Q1 2024 Pork cost of production

These estimates use performance figures for breeding and finishing herds. They indicate that the full economic cost of production for Q1 2024 is estimated at 194p/kg deadweight, with margins per slaughter pig estimated at £16 per head. The estimated cost of production has stayed relatively consistent with 2023 Q3 and Q4 where the estimated cost of production stood at 195p/kg.

Feed costs have also remained consistent with Q4 2023 and make up an estimated 62% of total costs in Q1 of 2024. Feed costs are down considerably compared to Q1 2023, where feed costs made up 65% of total costs. However, looking at a monthly breakdown of costs it is evident that feed costs have started to come down towards the end of Q1 2024. It is worth considering that grain prices have been rising in Q2 which could impact feed prices and cost of production going forward.

Energy and fuel costs have risen slightly this quarter compared to 2023 Q4 which has contributed to the slight increase in other variable costs (excluding feed). 

Pig prices have fallen compared to the second half of 2023 which contributes to the fall in net margins. Prices have fallen by 5p to 212p/kg (APP) in Q1 of 2024.

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