Wednesday, 11 March 2020
In the four weeks ending 1 March 2020, EU pig prices made something of a comeback after several weeks of declines, gaining over €10 to average €192.92/100kg. For the first time in eight weeks, the EU reference price once again exceeded the UK price, which averaged €192.22/100kg in the week ending 1 March.
The EU reference price is now based on the prices of the remaining 27 Member States, and no longer includes the UK reference price.
Considering reports of congestion getting exports into China, and weak European demand, it is remarkable that EU prices have been able to remain strong. This is therefore possibly due to an ongoing tight supply situation. Expansion to Spanish slaughter capacity also boosts demand for the pigs available.
Strong underlying market fundamentals remain. Covid-19 is causing logistical difficulties in the short term, but it is also thought that it might delay herd-rebuilding efforts. Wholesale meat prices inside China had been rising although they have stabilised more recently. The latest wholesale pork prices are in excess of €6/kg, or £5.35/kg.
The UK reference price gained €0.18 during the period, rising to €192.22/100kg; the pound has slightly weakened against the euro over the period. There were particularly strong price rises in Germany, Europe’s largest pork producer and trader, pigs there were valued at €205/100kg.
Selected individual EU nations recorded price changes as follows over the four weeks:
- Germany: +€16.58
- Poland: +€16.57
- Belgium: +€15.50
- Netherlands: +€10.96
- Spain: +€7.56
- Denmark +€3.39
- France: +€1.00
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