Pig prices fluctuate unexpectedly, global consumption demand may decrease

The price of live pigs today, November 7, in the North decreased sporadically in some places, fluctuating between 51,000-53,000 VND/kg.

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Pig price today 11/7

* The live pig market in the North decreased sporadically in some places.

Currently, traders in Bac Giang and Yen Bai are purchasing live pigs at prices of 51,000 VND/kg and 52,000 VND/kg, respectively.

After a decrease of 2,000 VND/kg, live pigs in Phu Tho and Hanoi are being traded at the same level of 51,000 VND/kg.

Today's live pig price in the North is around 51,000-53,000 VND/kg.

* Pig prices in the Central and Central Highlands regions fluctuate.

Of which, Dak Lak and Nghe An provinces both reduced 1,000 VND/kg to 50,000 VND/kg. Similarly, Thanh Hoa province reduced 2,000 VND/kg to 51,000 VND/kg.

In contrast, Lam Dong province increased slightly by VND 1,000/kg to VND 53,000/kg.

Currently, the price of live pigs in the Central and Central Highlands regions is around 50,000-53,000 VND/kg.

* In the Southern region, pork prices increased again in many places, with the highest increase of 2,000 VND/kg.

Specifically, the provinces and cities including Ho Chi Minh City, Binh Duong, Long An, Dong Thap and Vinh Long all increased by 1,000 VND/kg, currently ranging from 52,000-53,000 VND/kg, depending on the region.

With the same increase, the price of live pigs in Ca Mau reached the highest level of 55,000 VND/kg.

After increasing by 2,000 VND/kg, traders in Dong Nai, Tay Ninh and An Giang are trading live pigs at 52,000-54,000 VND/kg.

The price of live pigs in the Southern region today fluctuates between 51,000-55,000 VND/kg.

* In the latest report of the United States Department of Agriculture (USDA), global pork production in 2024 is forecast to be at the same level as in 2023. At the same time, international trade in pork products is forecast to be more positive, but consumption demand may decrease slightly.

Specifically, world pork production in 2024 is expected to be 115.5 million tons, similar to 2023 levels, mainly due to lower production in the European Union (EU) and China. However, production in Brazil, Vietnam and the United States is expected to increase, helping to partially offset the decline.

In the EU, pork production is expected to decline by 2% in 2024 compared to 2023, to 21.2 million tonnes. Pig producers in the EU continue to face major challenges in controlling African swine fever (ASF), which has led to a decline in herd size and exports to some markets.

In Brazil, pork production is expected to increase by 4.9% to 4.83 million tons in 2024. At the same time, pork exports from this country are forecast to increase by 5.5% to 1.53 million tons. Pork production in the United States is forecast to increase by 2% in 2024 to 12.7 million tons due to increased pig numbers and lower feed costs.

US exports are forecast to grow 3% by 2024, driven by strong demand from Canada, the Philippines and South Korea, as well as market share gains from the EU in China and Australia.

According to the USDA, China’s pork consumption in 2024 is expected to decline by 1% from 2023 to 58.15 million tons due to lower domestic production. In 2023, the higher consumption is mainly due to higher domestic supply, but the slowing economy will lead to weaker demand and a pork surplus in the first half of 2023.

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