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| Pig price today, November 17: Pig price in the North increases, pork price in China will remain low. (Source: EPA-EFE) |
Pig price today 11/17
* The live pig market in the North increased by 1,000 - 2,000 VND/kg in some places.
Accordingly, the price of live pigs recorded in Phu Tho after increasing by 1,000 VND/kg was 52,000 VND/kg, the highest in the region. Yen Bai province increased by 2,000 VND/kg, bringing the transaction price to 51,000 VND/kg.
Today's live pig price in the North is around 48,000 - 52,000 VND/kg.
* Pig prices in the Central and Central Highlands regions have all leveled off.
In particular, traders in Nghe An, Ha Tinh and Dak Lak are purchasing live pigs at 48,000 VND/kg, the lowest in the region.
Live pigs in Lam Dong, Ninh Thuan and Binh Thuan are being traded at the highest price of 51,000 VND/kg.
Currently, the price of live pigs in the Central and Central Highlands regions is around 48,000 - 51,000 VND/kg.
* In the Southern region, pig prices have no new fluctuations.
Specifically, 53,000 VND/kg continues to be the highest live pig price in the region recorded in Ca Mau and Kien Giang.
Traders in the remaining provinces and cities still buy live pigs at stable prices from 50,000 VND/kg to 52,000 VND/kg.
The price of live pigs in the Southern region today fluctuates between 50,000 - 53,000 VND/kg.
* China's pork prices are likely to remain low for a long time, prolonging a period of low profits for farmers and complicating efforts to stave off deflationary pressures in the world's second-largest economy.
Abundant pork supplies and weak consumption due to a slowing economy look set to keep the meat market under downward pressure on prices, despite the upcoming peak season for meat demand.
Pork prices are not expected to recover until the second half of next year. That’s 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.
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