Global pork export prices are at their lowest recorded level since December 2009, falling 17% below this time last year and 27% below last summer’s peak, according to BPEX.
Based on export prices from the four major exporting regions of the EU, US, Canada and Brazil, average prices declined to the equivalent of £1.66 a kg in March this year, having peaked last year at £2.28 a kg.
“Pressure on prices continued in April, with unit prices falling again for the US, Canada and Brazil,” said BPEX, adding that EU figures for April are not yet available.
“Although EU export prices didn’t reach the same heights as those from the Americas, the weakening euro has ensured its prices have still fallen in dollar terms.
“Similar currency depreciation, meanwhile, has helped Brazilian and Canadian pork to remain competitive while limiting domestic price falls. This competitiveness has meant that US export prices have had to fall too.”