The average price of EU pork (Aug-Oct) has jumped 4% against the previous three-month average (May-Jul), slightly exceeding Mintec forecasts. Prices are currently the highest since September 2013, driven by the surge in Chinese exports. China’s African Swine Fever (ASF) crisis has increased the country’s demand for EU pork.
The average (Aug-Oct) price of US pork has dropped 23% against the previous average (May-July), as per Mintec’s previous forecast. US pork prices fell q-o-q on the back of China’s biggest-ever cancellations of US pork purchases of 14,700 tonnes in late July. The US production in 2019 is estimated to rise 5% than the previous (April) estimates of up 6% y-o-y as a result of a slower-than-expected slaughters in August, which weighed on the US pork output in Q3 2019.
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.