Global pork market looks promising
Throughout the second quarter of this year the global pork market looks promising and heading into the third quarter of this year.
“The global pork market is relatively stable, with rising supply from the Americas easily absorbed in the main import markets in Asia, resulting in a steady development of the Rabobank Five-Nation Hog Price Index,” according to Rabobank RaboResearch Food and Agribusiness analysts in their “Global Pork Quarterly Q2” report.
The report shows that across the European Union, the pig market is booming. There is a rising of prices due to pressured supply. Rabobank expects that this situation will remain unchanged as summer approaches, with record piglet prices during the first quarter. “Exports remain the wild card for the market’s price top, with high prices limiting the competitive position and resulting returns,” the Rabobank report says.
The U.S. pork industry is mainly driven by the forecast 4% increase in pork production in 2017. Rabobank analysts explain that with consumption reaching record levels, the final price levels will be determined by exports. "Current low prices are supportive and also challenge supply from the main export competitor, the EU."
China's hog industry has a "steady, regulatory-driven relocation of pork production that will support good price level and stabilize imports in the coming months." The Chinese supply is predicted to recover in the third quarter, as investments that have been made in the past few years will come into effect.
Regarding Brazil, the Rabobank report shows that the recent meat scandal related to food fraud probe that brought the safety of Brazilian meat into question and closed some markets hasn't had an impact on export volumes and related prices. Analysts expect from Brazil to steadily grow its position in pork export markets, due to the rising volumes flowing into all main destinations, especially China.
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