Rabobank expects China to increase its pork imports through the last few months of the year. A new report by Rabobank suggests a stronger pricing trend, as the major importing countries, including China, will likely maintain steady import growth. China’s pork imports were down 27 percent in the first eight months of this year. Meat industry publication Meatingplace reports China’s import demand has been one area of distortion in global pork markets over the past one to two years and a diversion in prices for certain cuts has been another, complicating the export picture. Meanwhile, Rabobank reports that U.S. pork production will continue to expand over the remainder of the year. Prices are expected to soften under supply pressure, and strong currencies will put extra pressure on the export business.
However, with weaker demand from China offset by stronger demand from Mexico, Rabobank still expects total exports for 2017 to be higher than in 2016.
Source: NAFB News Service