Pig Market Monthly Update – October 2022

Prices

GB deadweight pig prices have held above the £2/kg price in October as markets remain flat, with the prices fluctuating between 200.09p/kg and 200.55p/kg. Weekly prices have also remained flat across the APP, with the APP averaging 203.95p/kg on the previous four-week period. The SPP (EU spec) fell slightly during the latest week, down from 200.43p/kg to 200.22p/kg.  

EU deadweight pig prices have eased in recent weeks and maintaining a discount to UK prices. Germany witnessed the largest price drops, with prices declining by nearly €10/100kg over a four-week period.

Costs

Input prices are still high, remaining significantly above year earlier figures. Despite record pig prices, they remain some way off covering the estimated cost of production, with Octobers COP estimate sitting at 232p/kg.  Although feed ingredient prices have eased slightly, feed prices continue to hold, against a backdrop of pressure on grain markets.

Production & Trade

UK pig meat production rose in October on the back of slight rises in both numbers slaughtered and carcase weights.

UK exports continue to grow with year-to-date pig meat volumes 7% ahead of last year. Lost trade volumes to China continue to be predominantly absorbed by higher shipments to the EU. 

USDA’s latest forecast predicts an increase in global pork production across 2023, however global exports are forecast to reduce by over 1%, predominantly driven by lower import demand from China

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