August 23, 2016
Falling pork prices in China seen as trend in next 15 weeks
Pork prices in China is predicted to be on a downward trend over the next 15 months, according to the head of the world's largest pork company.
Wan Long, chairman and chief executive officer of WH Group, was reported as telling reporters in Hong Kong that pork spot prices "are likely to fall to 16 yuan per kilogramme from historical highs of over 20 yuan by the end of 2016, and could continue dropping in 2017".
The CEO's projections come after China's soaring pork prices retreated in May and the surge in white meat prices in the first semester contributed to substantial inflation, the South China Morning Post reported.
The recent decrease in pork prices have been attributed to farmers increasing pig supply in response to rising demand and to government measures to tap into its pig reserves.
"The decline in pork prices bodes well for us and we are going to import more pork products from the US and put them up for sale in China given the price difference between the two countries," Wan was quoted as saying.