announcement by the Minister for Agriculture of the opening of Mexico an export destination for Irish pigment, by said it had to transpire into an improved pig price for Irish farmers.