China start imports of US pork, despite tariffs
China imported 23,900 tonnes of US pork, despite tariffs at near 70% as the unprecedented event triggered by the ASF outbreaks in the country is increasing demand for imports. In his latest market report, Jim Long, President-CEO, Genesus, expressed his belief that China will need pork in the coming months.
"ASF has devastated China's pork supply. Chinese industry people speculate that China's production could be down 20-50% by the time ASF gets under somewhat control. 20% down is equal to U.S. production, 50% is incomprehensible", considers Mr Long.
The Chinese market for hogs jumped from $1.93 to $2.38/kilogram live weight or near $50 per head. His expectation for this year is that China hog prices will reach $2.97 – $3.42/kilogram, which can influence all global pig markets to reach record levels at some point this cycle.
"The market jump we are seeing in US lean hog futures isn’t anytime too soon. The industry has been losing money for too long. Cash prices are still below breakeven but daily price increases are getting all too breakeven quickly", added Jim Long.
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