China will “guide” farmers to reduce hog production capacity as it steps up regulation of the industry, the agriculture ministry said, after an aggressive expansion drive led to an oversupply of pigs and heavy losses.
China’s once-soaring soybean demand will slow by about a fifth in the first quarter from a year earlier after record slaughter shrank pig herds, pressuring prices ahead of an expected glut of South American beans.
China’s customs on Friday lifted a five-year ban on pig and pork products from Belgium that was implemented because of an outbreak of African swine fever in 2018.
Chinese animal feed and hog producer New Hope Liuhe plans to raise $589.13 million by selling majority stakes in two of its units, as it seeks to replenish capital after months of losses from pig farming.
Hong Kong authorities have ordered the culling of more than 900 pigs after detecting the presence of the deadly African swine fever in animals at a licensed farm in the New Territories district.
The USDA said on Tuesday it will extend for up to 90 days a trial program that allows six U.S. pork plants to operate faster processing-line speeds while collecting data on how the speeds affect meatpacking workers.
Hormel Foods forecast fiscal year 2024 profit below estimates on Wednesday as consumers reduce spending on its pricier meat products and ready-to-eat meals as well as pressure on its retail business.
China’s most active hog futures closed down 5.69% on Monday at a record low, after farmers ramped up selling of pigs following months of weak prices, hitting market confidence.
British meat producer Cranswick forecasts annual profit at the upper end of current market estimates, betting strong domestic demand and higher pig prices would offset a fall in China volumes.
JBS SA, the Brazil-based meat behemoth, is braced for tough times as low cattle availability squeezes beef margins in the U.S., its main market, and management works to return pork business margins to more stable levels.
