March 14, 2022

China's weekly pork prices on the decline

Official data from China's Ministry of Agriculture and Rural Affairs showed pork prices have declined to CNY 18.93 (~US$2.98; CNY 1 = US$0.16) on the week of February 28, 2022, 1.6% lower compared to the week prior, Xinhua News reported.

This was a 50.7% year-on-year drop.

China's National Development and Reform Commission announced that the country will purchase more pork to replenish state reserves, as the national average for pork prices against grain prices had dropped below a warning level.

The country's state planner said provincial governments such as Beijing, Jiangxi, Hubei and Chongqing have begun stockpiling pork, with other areas to start soon.

To preserve the country's swine production capacity stability, livestock farms and households have been advised to make appropriate production and operation decisions.

-      Xinhua News