March 15, 2022

China buys third batch of pork for state reserves

China's National Development and Reform Commission said it will purchase a third batch of frozen pork for its state reserves, Reuters reported.

The state planner said the purchase was aimed at supporting swine prices in the country. China is the biggest pork consumer in the world.

Pork prices in China have declined because of poor demand for the meat, while livestock feed costs have surged due to higher grain prices. Both factors have badly affected China's farming incomes.

Provincial governments have also been instructed to purchase more pork for their Beijing, Jiangxi, Hubei and Chongqing have begun stockpiling pork, with other areas to start soon.

-      Reuters