Pig prices fluctuate in opposite directions, China's agricultural market receives bad news

The price of live pigs today, November 24, in the Northern region decreased by 1,000 VND/kg, fluctuating between 51,000-52,000 VND/kg.

Pig price today, November 24: Pig price fluctuates in opposite directions, China's agricultural market receives bad news. (Source: Investment)

Pig price today 11/24

* Pig prices in the Northern region have decreased by 1,000 VND/kg.

Of which, Phu Tho and Tuyen Quang provinces both reduced 1,000 VND/kg to 51,000 VND/kg.

The remaining localities traded stably compared to yesterday.

Today's live pig price in the North is around 51,000-52,000 VND/kg.

* The live pig market in the Central and Central Highlands regions increased slightly by 1,000 VND/kg.

Specifically, Ha Tinh province increased 1,000 VND/kg to 50,000 VND/kg.

Other provinces maintain purchasing prices from 49,000 VND/kg to 51,000 VND/kg.

Currently, the purchase price of live pigs in the Central and Central Highlands regions is around 49,000 - 51,000 VND/kg.

* Pig price in the South decreased by 1,000 - 2,000 VND/kg.

Specifically, Can Tho and Vinh Long respectively adjusted down 1,000 VND/kg and 2,000 VND/kg to 50,000 VND/kg.

48,000 VND/kg is the lowest transaction price in the region, recorded in Kien Giang. 49,000-53,000 VND/kg is the price range recorded in the remaining localities.

The price of live pigs in the Southern region today is around 48,000-53,000 VND/kg.

* Pork prices in China are not expected to recover until the second half of next year. That is bad news for China’s agricultural market, especially for global meat exporters that supplement China’s supply and for soybean and corn farmers in the Americas, the two main grains that feed China’s huge hog herd.

This is also a concern for broader financial markets as pork accounts for a large proportion of the basket of goods used to measure inflation in Asia's largest economy.

China’s consumer prices fell for the second time this year last month, driven by plunging pork prices. A sustained decline in prices will only add to the risk of deflation in the Chinese economy.

“We estimate that pork prices account for 2.3% of the consumer price index basket, and the larger impact on China’s deflation will come from falling prices of other meats that replace pork,” said Duncan Wrigley, chief China economist at Pantheon Macronomics Ltd.

Source