Pig Trade & Prices
Prices: The average price paid for grade E pig prices in Ireland for the week ending June 18, 2022 increased to €1.80/kg. The current price is seven per cent higher than the corresponding week last year, which sat at €1.67/kg. Irish prices are currently running 7c/kg below the EU average Grade E pig price, which remained at €1.87/kg.
The pigmeat sector has been significantly challenged over the past year as rising feed and energy costs negatively affected producer returns. Since the invasion of the Ukraine by Russia, the increase in costs have accelerated, with latest market signals indicating that this upward pressure in costs will remain in place for a prolonged period
The outlook points to a sector that will continue to be challenged on the back of ongoing high feed and energy costs. In addition, consumption in key International markets will continue to be affected by out of home dining restrictions due to Covid 19.
Throughput: A total of 66,620 pigs were processed in Irish export plants during the week ending June 18, 2022. Total pig throughput for the year-to-date totals 1,686,753 head, very similar to the 1,671,1799 pigs processed in the same period last year (+1%).
China’s weekly hog price has been growing steadily for the past couple weeks. It has reached a high for the year of 16.80 CNY/kg. An increase of 6% in the past few weeks.
Price increase has been driven by a couple factors, firstly the reopening of Shanghai has led to increased consumption there and a particularly high price in that market. Hog supply has remained quite tight as farmers have expectations for further price rises. China’s hog prices are expected to continue their upward trajectory in the coming weeks/months.
See our weekly updated market trends.