UK: Q3 2022 pork cost of production
The estimated cost of production in 2022 Q2 was 240p/kg, therefore there has been an overall decrease of 13p/kg for 2022 Q3. Poorer performance figures and lower carcase weights will have negatively impacted the cost of production. Overall, changes in performance, energy, fuel and interest rates increase the cost of production by 3p/kg. The easing of feed prices during the last three months decreases the cost of production by 16p/kg.
Spot compound feed prices eased in the last three months compared to the highs of April, May and June. Unfortunately, spot prices for October have risen and, together with significant increases in energy prices and interest rates, the updated October 2022 full economic cost of production is estimated at 237p/kg deadweight. Pig prices have risen and are 200p/kg (SPP) and 204p/kg (APP) for October. Prices still do not cover the full economic cost of production, resulting in a continuing loss-making position for pig producers of around -£28 to -£33 per pig.
With pig producers experiencing continued negative margins since October 2020, it is estimated (based on the total pig slaughter numbers) that the industry has lost £737m in the last two years.
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