China’s wholesale pork price hit 22.17 yuan per kg on August 4, surging by 11.6% from the previous week, according to data released by the Ministry of Agriculture and Rural Affairs.
The average price of pork last week was 21.45 yuan per kg, surging by 10.7% from the previous week, showed the data.
China’s live hog price hit 17.61 yuan per kg on August 3, marking the highest so far this year, showed the data.
Separate data from the National Development and Reform Commission, the state planner, for the week ended on August 2, China’s live hog to grain ratio stood at 4.61, surging by 11.89% from the previous week.
The live hog price stood at 16.47 yuan per kg on August 2, surging by 12.5% from that on July 26, while the average wholesale price of corn stood at 2.9 yuan per kg, rising by 0.69% during the period, leaving the live hog to grain ratio at 5.68%, surging 11.81% a week earlier, showed the data.
Based on the current prices and costs, live hog farmers will lose 7.85 yuan per head of hog, it said.
Due to hog farmers’ resistance to price cut, live hog prices are expected to rangebound in the short term and the room for hog farmers’ losses are expected to narrow further, it said.