Pig farmers across the country are breathing a small sigh of relief following an 8c/kg rise in pig prices today (Friday, February 24), the national pig chair of the Irish Farmers’ Association (IFA) Roy Gallie has said.
The increase in pig prices can be attributed to a tightening of supplies and market demand, according to the IFA pig chair.
This is good news for farmers, as it is a signal that the market is beginning to stabilise after a prolonged period of oversupply and cost challenges for farmers in 2022, Gallie said.
“After over 18 months of loss-making and anticipation that pig production would eventually return to profitability, the 8c/kg rise today is a positive step towards achieving this objective.
“However, it is important to note that this increase alone is not sufficient to recoup the significant losses that have been endured by pig farmers over the past year and a half.
“It still only leaves pig farmers 4c better off than prices at the start of this year,” he said.
8c/kg ‘only the beginning’
Gallie said the pig price increase follows substantial engagement by the IFA with primary and secondary processors over the previous weeks.
While the increase in price is a positive sign, it is imperative that this trend continues so that pig farmers can begin to return to some sort of stable financial footing, he emphasised.
European pig prices are forging ahead and Irish prices must do likewise, Gallie demanded.
“Pig farming needs a sustained period of profitability to recoup the accumulated losses and invest in their farms to comply with new European Union (EU) requirements,” the IFA pig chair said.
The 8c/kg increase today marks the first positive move for Irish family pig farms, however, Gallie warned that this is only the beginning of what is required at farm level.