February 23, 2021
China Hog: Prices plunge 13% in four weeks before Chinese New Year
China's hog market was closed over the past two weeks due to the celebration of Chinese New Year. Prior to the long festive holidays, hog prices plummeted as release volumes increased tremendously while farmers were eager to clear inventories.
Slaughter volumes in major wholesale centres surged a whopping 12% to 8,509 tonnes while pork carcass prices edged lower 0.44% to RMB45.10/kg.
On average, hog prices plunged 7.2% to RMB32.25/kg, from RMB34.74/kg. Over four weeks, hog prices have dropped 13%.
With inventories greatly reduced hog prices are expected to stabilise in the coming period. However, should pork imports remain high, the upward scope of hog market will be limited.
Full version of the report will be available at: https://spoutinfo.com/market-forecast-detail/30/32/277/2935
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