October 22, 2020

China projects 30% higher pork supplies for Lunar New Year

A China agriculture official said pork supplies are expected to be 30% higher year-on-year for the upcoming Lunar New Year holidays, following efforts to rebuild a depleted swine herd, Reuters reported.

Chen Guanghua, the deputy director of the veterinary bureau of the Ministry of Agriculture and Rural Affairs, said swine production recovery as well as increased pork imports and changing consumer demand will see pork supplies 30% up year-on-year with reduced prices.

Wei Baigang, the head of the development and planning division of the ministry, said 12,500 large-scale swine farms have been built by swine producers in the first three quarters of this year, and 13,000 empty farms have restarted operations.

Wei said swine herd recovery has been better than projected. China's Agriculture Ministry set a goal of restoring the nation's swine herd to 80% of normal levels by the end of this year.

Through September, there were 370 million swine stocks or 84% of 2017 levels before African swine fever hit China. Breeding sows reached 38.22 million or 86% of 2017 levels.

Pork prices in China have dropped for seven weeks consecutively, with prices currently at CNY 50.56 (~US$7.59; CNY 1 = US$0.15) per kg.

-      Reuters