Chinese pork prices are set to jump 70 percent in the second half of the year, a...
BEIJING - Chinese pork prices are set to jump 70 percent in the second half of the year, a senior official said on Wednesday, after data showed an outbreak of African swine fever cut the world’s largest hog herd by 10 percent in the first quarter.China’s pork production fell 5 percent in the first three months of 2019 and much bigger declines are expected in coming quarters, analysts said, as the country struggles to contain the spread of the deadly disease.
The fall in pork output in the first quarter was muted by demand during China’s Lunar New Year festival in February, with farmers worried about weak pig prices rushing animals to market, Feng said. African swine fever - deadly in pigs but harmless for humans - has spread rapidly through China, which accounts for about half of global pork output, since the first outbreak was reported last August.
Wholesale pork prices are currently about 20 percent higher than a year ago at around 20.3 yuan per kg, according to weekly data published by the Ministry of Agriculture and Rural Affairs.
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