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China’s five major hog farmers – Zhengbang Group, Wens Foodstuff Group, Muyuan Foods Co, New Hope Group and Tech-Bank Food Co – have posted sharp rise in hog prices.
The five companies’ average selling price of pork surged by over 80% in September from a year earlier, with Muyuan Foods recording the highest increase at 100.7%.
Pork prices saw a continuous increase during the weeklong National Day holidays from October 1 to 7, with the national average price rising nearly two yuan ($0.28) per kilogram, driven by consumption enthusiasm and the reduced market supply.
Four for the five companies saw year-on-year revenue growth except Zhengbang Group. Muyuan Foods recorded the largest year-on-year increase of 180.2%, and New Hope Group saw its largest monthly growth at 37.85%. Zhengbang Group said the revenue plunge was due to company’s capacity reduction and marketing adjustment.