Covid-19 special: How is coronavirus affecting the pork market?
Pork demand has fared better than some of the other proteins, with an uplift in supermarket sales compensating in some way for the loss in the foodservice market.
There has been a fall in hog futures and farm gate prices in the US, and the loss of foodservice has had a much bigger impact on the US market than it has in the UK. A number of major US processing plants have also closed, which is putting pressure on their market. Despite these issues, there doesn’t seem to be a shortage in pork, so when the processors and foodservice markets re-open, there could be an oversupply. This will probably result in competition for the Chinese market.
On the whole, processors have remained open and there have been very few reports of difficulties.
The outlook for the economy remains uncertain and no one knows what ‘normal’ will look like after the pandemic. However, based on China’s experience, there probably won’t be a sudden resurgence in eating out once restrictions are lifted.
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