Pig price inches up after 16 weeks’ decline
13th February 2024
The EU-spec SPP increased by 0.11p to 211.47p/kg after 16 consecutive weeks in decline.
It was only the second weekly rise since early August and means the SPP remains at just over 14p below the high of 225.64p/kg seen in early August. However, the gap to the same week 12 months ago has narrowed to under 6.5p.
The APP, which includes premium pigs, has been much more volatile since early December, but it has also stabilised, NPA said, falling by just 0.01p to 211.67p/kg, during the week ended 27th January 27. Again, it moved fractionally ahead by 0.31p, of the SPP for the week.
NPA said the figures are “encouraging” despite falling EU prices.
The EU reference dropped by a further 3p to 172.05p/kg during the week ended 28th January, meaning it lost 11p in the first month of 2024.
The gap to UK reference price has grown to more than 36p, the biggest it has been for some time, making imports extremely competitive, NPA added.
The upward pressure being seen in UK pig prices appears to be coming from tight supplies as we move out of the January lull, according to NPA.
UK pig slaughterings were down a significant 17% year on year in December and the trend has continued into January, recent Defra figures show.
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