November 3, 2022
China Hog: Prices soften as slaughterhouses limit buying (week ended Nov 1, 2022)
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As hog availability remained tight while pork demand strengthened, pork prices increased prominently of late. Nonetheless, slaughterhouses, who were suffering losses due to low pork-to-hog ratio, limited hog purchases with prices at levels unseen since March 2021.
On average, hog prices decreased 3.3% to RMB27.38/kg, after surging to a high of RMB28.31/kg.
Slaughter volumes in major wholesale centres increased 5.4% to 7,856 tonnes while pork carcass prices surged 5.5% to RMB35.91/kg.
Limited availability of finishing hog will underpin prices in the coming period. Moreover, with renminbi depreciating ,pork imports will become more expensive on the one hand and decrease in volumes on the other hand. With supplies of hog low, and demand set to expand towards December due to the manufacturing of cured meat products, hog prices are projected to strengthen further.
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