Pig prices are rising further due to increased exports of meat to the Asian markets following the outbreak of African swine fever.
The Central Statistics Office published its agricultural output price index that showed that pig prices were 26.4% higher in September 2019 than in the same month last year.
According to the IFA, demand from processors has led to a 4c/kg rise in the pig price. This leaves the price farmers are quoted this week ranging from €1.94c/kg up to a common price of €1.96c/kg.
The trend and outlook for pig price remains positive, with processors and exporters struggling to meet the demand for product from buyers.
IFA pig chair Tom Hogan said that with today’s pig price, the financial opportunity remains for some secondary processors to import cheaper pork product in place of Irish pigmeat.
He added: “The IFA is committed to ensuring maximum use of Irish pigmeat and is continuing with its DNA testing programme. This ensures pork and bacon products labelled as Irish are what they’re supposed to be.”
Ireland’s percentage of the EU price has improved and is currently 97% of the EU average price as reported to the European Commission for the week commencing October 28.
Factory pig throughput in Republic of Ireland export plants for the week ending 9 November 2019 was 68,604 head, which was 12,562 more than the previous week and 1,427 more than in the corresponding week in 2018.