EU pig prices increased in the last week of January for the first time since the start of August 2014, prompting BPEX to ask if the market has reached a “turning point”.
While EU pig prices continued to fall through most of January, the last week of the month produced the first average increase for five months. Admittedly, the rise followed an EU finished reference pig price decline of over 2 per 100kg through the early part of January. However, the final week average was 129.97 per 100kg, which was 78 cents better than the week before.
Although noting that the recent depreciation of the euro against the pound “equated to a decrease of 6p/kg throughout January”, BPEX drew some positives from reports of possible trade agreements with Russia which “may have helped the market”.
“As ever, the larger producers have led the trend in price,” said BPEX, adding that there are “signs of positivity in the market not reported since July”.
“German prices increased by 2.52 for the week ended February 1, putting prices up 65 cents from the start of the month. Dutch and Polish prices followed suit.”