The recent three-month average price of EU pork (Jun ’20-Aug ‘20) is 13% lower than the previous average (Mar-May). Weak domestic demand amid the coronavirus pandemic and an increase in the herd size have been the main reasons behind the bearish price trend. The EU 2020 pork consumption is forecast to drop by 3% y-o-y.
Meanwhile, the Jun ’20-Aug ‘20 average price of US pork has dropped by 18% against the previous average (Mar-May) with reduced demand from the foodservice sector. Furthermore, with the increasing number of coronavirus cases in the US, demand from restaurants is expected to continue to be thin. Also, a moderate hog demand at the packer level, signals a reduction in US pork consumption, thus resulting in a downward price trajectory in H2 2020.
From economical to political, all the factors impacting the pork market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions. Please visit our Mintec Analytics platform to find out more.