Pig prices in the South have dropped sharply, China has "taken action" to stabilize the market

Pig prices in the Southern region decreased by 1,000 - 5,000 VND/kg last week, fluctuating between 48,000 - 53,000 VND/kg.

Pig price today, November 26: Pig price in the South drops sharply, China 'takes action' to stabilize the market. (Source: CP Food)

Pig price today November 26

* Pig prices in the North fluctuated inconsistently by 1,000-3,000 VND/kg last week.

Of which, 51,000 VND/kg is the transaction price in Phu Tho after decreasing by 1,000 VND/kg.

Except for Vinh Phuc province which remained unchanged, other localities increased by 1,000-3,000 VND/kg to around 50,000 - 52,000 VND/kg.

Pig price today in the North is around 50,000-52,000 VND/kg.

* The pig market in the Central and Central Highlands regions fluctuated inconsistently last week.

Specifically, Ninh Thuan province adjusted down 1,000 VND/kg to 50,000 VND/kg.

After increasing by 1,000 VND/kg, Nghe An province traded at 49,000 VND/kg.

Localities including Thanh Hoa, Ha Tinh and Dak Lak traded at 50,000 VND/kg, up 1,000 - 2,000 VND/kg. The remaining provinces remained unchanged.

Currently, the purchase price of live pigs in the Central and Central Highlands regions is around 49,000 - 51,000 VND/kg.

* Pig prices in the South decreased by 1,000 - 5,000 VND/kg last week.

Localities including Ho Chi Minh City, Binh Duong, Tay Ninh, Long An, Dong Thap, Can Tho and Ben Tre all reduced by VND1,000/kg to between VND49,000-51,000/kg.

Live pigs in Tra Vinh and Vinh Long were purchased at 49,000 VND/kg and 50,000 VND/kg, down 2,000 VND/kg.

48,000 VND/kg is the transaction price in Kien Giang after a decrease of 5,000 VND/kg.

The remaining localities did not record any price adjustments.

Pig price in the Southern region today is around 48,000 - 53,000 VND/kg.

* China plans to continue buying pork from local producers and traders for national reserves, Bloomberg reported, in an effort to boost weakening pork prices amid concerns about deflationary pressures in the world’s second-largest economy.

Beijing has carried out two rounds of pork purchases this year to try to stabilize the market. Hog prices spiked in July after the National Development and Reform Commission (NDRC) announced pork purchases this year. However, prices have started to trend lower since early August.

The NDRC and other relevant agencies will start purchasing and storing pork for reserves to raise prices to a reasonable level, the NDRC announced on its official WeChat account on Friday (November 24).

Chinese hog prices have been under pressure this year due to abundant supply and sluggish demand, with millions of pig farmers, both small-scale and large-scale, struggling to make a profit.

Pork consumption typically increases during the winter months when people salt meat and celebrate festivals, but many are concerned that demand may be weaker than expected.

Source