China buys pork for state reserves
China is starting tu build up again reserves of pork, as the government is trying to keep prices under control. The Ministry of Commerce of China has just announced that it bought 30,000 tons of pork for its state reserves. An announcement that has had as an immediate reflection an 8% rise in pork futures prices. Specifically, live pig prices on the Dalian Stock Exchange rose to 15,285 yuan ($ 2,374.44) per ton at the close of Monday, October 11. This is the biggest rise since the creation of this market in January. It also represents the highest jump in pork futures prices since the market went down, at the beginning of the year. For the first nine months of 2021, pig prices in China have lost 65% in value.
The Chinese government thus maintains its strategy of trying to sustain pork prices after the collapse suffered during this year, which was generating large losses to its producers. The data confirms that the government's accumulation of pork is favoring the pricing strategy that China sought when it announced in June that it would use state reserves to try to stabilize them after its big slide.
However, pork imports are expectd to slow down until the end of the year, as domestic production was higher than expected in 2021.
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