The latest average pig price, for the week ending 23 May, was €160.85/100kg. This was the highest level recorded since June last year, AHDB’s Bethan Wilkins reported.
Ms Wilkins explained: “The reopening of some foodservice elements has supported the price buoyancy as has demand from China. Live pig supplies are also reported to be limited in some member states, particularly Germany. More recently, there is some optimism for further demand growth within the EU as the better weather increases sales of grilling cuts.”
All major producing member states recorded price increases to varying degrees. The French price rose by €11/100kg in the four weeks to 23 May, while the Dutch price increased by just under €1/100kg in the same period.
Ms Wilkins added that while both the EU and UK prices have improved over the past month overall, the UK price has done so at a greater rate, which has resulted in the UK price premium rising from 10p to 14p over the past four weeks.
“It will be interesting to see how EU prices develop in the coming weeks,” Wilkins commented. “If UK prices continue to rise ahead of their EU counterparts, this might start to support demand for imported pork, which is expected anyway with the further reopening of the eating-out sector. Ultimately, this might limit price growth on the UK market.”