Pork prices in some countries of the world, $. US dollars/kg of slaughter weight
Source: Analytical department of ASU according to pig333.com, European Commission, oanda.com
Pork prices in the EU were considerably higher than the year before, supported by strong demand and limited supply. Although quotations changed vector in late September in line with traditional seasonal trends, in the first half of October the average price for pork halves was € 2.09/kg ($ 2.14/kg), up 54% from fall 2021.
U.S. hog slaughter during October is expected to be 1.5% lower than in 2021. This and the significant increase in the price of turkey meat on Thanksgiving Eve should somewhat «soften» the seasonal slump in prices, which has been ongoing since late August, and serve to support them going forward. In particular, the lowest price point this fall was recorded at $ 1.85/kg. In the first half of October, the price was 22% higher than in the same period of 2021. At the beginning of the third decade of the month quotes had positive fluctuations and resumed to the level of $ 2.15/kg. USD/kg in week 42.
A slight decrease in pig slaughter in October was also observed in Canada (-1.6%). At the same time, since the second decade of October, operators noted positive price fluctuations. At the beginning of the month, the average purchase price fell below $ 1.5. At the beginning of the month, the average purchase price fell below $ 1.5/kg s.m., but two weeks later it was back at that level.
Pork prices in Mexico have been at a plateau since the third decade of September: a kilogram of pork in the local currency costs 38.3 pesos. Depending on exchange rate fluctuations it is $ 2.61-$ 2.62. U.S. $ 2.61−2.62/kg w/w. This is 37% higher than the price of the same period last year and 13.5% higher than at the beginning of this year.
In October, it was the high domestic demand and the increased activity of cullers that contributed to the resumption of pork prices in Brazil after the decline in September. Thus, in the second half of October a kilogram of pork slaughter weight cost $ 1.89. In the second half of October a kilo of pork slaughter weight cost $ 1.89, which was $ 0.2, or 12% more than a year earlier.
The positive price trend on the Chinese pork market continued in the third quarter, which fueled overall consumer price inflation. For example, pork prices in China began to rise as early as the end of August at USD 4.52/kg. Despite the release of pork from state reserves, which should stabilize prices, in early October it reached $ 4.88/kg. IN EARLY OCTOBER IT REACHED 4.88 USD/KG. Approaching China's Education Day (October 1) and a week after the price «fed» the increased demand for pork during the preparations for and immediately during the holiday period, as well as the seasonal increase in consumption of pork in colder seasons. In addition, analysts state that pig producers are much more restrained in the supply of pigs for slaughter and are increasingly returning to fattening pigs to heavier conditions (up to 150 kg versus 120 kg or less before) to increase the income received and make up for losses from the beginning of the year.
Vietnamese pork prices weakened in August and September under the influence of greater domestic pork supply and have maintained this momentum early in the fourth quarter. Yes, from $ 4. In late July, August quotations fell to US$ 3.81/kg hog, and in late September and early September, pork prices fell to US$ 3.81/kg hog. In late September and early October, they did not exceed $ 3.5. IN LATE SEPTEMBER AND EARLY OCTOBER IT DID NOT EXCEED $ 3.5. Market analysts expect that an increase in consumer activity at the end of the year will change the direction of price movements.
At the end of August the average price for a kilo of pork slaughter weight in South Korea was $ 4.65. THE PRICE OF A KILO OF PORK SLAUGHTERED IN SOUTH KOREA AVERAGED $ 4.65. Although this is not the highest price point this year, it is almost a quarter higher than at the beginning. However, pork prices dropped fairly quickly in the fall. Thus, in the last week of October the quotes fell below $ 3.6 / kg. During the last week of October prices dropped below USD 3.6/kg (-14% compared with the same period of the previous year). The main reason for a significant decline in pork prices in the country during September-October was the further spread of ASF in the country.
Read more about trends in the global pork market in the latest magazine of «Profitable Pork Production: Military Digest», No. 5 (71), October 2022.
For more prices of the major players in the global pork industry, see the updated section «World Prices».
The Association Ukranian Pig Breeders is a non-profit, voluntary organization founded by domestic pork producers. The main objectives of the association are representation and protection of rights and interests of farms of the association, assistance in development and introduction of new technologies for efficient production of pork, expansion of markets, protection of domestic sales market.