EU pig prices sink in March
The average price for EU pigs has lost €9 in the last two weeks of March, stopping at €186.35/100kg at the end of the month. At this level, prices are still nearly €37 higher than the same period in 2019 and similar to January this year. The annual gap has narrowed from about €59 at the start of the year.
Panic buying created in the midst of coronavirus outbreaks and a cautious approach from some producers has increased the available supply of pig meat in the market forcing prices to go down.
However, there are still countries that show resilience and increased demand for pork. "Recent German market commentary suggests there is a strong demand to replenish retail stores at present. There is also optimism around increasing demand for exports to China in the coming weeks. Although, missing containers remain a challenge at present," commented Bethan Wilkins Senior Analyst for AHBD.
At the same time, France has managed to keep the pig prices steady, with any considerable variations in the last few weeks, while Spain has reduced the drop in prices in the last week of March, marking a drop of only €4/100 kg.
The fluctuation in the pig market is expected to remain for the next weeks, as the closure of the foodservice sector in most of the EU member states and obstacles in trade with third-countries is impacting the sector.
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