Canadian pig sector is sinking into a "hot mess"
The Canadian pig market looks like a "hot mess", argues Bob Fraser, Sales representative for Canadian company Genesus. "Eight weeks ago, I suggested the Canadian pork industry was a mess. I was hoping now (eight weeks later) to be able to alter my prognosis. Unfortunately, all I could add now is, it’s a hot mess," he explained in the latest report for the investors.
The Canadian pig market looks depressed with losses ranging from $37 to $44 due to huge price discrepancies. So far, the industry has managed to move some of the stocks from the farms to processing units but the oversupply is far from over. According to a forecast made by another specialist, Bob Hunsberger, from Wallenstein Feeds, over the next 12 months pig producers in Canada will continue to lose money in their operations, from $6.52 to $17.61 per head. " Arguably moving in the right direction but the promise to just lose less money hardly something to get enthused about," added Mr Fraser. Last month, the Canadian Pork Council made a desperate call to the federal government to help the industry as many farmers are threatened by bankruptcy. Industry experts have estimated that pork producers will lose $675 million in 2020. The refusal of funding was described by Rick Bergmann, Canadian Pork Council (CPC) Chair as follows: "For the past 5 years we have heard from our government that they want to help us to grow our sector, yet when our house is burning, they are offering us a glass of water to save it."
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