Live pork price on 05/10/2023: Pork production is forecast to decrease

Price of live pork in the North today 05/10

In the Northern market, live pork price today 05/10 in the Northern market shows no new shifts compared to yesterday. 

VND 54,000/kg is the highest purchasing level in the region. And the price continues to be anchored in Vinh Phuc. 

VND 52,000 - 53,000/kg is the price range in the remaining localities.

Thus, today's live pork price on May 10, 2023, in the Northern market is trading at VND 52,000 - 54,000/kg. 

Live pork prices in Central and Central Highlands today 05/10

Live pork prices today 05/10 in the Central and Central Highlands markets are flat compared to yesterday.

Specifically, the three provinces of Quang Ngai, Khanh Hoa, and Lam Dong still hold the highest level in the region, at VND 54,000/kg. 

Meanwhile, the remaining localities had no new changes. 

Thus, in the Central and Central Highlands, today's live pork price on 05/10/2023 is around VND 52,000 - 54,000/kg. 

Price of live pork in the South today 05/10

Live pork prices today 05/10 in the southern market remained stable compared to yesterday. 

Accordingly, the highest purchasing level in the area is anchored in Long An, with a price of VND 55,000/kg. 

In Dong Nai and Vung Tau, traders continue to trade at VND 54,000/kg.

The remaining provinces and cities maintain the price range of VND 52,000 - 53,000/kg. 

Thus, live pork prices today 05/10/2023 in the South remain in the VND 52,000 - 55,000/kg threshold. 

World pork production is forecast to decrease

In the first quarter of 2023, the world pork industry faced a series of uncertainties as the slow growth of many major economies put pressure on demand. African swine fever is still complicated as new cases appear in many countries. 

World pork prices fell slightly due to ample pork supplies, especially in Brazil and the United States, despite China's increased meat imports over the same period in 2022.

In April 2023, the price of lean pork in Chicago, USA fluctuated strongly. After falling to 71.55 US cents/lb (April 13, 2023), the price increased again.

On April 28, 2023, the price of lean pork in Chicago, USA for the near delivery term was at 77.93 US cents/lb. The price increased by 2% compared to the end of March 2023 but is still down 24.9% over the same period in 2022.

The United States Department of Agriculture (USDA) forecasts in its latest report that world pork production and international trade will both decline. Accordingly, world pork production in 2023 is expected to reach 114.3 million tons, down 0.2% compared to the total output in 2022. 

Global exports are forecast to reach 9.88 million tonnes in 2023, down 0.1% from 2022. Imports are expected to reach 10.6 million tons, down 3.4% from 2022. Consumption is expected to increase by 0.2%, to 113.7 million tons in 2023. 

China's pork production is expected to increase slightly due to strong consumer demand following the lifting of Covid restrictions. In 2023, China is forecast to produce 55.5 million tons of pork, up 0.2% from 2022.

Import volume is estimated to increase by 3.5% to 2.2 million tons of pork. China's exports are forecast higher due to the easing of border controls in Japan and Hong Kong. And this will stimulate consumer demand from restaurants, hotels, and institutions for processed pork products from China. 

$1 = VND23,270.00 - Source: Vietcombank