SPP continues to move up

By Felicity Rusk

The EU-spec SPP continued its upwards trajectory in the week ending 27 June. Prices averaged 165.30p/kg, 0.37p more than the previous week. This is the largest week-on-week change since mid-April and means that the series has gained over half a penny in the last two weeks alone. This puts prices 14.44p above the same week last year.

Estimated slaughter recorded a considerable uplift in the latest week. Throughputs were estimated at 165,380 head, 5,800 (3.6%) more than in the previous week. Nevertheless, slaughter pace continues to trend below last year, suggesting tighter supplies. This is in agreement with our latest UK pig meat market outlook.

Carcase weights were on average 310g lighter than in the previous week, at 84.42kg. While this is in line with seasonal trends, the year-on-year increase (600g) is below the average seen this year (720g). This could be due to the mini-heatwave in the week commencing 22 June, where temperatures reached the mid-thirties, which could have had an impact on pig growth.

In the week ending 20 June, the EU-spec APP recorded a marginal decline on the week to average 167.37p/kg. In contrast, the SPP recorded an increase in that week. As such, the difference between the two measures narrowed to 2.44p.

Prices for 7kg weaners recorded a marginal decline (-14p) on the week to average £41.43/head. Reports suggest that supplies of both 30kg stores and 7kg weaners are tight. Furthermore, additional fattening accommodation is also reported to be in short supply. Unfortunately, there was insufficient data available to produce a 30kg weaner price this week.

We have just published our latest UK pig market outlook. We look at the recent trends influencing the pig sector with our latest production and trade forecasts. We also look at what the COVID-19 pandemic may mean in the long-term for the UK pig sector.

Further analysis of the outlook across other sectors can be found in the new Agri-Market Outlook.

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