PH Hog Prices Start to Increase
Despite a sharp rise in imports over recent months creating massive stockpiles of frozen imported pork, local hog prices are starting to increase in the Philippines. After a devastating October that saw market prices plummet to PHP 129/kg (live weight), by the end of November, it had risen to PHP 157/kg (live weight), though not across the entire country. This has likewise translated to lower numbers of stored imported frozen pork, down to 77,330 at the end of November, from 82,068 at the end of October. This is brought about in part by a strong push from producers to eat local pork, as well as the reopening of businesses as COVID restrictions ease.
Feed prices continue to rise, though, with corn at an all time high of PHP 24/kg, and soy at a whopping PHP55/kg, though imports of soy at the top of 2022 are expected to ease the prices slightly.