January 4, 2023

China Hog: Prices rebound after 42% plummet  (week ended Jan 3, 2023)

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After plunging 42% in nine weeks since October, hog prices rebounded before the year ended. In anticipation of stronger demand in the period leading to the Chinese New Year, slaughterhouses increased purchases even as pork prices softened.

On average, hog prices rebounded 8.1% to RMB17.71/kg. Compared with a year ago, prices were higher by a mere 6%.

Slaughter volumes in major wholesale centres expanded 3.1% to 9,345 tonnes while pork carcass prices decreased 5.7% to RMB26.55/kg.

Hog demand should improve gradually, hence lending support to the market.

Full version of the report will be available at https://spoutinfo.com/market-forecast-detail/30/32/277/4529

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