Increase in Irish pig prices justified, says IFA
Tom Hogan, Chairman of IFA Pigs Committee, says that there will be major improvements in pigmeat trade with increased producer prices and asks processors to seriously consider this fact.
"A number of factors provide justification for a significant price increase, including a stronger export trade with Asian and the important Chinese market in particular - picking up over recent weeks, tightening supplies of pigs across the EU, and a steady demand for Irish product on the domestic market," said Mr. Hogan."While quotes have remained relatively static at the €1.40c/kg-€1.42c/kg level for the past number of weeks, many exporting European pig-producing countries, such as Germany and Denmark, have experienced up to a 16c/kg improvement in pig prices in the past two weeks," Mr. Hogan added.
Furthermore, the IFA Chairman gave a message to all the Irish pig processors that if the prices will not be increased urgently, confidence levels will continue to descend, mirroring their firmly in-the-red bank balances, and that the gains in both productivity and scale at farm-level made over the past five years will be lost.
He called on all pig processors to increase prices paid to well in excess of the €1.50c/kg conservative estimate of the cost of production as soon as possible so that businesses will at least stop making a loss.
According to IFA, At today’s pig price of €1.40c/kg, every pig that leaves a pig farm is leaving a loss of up to €10/pig.
"This situation is completely unsustainable and needs to be rectified if Ireland’s third-largest commodity sector, with exports of €714 million in 2017, is to survive and prosper," the IFA statement read.
Photo Source: geograph/Richard Humphrey
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