Pork price drops 8.6 cents in October

Latest data from Statistics Canada shows a decrease in pork prices

The price of pork in Canada dropped by 8.6 cents per kilogram in October, according to the latest data from Statistics Canada. This decrease follows a 4.4 cent per kilogram decrease in September, and a 3.9 cent per kilogram decrease in August.

The average price of pork in Canada is now $1.37 per kilogram, down from $1.46 per kilogram in September. This is the lowest price for pork since May 2020.

Several factors have contributed to the recent decline in pork prices

One factor is the increased supply of pork on the market. The number of hogs slaughtered in Canada increased by 4.6% in October compared to the same month last year. This increase in supply has put downward pressure on prices.

Another factor contributing to the decline in pork prices is the decrease in demand from China. China is the largest importer of pork in the world, and a decrease in demand from this country can have a significant impact on prices.

The African swine fever outbreak in China has also led to a decrease in demand for pork. The outbreak has caused a significant reduction in the number of hogs in China, and this has led to higher prices for pork in that country.

The decrease in pork prices is good news for consumers

The decrease in pork prices is good news for consumers, who will now be able to purchase pork at a lower cost. Pork is a popular meat in Canada, and this decrease in price will make it more affordable for families to put pork on the table.

Pork producers are concerned about the decrease in prices

While the decrease in pork prices is good news for consumers, it is not good news for pork producers. Pork producers are facing lower prices for their product, and this is having a negative impact on their bottom line.

Pork producers are calling on the government to provide support to the industry. They are asking for assistance with marketing, and they are also asking for financial assistance to help them weather the storm.

The future of pork prices is uncertain

The future of pork prices is uncertain. It is possible that prices will continue to decline in the coming months, as the supply of pork on the market continues to increase.

However, it is also possible that prices will start to rebound in the new year, as demand from China increases. The African swine fever outbreak in China is expected to continue to have a significant impact on the global pork market, and this could lead to higher prices in the future.