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Pig prices slip as supplies increase
After months of near-record prices there is a bearish tone to the UK and global pig market amid fears of over-supplies.
In the week to October 3, the average AHDB GB EU Spec price was 158.24p per kilogram deadweight, a drop of 1.4 per cent on the week and the lowest price since November 2019.
Up until the end of September, annual UK pig slaughterings were about five per cent below last year, but there was a big increase in throughput in September and early October.
During the five weeks to October 3, 992,000 clean British pigs were slaughtered, which was nearly 12 per cent more than in the same period in 2019, according to AHDB data.
The AHDB reports that the increase in supply has come despite some backlog in processing as measures to control Covid-19 took their toll.
That backlog could increase the downward pressure on prices.
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Average EU prices are at the lowest since November 2018. African Swine Fever in Germany has meant pork that would have been sold outside the EU has had to stay within the union.
The total EU pig heard is 1.3 per cent larger than last year, according to the European Commission, which will mean more pig meat trying to find a home.
More restrictions on pubs and restaurants in the UK and elsewhere will impact on the volume of pig meat products sold out of home, but it could give a boost to retail sales.
The initial lockdown resulted in a 29 per cent boost in sausage sales, a 22 per cent increase in bacon and a 16 per cent rise in primary pork demand, figures from Kantar for AHDB show.
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