The demand for EU pork has increased since February 2021, due to African Swine Fever (ASF) in China and at the domestic level due to the gradual reopening of restaurants. Consequently, the recent three-month average price of EU pork (Mar-May ‘21) rose to EUR 1,628/MT, 21% higher than the previous average (Dec ’20-Feb ‘21). However, the average price remained 10% lower y-o-y, with ample pork supplies in the EU market on the back of weak foodservice demand amid the COVID-19 crisis.
Similarly, the Mar-May ‘21 average price of US pork increased to USD 2,284/MT, 34% above the previous three-month average (Dec ’20-Feb ‘21), driven by strong processor demand for hogs following a surge in retail pork sales. Strong demand from China also led to firm US pork prices.
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.
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