Bloomberg expects Chinese pork prices to remain low, which could bring bad news for grain exporters in the United States.
China has been rebuilding its pork herd after an outbreak of African Swine Fever, but so far, demand is not matching supplies. That is putting the market under pressure — and experts say, prices may not recover until late next year.
China is known as the world’s top soybean importer and a lot of those imports go towards livestock feed. But as of right now, China is expected to domestically crush almost the same amount of soybeans it expects to bring in.
U.S. sorghum producers also rely on the Asian nation, as almost all exports were destined for China in September. Sorghum is a primary ingredient for pig feed.
Related Stories
Wilmar International terminal was the primary route for Ukrainian grain exports to Africa and Asia during the ongoing conflict with Russia.
