The recent three-month average price of EU pork (Sep-Nov’ 21) fell by 14% to EUR 1,408/MT compared to the previous average (Jun-Aug ‘21) due to weak demand from China and the UK. The EU 2021 pork production is forecast to rise by 1.7% y-o-y, to 23.6 million tonnes (CWE). Labour shortages amid rising cases of the COVID-19 new variant could disrupt the EU processing output in early 2022 and lead to firm pork prices.
Meanwhile, the Sep-Nov ‘21 average price of US pork reached USD 1,764/MT, 15% below the previous average (Jun-Aug ‘21), driven by weak demand from China and Canada. A potential rise in US shipments to Mexico (the top export destination for US pork) in line with economic recovery in the country and rising retail consumption could drive US pork exports.
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.