Pork purchased by China for state reserves

Published 2021년 10월 15일

Tridge summary

China is replying its pork reserves in an effort to control prices, acquiring 30,000 tons of pork. This action, part of a larger strategy to stabilize pork prices after a market crash, has led to an 8% rise in futures prices. Despite this, pork imports are projected to decline as domestic production has surpassed expectations. In contrast, Estonia's pork consumption has dropped by 2% due to finite local reserves, which only satisfy 75% of the country's demand. Pork remains the preferred meat in Estonia, accounting for half of the country's total meat consumption.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

China is starting to stockpile pork again as the government tries to keep prices in check. China's Ministry of Commerce has just announced that it has purchased 30,000 tons of pork. Pork will go to Chinese government reserves. The announcement immediately saw pork record an 8% increase in futures prices. In particular, pig livestock prices on the Dalian Stock Exchange rose to 15,285 yuan ($ 2,374.44) per tonne at the end of Monday, October 11. This is the largest increase since the market was established in January. It also represents the highest increase in pork futures since the market crash earlier this year. In the first nine months of 2021, pig prices in China fell by 65%. Thus, the Chinese government maintains its strategy of keeping pork prices down after the collapse this year, which has caused heavy losses for its producers. The data confirms that government hoarding of pork contributes to the pricing strategy China was pursuing when it announced in June that it would use ...

Source: SwiatRolnika