This week EU member states supported a European Commission proposal to close private storage aid for pork. As we noted in the Feb. 27 Export Newsline, the program opened March 9 in response to an extended period of low hog and pork prices in the EU. The commission proposed to close the program because prices have stabilized and volumes entering the program are trending lower.
Since the private storage program opened seven weeks ago, about 65,000 metric tons of pork from 18 EU member states were temporarily taken off the market. More details on specific volumes and their countries of origin are available online.
EU pig prices have edged higher over the past six weeks and maintained positive momentum in the fourth week of April, averaging $71.55/cwt. This was up 4 percent from last month, but still down nearly 10 percent year-over-year in euros and 29 percent lower in U.S. dollars.