Hog futures in Dalian have risen to their strongest in a year, while wholesale meat prices are at a six-month high.
for well over a year as the pandemic and then the war in Ukraine caused shortages of materials from copper to coal. But the surge in pork looks to be the start of a well-established domestic cycle that usually lasts three or four years. Goldman Sachs estimates it could push consumer price growth above the central bank’s 3 per cent target.
, which have hit the economy. In addition to that direct impact, the staple is the biggest food component in the consumer price index, amplifying the effect of rising prices. Just like any other commodity, the main driver of pork prices is supply and demand. The central issue is that the supply of piglets has been lacking after a collapse in prices last year forced a more extensive cull of sows than usual.Sow numbers fell from the end of the third quarter last year through the end of March, and with breeding to gestation, birth and slaughter taking about 10 months, the lack of fresh meat is now starting to become apparent.
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