Upward trend in China pig prices
China's pig prices are going up, as demand for pork before the Lunar New Year is expected to increase. Hog futures for delivery in January soared 7% to 17,470 yuan ($2,737), the highest level in two months, according to Bloomberg. Even so, pig prices are 40% lower than February level. Demand for pork is expected to increase in the following months, as stores and restaurants restock and items such as sausages and smoked pork are prepared ahead of the winter, mentioned Jim Huang, head of China-America Commodity Data Analytics, an independent consulting firm focused on agriculture.
A rise of 38% in China's pork output for the first nine months of the year has tumbled the prices and the potential for another spike is limited, according to Chinese officials and traders. Official data shows that pig numbers are 18% higher than September 2020, reaching 437.6 million.
China's pig surplus situation will continue for some time, said Kong Liang, Head of Animal Husbandry and Veterinary Bureau at the Ministry of Agriculture and Rural Affairs, quoted by Nasdaq.
Kong added that the sow herd in August to September was 10% higher than normal levels and that the number of commercial pigs in the fourth quarter of 2021 and the first quarter of 2022 will increase significantly year-on-year. In his opinion, pig prices may see another drop in the first quarter of 2022, if producers are not getting rid of inefficient sows and send pigs to slaughter.
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