EU pig prices remained steady in January
The EU average pig reference price has tracked sideways over the past month, slipping €0.41, to €131.53/100kg. Continuing the trend seen since late 2021, the reference price is above year-earlier levels, but by no means high. Spanish prices had been groaning under the volume of Spanish pork looking for a home, but in the past few weeks have found some support. Industry commentary from Spain suggests the slight bounce in price came on the back of the ASF outbreak in Italy and optimism of being able to take Italy’s Chinese market share. "Reports continue to suggest there is ample pork in cold storage in Spain, and until some of that is cleared there is a limit to how much prices can rise. German prices lost some ground while prices in Denmark remained steady. In Poland, prices had been supported in the run-up to Christmas by the additional seasonal demand but throughout January have since dropped. Domestic demand in Poland is reported to be below usually January levels," commented Rebecca Wright, Senior Analyst, AHDB.
Over the month, the UK reference price also tracked sideways, although prices did dip in the middle of the month. The gap between the UK reference price and the EU reference price remained static at just shy of €40/100kg. Although this is narrower than recorded through most of the latter half of 2021, it still highlights the degree to which the EU market is oversupplied, and how much cheap product is available.
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