China: More frozen pork purchases on the horizon
China has stated that it will buy more frozen pork in order to hike up prices. Currently live hogs are selling too cheaply and pig farmers are not raking in the profits.
China’s Ministry of Commerce confirmed that retail prices of pork plummeted for 11 weeks in a row as the end of April 15.
“We will start state reserve purchases of frozen pork at an appropriate time to help stabilise live hog prices and to avoid massive losses in pig farming,” National Development and Reform Commission (NDRC) said in a statement.
NDRC said that average farm-gate prices of pork had fallen to 14.60 yuan ($2.30) per kilogram last week.
Source: Reuters
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