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Contract prices move up sharply today

by 5m Editor
15 February 2003, at 12:00am

UK - Most of the big contract buyers moved their base prices up sharply today with Glanbia leading the field and Adams, Grampian and Malton all within a similar 101-103p range.

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Spot quotes meanwhile were "all over the place" according to region and availability, reports Traffic Lights tonight.

"Spot traders who were short of pigs became more aggressive buyers as the day wore on, moving from fairly negative "stand on" stance at the start of the day reflecting poor retail and wholesale demand to quotes in the 104-107p range for bacon later in the day," reports Peter Crichton.

"A reduction in supply of cheap Irish pigs also helped the UK market to move ahead. With the Euro improving in value and standing at 66.8p cull sow quotes remain firm and moved ahead in some regions with 60-64p/kg on the cards."

Cull sow prices remained firm with larger pockets realising 60p/kg, report Meadow Quality. "This is despite the euro regaining some of its lost ground. First handaccounts of European prices also confirm a tightening of supply and improving prices.

"The positive news should help reassure nervous finishers who are beginning to hesitate in buying 'expensive'store pigs. Returning industry confidence is also fueling increased breeding stock sales."

In the run up to today's trading, most of the talk from the abattoir buyers was of difficulty getting increases through to their customers and the possibility of the pig price at best standing on or falling back a little, say Porcofram.

"In the event, one major abattoir led the way with a 7p lift in their weekly contract price leaving others with little choice but to follow the upward trend.

"This set the level for the day and spot prices largely remained static from last week. A few spot offerings were in the market place appearing to show a premium, but as ever sellers were carefully examining the "fine print" to make sure that there were no hidden surprises."

Source: National Pig Association - 14th February 2002

5m Editor