1 China Pork Market Quotation

Live pig price of week 19 in 2024 was RMB14.93/kg, with an increase of 0.57% compared with last week and up 3.11% compared with the same term of last year. The carcass price is RMB19.57/kg, with an increase of 0.75% compared with last week and up 6.62% compared with last year. At the beginning of the Labor holiday, some farms took time off, leading to reduced market supply and increased price for live pigs at the production end. Live pig price rebounded to over RMB15/kg. After Labor holiday ended, market supply increased with weak demand, live pig price fell below RMB15/kg. As we know, the slaughterhouses operating rate for this week was close to 28% with a decline of 21% compared with week 18 and down 3.76% compared with the same term of last year.

The inventory of hog in April was 358 million heads, with down 0.7% compared with last month and down 0.8% compared with the same term of last year. The sow inventory in April was 36.97 million heads, with down 0.08% compared with last year and down 7.02% compared with the same term of last year.

2 European Pork Market Quotation

The pork carcass price of EU in week18 was EUR2.21/kg, with down 0.1% compared with week 17, down 0.1% compared with 4 weeks ago and down 8.6% compared with the same term of last year.

The piglet price in week 18 was EUR87/head, with down 1.1% compared with week 17, down 1.7% compared with 4 weeks ago and down 1.6% compared with the same term of last year.

3 American Pork Market Quotation

The US live pig price of last week was USD91.86/cwt, with up 0.96% compared with the week 17 and up 26.16% compared with the same term of last year. The cutout price of last week was USD98.35/cwt, with up 0.15% compared with the week 17 and up 21.54% compared with the same term of last year.

The weekly slaughter volume was

USA exported 621.11 million pounds of pork in March, with up 5% compared with last March. In the first quarter of this year, pork export volume reached 1.8 billion pounds, with up 8% compared with the same term of last year. Port export to Mexico in the first quarter was at the top, taking 36% of the total pork export volume, with 650 million pounds, increasing 3% compared with the same term of last year. Pork export to China in Q1 was 92.2 million pounds, taking 5% of total pork export volume, with down 37% compared with the same term of last year.

Corn output this year is expected to decrease by 3% compared with last year. While the supply of corn in 2024/2025 is expected to increase by 1.6% compared with last year.

4 Beef Market Quotation

South America

Due to the appreciation of the Brazilian real, the average value of steer in the Mercosur countries increased by 2 cents to $3.14 per kilogram carcass weight this week.

Compared to the previous week, the market was maintaining stability in Brazil. The real appreciated by 1.9% in this week, causing the average price of fat boi rose 6 cents in dollars to US$ 2.81 per kilo. In April, the provisional data of Brazil beef export volume is 220 thousand tons and the numbers of cattle slaughter may catch 2.45 million heads.

In Argentina, the prices drop 2 cents to US$3.93 per kilo due to the exchange variations, inclusive of a 9% beef export tax. As references handled by original exporter, the price of trimmings 80VL is between US$/t 2,400-$2,600, knuckle and flat at US$/t 5,150 and the cow in six cuts up to US$/t 4,200. The shin&shank is operated at US$/t 4,700-5,000 and the forequarter between US$/t 3,900-4,100, CFR in all cases. In April, the provisional data of Brazil beef export volume is 58 thousand tons and the numbers of cattle slaughter may catch 1.062 million heads.

Last month, Uruguay exported 30,904 tons shipment weight at an average FOB value of US$/t 5,552, 27,519 tons were frozen and 3,386 tons chilled. The average price of fat steer is around US$ 3.55, same as the previous week, but there are also some plants can afford more (some cents) to maintain their production. For cows, prices go from US$3.20 to US$3.35, depending on quality and weight.

North America

In US, March beef and variety beef exports totaled 108,218 mt, down 10% from the large volume posted a year ago but still the highest of 2024. Export value was $889.9 million, down slightly from a year ago (-0.3%) but the highest in nine months. March export value equated to $454.62 per head of fed slaughter, the highest since mid-2022.

In the week of May 4, the live cattle prices stood at $1.86 per pound and slaughter volume reached 619 thousand heads, a slight increase of 0.98% compared to last week.