March 6, 2023

Increase in Ireland's pig prices alleviates pig farmers' worries

Pig farmers across Ireland are "breathing a small sigh of relief" following an eight cents per kilo increase in pig prices on February 24, Irish Farmers' Association pig chair Roy Gallie said.

After over 18 months of loss-making and anticipation that pig production "would eventually return to profitability", the rise is a "positive step towards achieving this objective," Gallie said.

The increase in pig price can be attributed to a tightening of supplies and market demand, the IFA said, which is good news for farmers, as it is a signal that the market is beginning to stabilise after a prolonged period of oversupply and cost challenges for farmers in 2022.

"However, it is important to note that this increase alone is not sufficient to recoup the significant losses that have been endured by pig farmers over the past year and a half," Gallie warned. "It still only leaves pig farmers four cents better off than prices at the start of this year."

He said that the pig price increase follows "substantial engagement" by the IFA with primary and secondary processors.

"The increase in price is a positive sign, but it is imperative that this trend continues so that pig farmers can begin to return to some sort of stable financial footing," he added. "European pig prices are forging ahead and Irish prices must do likewise.

"Pig farming needs a sustained period of profitability to recoup the accumulated losses and invest in their farms to comply with new EU requirements.

"(February 24) marks the first positive move for Irish family pig farms, but this is only the beginning of what is required at farm level."

- Irish Examiner