China to use pork reserves to stabilise market

Meat Market in China
Meat Market in China

China’s state planner said on Wednesday it aimed to use state reserves of pork to stabilise hog production and prices, after a more than 50% plunge in pork and hog prices since the beginning of the year

  Reuters

China’s pork industry is recovering from an outbreak of the deadly African swine fever virus that devastated the hog herd during 2018 and 2019, but prices this year have fallen far more steeply than expected, analysts said.

Current hog prices of about 15.6 yuan ($2.44) per kilogramme are below the break-even point for many farmers, which could push some out of business, and lead to a substantial hit to supply later on, said Li Ming, analyst with Myagric.com.

“The key purpose is to send a signal to the market that the government will not let prices fall further”

 

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