US pork exports to China to remain strong for one more year
US and Canada pork industry will capitalize for one more year on China's increased demand for pork but the situation may change dramatically in 2022. "China is expanding pig production despite continuous ASF events. The $200 plus per head profits are all the stimulus needed to fuel the production increase. We expect good exports to China through 2021 from US-Canada helped by the German ASF ban but by 2022 we expect less pork will be needed in China and their hog prices will decline from their historically high levels back to normal type prices," commented Jim Long, President-CEO, Genesus Inc, in his latest report.
US pork exports continue strong at 37,700 tonnes in the latest week, with the largest shipment to China since May: 14,560 tonnes. US pork exports will be pushed further by the ban of pork from Germany due to ASF. Year to date, US pork exports are totalling 1,595,609 tonnes compared to 1,278,834 tonnes last year. That figure stands for a 25% increase in pork exports and is almost all attributed to China’s enhanced demand.
Germany accounted for 14% market share in China and its position is going to be disputed between Brazil, the US, Canada and Spain.
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