May 22, 2022

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Omigron raises US pork prices - News Pig Market

Omigron raises US pork prices – News Pig Market


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News Pig market

Today is 11:55 p.m.

While pig prices are currently under pressure in Europe, quotes in the US are actually coming out. In both cases, it is the cause of the omigran variant of the corona virus.

In the US (Iowa / Minnesota list) the price of pork has already risen more than 15% to $ 1.63 per kilo since the beginning of the year. This is the highest level since the end of September. Chicago’s pork futures market has been at an all-time high since October, especially seeing rapid gains over the past two weeks.

The reason for the rise in prices is the contagious Omigron variant. This reduces the likelihood of assassination in the United States. As a result, there are concerns about the availability of pork, which raises prices. For a few weeks now, pig slaughter has lagged behind previous years, while the number of animals is actually higher.

Difference in meat stocks
In Europe, the potential for assassination and decay is under pressure. It is precisely here that prices have fallen as a result of the increasing influx of pigs ready for slaughter. Meat reserves in Europe are oppressively large, while the other side of the pond is low. According to figures from the United States Department of Agriculture (USDA), in November, about 181,000 tons was the lowest since 2018. This data is not available in Europe.

Another factor is that, unlike the European pork industry, the United States can deny good export figures. Neighboring Mexico buys significantly more American pork, although sales to China have fallen sharply. Last November, Mexicans imported 87,000 tons, an increase of 51% compared to the same month in 2020.

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boerenbusiness.nl

Water Pan

Wouter Baan is the author of Boerenbusiness and focuses on the dairy, pork and meat markets. He follows developments in the agribusiness (business) and interviews CEOs and policymakers.