The price of live pigs in the North has slightly decreased, Vietnam's total pig herd is in deficit of about 20-25%.

The price of live pigs today, August 18, in the Northern region decreased slightly, fluctuating between 59,000-61,000 VND/kg. VCBS forecasts that pork prices will continue to remain high due to better market demand while supply decreases.

Pig price today, August 18: Pig price in the North decreased slightly, Vietnam's total pig herd is in deficit of about 20-25%. (Source: Eva)

Pig price today 8/18

* Pig prices in the Northern region decreased slightly.

In particular, Lao Cai province adjusted the price down to 59,000 VND/kg - the lowest in the region.

Live pigs in localities including Yen Bai , Nam Dinh and Ninh Binh were traded at 60,000 VND/kg. 61,000 VND/kg was the purchase price recorded in the remaining localities.

Today's live pig price in the North is around 59,000-61,000 VND/kg.

* The live pig market in the Central and Central Highlands regions decreased by 1,000-2,000 VND/kg.

After all decreasing by 1,000 VND/kg, localities including Quang Tri, Quang Ngai and Ninh Thuan all traded at 58,000 VND/kg.

Traders in Binh Dinh province purchased live pigs at 57,000 VND/kg, down 2,000 VND/kg.

Currently, the purchase price of live pigs in the Central and Central Highlands regions is around 57,000-60,000 VND/kg.

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

Of which, 58,000 VND/kg is the transaction price recorded in Dong Thap and Bac Lieu provinces after a price reduction.

Long An province adjusted down 2,000 VND/kg to 57,000 VND/kg. The remaining localities had stable transactions.

The price of live pigs in the Southern region today is around 57,000-59,000 VND/kg.

* In the agricultural sector outlook report for the second half of 2023, Vietcombank Securities Company Limited (VCBS) said that the price of live pigs has been increasing continuously since the end of April until now, mainly due to local shortages in supply after the impact of African swine fever, while people's consumption demand has improved during the peak tourist season.

On the other hand, low pig prices for a long time have caused small-scale farmers to hang up their pigsties, and slow herd restoration has reduced supply to the market. Supply is weaker than demand, which is also a factor that positively affects the pig market.

VCBS forecasts that pork prices will continue to remain high due to better market demand while supply decreases.

According to data from the analysis department, Vietnam's total pig herd is about 20-25% below normal, and pig supply in 2023 will not fluctuate much because many farmers will find it difficult to immediately re-herd on a large scale after suffering losses for two consecutive years.

In addition, low inflation and rising basic wages could be factors supporting year-end consumption, although food prices in June and July edged up slightly.

Another supporting factor is that the new wave of epidemics along with floods in China may reduce supply, pushing pork prices in that country up again, which may partly affect Vietnam's pork market.

In addition, the cooling price of animal feed is also a factor supporting the profit margins of businesses.

Source