Chinese pig farmers reduce the use of soybean meal

Chinese pig producers, suffering record losses due to rising feed prices and weak demand for pigs, are switching to lower quality grain from higher-priced soybean meal and even selling assets in an attempt to survive. However, problems in the world's largest hog market could last until next year, analysts say, leading to a reduction in income in China's rural economy and a likely reduction in imports of soybeans and meat by the world's largest buyer for the second year in a row, oilworld.ru reports, citing Reuters. The downturn follows a period of huge profits for many farmers after the African swine fever virus devastated the herd three years ago, curtailing pork production and causing prices to skyrocket. After the herd quickly recovered, producers found that demand for meat had dwindled due to repeated outbreaks of COVID-19 that closed restaurants. Now, after several months of losses, farmers are facing soaring costs as grain prices, which have already been raised, have also ...