Pig market: 21/05/2018

Prices reported to IFA

Comment: While Irish pig farmers are receiving the same payment (€1.40c/kg) by and large as they were in mid-January, there appears to be light at the end of tunnel. The main European pig-exporting countries of Denmark, Spain and Germany have reported pig price increases both last week and this week. While they were at low below-the-cost-of-production levels to start with, the upward movement augers well for the prospect of the Irish pig price eventually increasing toward the breakeven figure of €1.50c/kg. Last week’s trade mission to China led by EU Agriculture Commissioner Phil Hogan along with Minister for Agriculture Michael Creed and Bord Bia CEO Tara McCarty highlighted the importance of developing growth export markets in Asian and other emerging markets to provide a viable outlet for Irish pigmeat into the future. IFA pigs chair Tom Hogan, who joined the Irish delegation in China, said he was positive about the future prospects of increased returns from this key import market.