By Janie Gabbett on 5/30/2008 for Meatingplace.com
The earthquake that rocked China on May 12 could decrease pork production by up to 4 percent, slightly boost national pork prices and support continued pork imports over the next six to eight months, according to USDA's agricultural office in Beijing.
While the epicenter of the earthquake in China's Sichuan Province was not a main swine and pork production area, some large production areas nearby were impacted with an estimated four million to five million hogs either killed by the earthquake or slaughtered due to lack of feed or water supplies, USDA analysts in Beijing said in a report. Longer-term impact will depend on how quickly water, energy and transportation services can be restored.
"China's 2008 pork supply is expected to remain very tight as production recovers slowly," the analysts wrote.
Pork prices in China are expected to decline slightly in the near term as swine are liquidated for lack of feed or water, but are then expected to rise. Pork prices in April were already up 68 percent from a year ago on tight supplies from decreased production due to disease and other factors.
Pork imports are expected to remain strong, with the United States projected to remain the largest supplier to China for the remainder of 2008.
China imported $121.6 million worth of pork in the January-March 2008 period, up from $7.5 million in the same period a year ago. Pork variety meat imports were valued at $142.6 million, up from $74.2 million in the same period a year ago. The report said 68 percent of China's pork imports and 24 percent of pork variety meat imports came from the United States, not including U.S. exports to Hong Kong for re-export to China.
Friday, May 30, 2008
Agriculture commodity prices to remain high
(MEATPOULTRY.com, May 29, 2008)
by MEAT&POULTRY Staff
ROME ― Although agricultural commodity prices should ease from their recent record peaks, they are expected to average well above their mean levels of the past decade over the next 10 years, according to the latest Agricultural Outlook from Organization for Economic Cooperation and Development (O.E.C.D.) and the U.N. Food and Agriculture Organization (F.A.O.).
"The way to address rising food prices is not through protectionism but to open up agricultural markets and to free up the productive capacity of farmers, who have proven repeatedly that they will respond to market incentives," said Angel Gurría, O.E.C.D. secretary-general at the Outlook’s launch in Paris. "Governments can also do more to foster growth and development in poor countries, so as to improve the purchasing power of the most vulnerable food buyers."
Food prices and their impact on the world economy will be one of the issues that will be addressed at the O.E.C.D. Ministerial Council Meeting in Paris from June 4-5. At a separate summit at F.A.O. headquarters in Rome, from June 3-5, world leaders, including many heads of state and government from around the world, will discuss policies and strategies on how to improve and ensure world food security and re-launch agriculture in rural communities of developing countries.
In comparing averages of the coming decade with those of the past, real prices, i.e. nominal prices corrected for inflation, are projected to increase in a range from less than 10% for rice and sugar, under 20% for wheat, around 30% for butter, coarse grains and oilseeds to more than 50% for vegetable oils, according to the report.
Prices may also become more volatile because stock levels are expected to remain low and as some of the demand for agricultural commodities becomes less responsive to price changes. The recent increase in investment funds on commodity futures markets might also become an additional factor in price variability. Climate change, too, would affect crop production and supply in unforeseen ways.
Drought in some of the world’s main grain-producing regions in the context of low stocks was a large – but transitory – factor in the sharp price rises of the past two years. Growing demand for biofuel is another factor contributing to higher prices. World fuel ethanol production tripled between 2000 and 2007 and is expected to double again between now and 2017 to reach 127 billion liters a year. Biodiesel production is seen to expand from 11 billion liters a year in 2007 to around 24 billion liters by 2017. The growth in biofuel production adds to demand for grains, oilseeds and sugar, so contributing to higher crop prices.
Another finding of the report includes Brazil’s share of world meat exports is expected to grow to 30% by 2017.
by MEAT&POULTRY Staff
ROME ― Although agricultural commodity prices should ease from their recent record peaks, they are expected to average well above their mean levels of the past decade over the next 10 years, according to the latest Agricultural Outlook from Organization for Economic Cooperation and Development (O.E.C.D.) and the U.N. Food and Agriculture Organization (F.A.O.).
"The way to address rising food prices is not through protectionism but to open up agricultural markets and to free up the productive capacity of farmers, who have proven repeatedly that they will respond to market incentives," said Angel Gurría, O.E.C.D. secretary-general at the Outlook’s launch in Paris. "Governments can also do more to foster growth and development in poor countries, so as to improve the purchasing power of the most vulnerable food buyers."
Food prices and their impact on the world economy will be one of the issues that will be addressed at the O.E.C.D. Ministerial Council Meeting in Paris from June 4-5. At a separate summit at F.A.O. headquarters in Rome, from June 3-5, world leaders, including many heads of state and government from around the world, will discuss policies and strategies on how to improve and ensure world food security and re-launch agriculture in rural communities of developing countries.
In comparing averages of the coming decade with those of the past, real prices, i.e. nominal prices corrected for inflation, are projected to increase in a range from less than 10% for rice and sugar, under 20% for wheat, around 30% for butter, coarse grains and oilseeds to more than 50% for vegetable oils, according to the report.
Prices may also become more volatile because stock levels are expected to remain low and as some of the demand for agricultural commodities becomes less responsive to price changes. The recent increase in investment funds on commodity futures markets might also become an additional factor in price variability. Climate change, too, would affect crop production and supply in unforeseen ways.
Drought in some of the world’s main grain-producing regions in the context of low stocks was a large – but transitory – factor in the sharp price rises of the past two years. Growing demand for biofuel is another factor contributing to higher prices. World fuel ethanol production tripled between 2000 and 2007 and is expected to double again between now and 2017 to reach 127 billion liters a year. Biodiesel production is seen to expand from 11 billion liters a year in 2007 to around 24 billion liters by 2017. The growth in biofuel production adds to demand for grains, oilseeds and sugar, so contributing to higher crop prices.
Another finding of the report includes Brazil’s share of world meat exports is expected to grow to 30% by 2017.
South Korea to resume U.S. beef imports next week
By Tom Johnston on 5/29/2008 for Meatingplace.com
Seoul has informed Washington that South Korea will resume imports of U.S. beef sometime next week.
"We are still studying the statement released by [Korean Agriculture Minister Chung Woon-chun], but we welcome his announcement that they have finished the review of public comments and will be implementing the protocol next week," Gretchen Hamel, spokeswoman for U.S. Trade Representative Susan C. Schwab, told Meatingplace.com.
The United States and South Korea on April 18 agreed to a new beef protocol lifting almost all restrictions on imports of U.S. beef. Quarantine inspections originally were scheduled to resume May 15, but Seoul stalled in an effort to calm public fears about the safety of U.S. beef. (See Korea again delays U.S. beef imports: report on Meatingplace.com, May 27, 2008.)
Inspections of some 5,300 tons of U.S. beef, held up in storage facilities since Seoul suspended imports of U.S. beef in October, will begin early next week before entering commerce.
"The government has fixed new sanitary conditions for importing beef," Chung told reporters. "The government will prioritize public health and safety in carrying out its policies."
The U.S. Meat Export Federation was pleased to hear the news, but expressed cautious optimism. "We look forward to supplying high-quality, wholesome U.S. beef to South Korea, but this is a volatile situation that changes day by day," USMEF President and CEO Philip Seng said in a statement. "We are monitoring events in Korea very closely."
Seoul has informed Washington that South Korea will resume imports of U.S. beef sometime next week.
"We are still studying the statement released by [Korean Agriculture Minister Chung Woon-chun], but we welcome his announcement that they have finished the review of public comments and will be implementing the protocol next week," Gretchen Hamel, spokeswoman for U.S. Trade Representative Susan C. Schwab, told Meatingplace.com.
The United States and South Korea on April 18 agreed to a new beef protocol lifting almost all restrictions on imports of U.S. beef. Quarantine inspections originally were scheduled to resume May 15, but Seoul stalled in an effort to calm public fears about the safety of U.S. beef. (See Korea again delays U.S. beef imports: report on Meatingplace.com, May 27, 2008.)
Inspections of some 5,300 tons of U.S. beef, held up in storage facilities since Seoul suspended imports of U.S. beef in October, will begin early next week before entering commerce.
"The government has fixed new sanitary conditions for importing beef," Chung told reporters. "The government will prioritize public health and safety in carrying out its policies."
The U.S. Meat Export Federation was pleased to hear the news, but expressed cautious optimism. "We look forward to supplying high-quality, wholesome U.S. beef to South Korea, but this is a volatile situation that changes day by day," USMEF President and CEO Philip Seng said in a statement. "We are monitoring events in Korea very closely."
World trade in beef, pork seen expanding by more than 40 percent
By Janie Gabbett on 5/29/2008 for Meatingplace.com
World trade in beef and pork are expected to grow by more than 40 percent by 2017 while poultry trade expands by just below 40 percent, according to the latest Agricultural Outlook from the Organization for Economic Cooperation and Development (OECD) and the U.N. Food and Agriculture Organization (FAO).
Increased import demand for beef and pork will be dominated by OECD countries while Asian developing countries will drive poultry import gains, the study predicts.
Between now and 2017, average global prices for both beef and pork are expected to rise by about 20 percent, while wheat and corn prices rise 40 percent to 60 percent and oilseed prices increase by more than 60 percent, as compared to average prices from 1998 to 2007.
The OECD report suggested further review of existing biofuel policies, noting their role in escalating food prices along with high oil prices, changing diets, urbanization, economic growth, expanding populations and low global grain stocks due to climate changes that have spurred droughts in major production areas.
Next week, Agriculture Secretary Ed Schafer will lead the U.S. delegation to an FAO conference in Rome on world food security that will specifically address the challenges of climate change and bioenergy.
World trade in beef and pork are expected to grow by more than 40 percent by 2017 while poultry trade expands by just below 40 percent, according to the latest Agricultural Outlook from the Organization for Economic Cooperation and Development (OECD) and the U.N. Food and Agriculture Organization (FAO).
Increased import demand for beef and pork will be dominated by OECD countries while Asian developing countries will drive poultry import gains, the study predicts.
Between now and 2017, average global prices for both beef and pork are expected to rise by about 20 percent, while wheat and corn prices rise 40 percent to 60 percent and oilseed prices increase by more than 60 percent, as compared to average prices from 1998 to 2007.
The OECD report suggested further review of existing biofuel policies, noting their role in escalating food prices along with high oil prices, changing diets, urbanization, economic growth, expanding populations and low global grain stocks due to climate changes that have spurred droughts in major production areas.
Next week, Agriculture Secretary Ed Schafer will lead the U.S. delegation to an FAO conference in Rome on world food security that will specifically address the challenges of climate change and bioenergy.
Wednesday, May 21, 2008
USDA to ban downer cattle slaughter
By Janie Gabbett on 5/20/2008 for Meatingplace.com
U.S. Secretary of Agriculture Ed Schafer on Tuesday announced his intention to ban slaughter of cattle at federally inspected facilities that go down after initial inspection.
"Today I am announcing that USDA will begin working on a proposed rule to prohibit the slaughter of all disabled non-ambulatory cattle, also known as 'downer cattle.' In other words, I am calling for the end of the exceptions in the so called 'downer rule,'" Schafer said in a statement.
Under current regulations, a downed cow can still be slaughtered if a USDA inspector reassesses the animal and determines it is still safe for consumption. An example would be an animal that tripped and broke a limb, rather than fell due to illness. The rule became controversial after USDA recalled 143 million pounds of beef in the wake of video that showed downed cattle at Hallmark/Westland Meat Packing Co. seemingly headed to slaughter without re-inspection.
Schafer said the current rule has been "challenging to communicate and has, at times, been confusing to consumers." He characterized Tuesday's decision as a way to simplify the issue and positively impact humane cattle handling by reducing the incentive to send marginally weakened cattle to market.
Impact
Schafer minimized the impact of the decision on slaughter facilities, noting that last year, of the nearly 34 million slaughtered cattle, fewer than 1,000 cattle that were re-inspected were actually approved by the veterinarian for slaughter.
"This represents less than 0.003 percent of cattle slaughtered annually. As you can see, this number is minimal," said Schafer.
The decision comes at the end of a 60-day enhanced surveillance period when USDA inspectors were instructed to spend 50 percent to 100 percent more time verifying and documenting humane handling practices at federally inspected plants. Schafer said USDA is still analyzing those results.
The American Meat Institute, which along with the National Meat Association and the National Milk Producers Federation had petitioned USDA in April requesting this move applauded today's action. The Humane Society of the United States, which was responsible for video taping animal abuse at Hallmark/Westland, also praised the move.
U.S. Secretary of Agriculture Ed Schafer on Tuesday announced his intention to ban slaughter of cattle at federally inspected facilities that go down after initial inspection.
"Today I am announcing that USDA will begin working on a proposed rule to prohibit the slaughter of all disabled non-ambulatory cattle, also known as 'downer cattle.' In other words, I am calling for the end of the exceptions in the so called 'downer rule,'" Schafer said in a statement.
Under current regulations, a downed cow can still be slaughtered if a USDA inspector reassesses the animal and determines it is still safe for consumption. An example would be an animal that tripped and broke a limb, rather than fell due to illness. The rule became controversial after USDA recalled 143 million pounds of beef in the wake of video that showed downed cattle at Hallmark/Westland Meat Packing Co. seemingly headed to slaughter without re-inspection.
Schafer said the current rule has been "challenging to communicate and has, at times, been confusing to consumers." He characterized Tuesday's decision as a way to simplify the issue and positively impact humane cattle handling by reducing the incentive to send marginally weakened cattle to market.
Impact
Schafer minimized the impact of the decision on slaughter facilities, noting that last year, of the nearly 34 million slaughtered cattle, fewer than 1,000 cattle that were re-inspected were actually approved by the veterinarian for slaughter.
"This represents less than 0.003 percent of cattle slaughtered annually. As you can see, this number is minimal," said Schafer.
The decision comes at the end of a 60-day enhanced surveillance period when USDA inspectors were instructed to spend 50 percent to 100 percent more time verifying and documenting humane handling practices at federally inspected plants. Schafer said USDA is still analyzing those results.
The American Meat Institute, which along with the National Meat Association and the National Milk Producers Federation had petitioned USDA in April requesting this move applauded today's action. The Humane Society of the United States, which was responsible for video taping animal abuse at Hallmark/Westland, also praised the move.
Friday, May 16, 2008
Understanding World Food-Fuel Crisis
Published: May. 12, 2008
Source: Peter Goldsmith (217) 244-1706
URBANA - Symptoms of the food-versus-fuel crisis are appearing regularly in the news but the underlying causes--and long-term implications--are poorly understood, said a University of Illinois agricultural economics professor.
"An important component of the food-versus-fuel debate that is not well understood is how increases in wealth for Asian consumers are dramatically affecting the markets for commodities worldwide," said Peter Goldsmith, director of the National Soybean Research Laboratory and an associate professor in the U of I's Department of Agricultural and Consumer Economics.
To help fill that knowledge gap, Goldsmith, Tad Masuda, a postdoctoral researcher, and Barbara Mirel of the University of Michigan have built a 3-D computer model that visually conveys the interrelationship and impacts of income changes around the world on consumption, production, and markets.
"Global Food in 3-D--Version 2" is a Web-based program that will be accessible on a trial basis worldwide to analysts and other interested parties by June.
"It will put the story of food demand at everyone's fingertips," Goldsmith said.
The program deploys three interactive features on the screen--a sidewall, a back wall, and a floor.
On the "side wall," users can graphically display consumption and production data for 15 protein commodities. These can be displayed by country, region, or for the world.
"In the global food system, the production and consumption of commodities are increasingly separate," Goldsmith said. "For example, poultry and pork trade has increased 14 percent to 16 percent per year since 2000, respectively. Brazil is now the largest exporter with Russia and China being the leading importers. The shift in the loci of world poultry and pork production will have larger impacts on underlying feed markets and grain flows."
The "back wall" features country-specific information such as consumption per capita, income elasticities, and population metrics. These data help to demonstrate how income affects consumption.
"The relationship is simple--if I get $1 more in income, I'll not only eat more. If I get significantly more income, I'll eat even more but will shift my consumption to different types of food," he said. "We have that data for every country in the world going back to 1961 and projecting up to 2030."
As a component of the food-versus-fuel debate, there is an economic principle known as "elasticity." Simply defined, this means as incomes move up, food consumption and expenditures change. This is why small increases in income in heavily populated nations like India and China can have major impacts on commodity markets, especially those tied to protein.
"The visualization provided by this program helps one understand this relationship. It provides a vivid demonstration of how the complex system involving income growth, population changes, and food consumption functions," he said.
The "floor" of the model is a map of the world which dynamically reflects changing consumption or production patterns and elasticities over time.
As meat and poultry consumption rises in Asia with increased incomes, a greater demand is triggered for corn and soybeans to feed beef, pork, and poultry. Holding all factors constant, projections indicate that 120 million metric tons more of pork and poultry will be needed by 2030. This means 110 million metric tons more of soybean meal, 140 million metric tons of soybeans, and 62 million hectares of land to grow these additional crops.
"Not only can we not add land fast enough to meet this rapid rise in demand, but it would place a significant burden on our natural resources," he said. "So how do you produce more soybeans?
"I think the answer lies in more research and technical change. Improvements in yield, technologies to reduce input use, and increases in livestock feed efficiency will be critical to meeting future demand while improving the productivity of agricultural inputs and reducing the load on environmental resources."
The Global Food in 3-D model can be used to demonstrate and understand how demand has changed for commodities and where production has been and is going. Poultry, for example, was a commodity largely consumed during the 1960s in the Caribbean, North America, and Europe. By 2007, new countries in other areas of the world were becoming major consumers and a radically different pattern emerged.
"In terms of consumption, poultry was until the 1990s largely a U.S. business," said Goldsmith. "After that, Brazil and China have become major players. China now consumes more poultry than the United States and is projected to consume 40 percent more poultry than the United States by 2030. Where will the grain to feed this poultry come from? This demand is placing a tremendous stress on crop production even without using crops for fuel."
The model allows users to make comparisons. What are the effects on markets when incomes are rising in Asia and what are the implications for the future?
"We also know that as incomes rise, consumers change their food choices. They go first from rice to meat and then in some countries move to high-end seafood," he said. "Other commodities stay basically flat in some countries. In the United States, for example, dairy consumption doesn't seem to change while the big opportunities for dairy appear to be in South America. But each country, at each point in time, for each foodstuff can be unique and makes generalizations risky. Hence, we felt there was a need for a software tool that employed visualization to help simplify a complex situation."
Asia can't produce the food needed to feed its population, Goldsmith added. "That food will have to come from the western hemisphere. China, once the home of the soybean, is now the world's largest importer of soybeans."
All of these complex and interrelated developments become clearer when moving across the screen with its tables and maps.
Goldsmith noted that the original idea for the model was developed earlier this decade by Steven Sonka, a former director of NSRL and retired professor of agricultural economics, and his then-doctoral student Donna Fisher. They studied how visualization helped managers make better decisions when dealing with complex problems in the future. The Illinois Soybean Association and the Soybean Disease and Biotechnology Center provided support for development of the software.
Source: Peter Goldsmith (217) 244-1706
URBANA - Symptoms of the food-versus-fuel crisis are appearing regularly in the news but the underlying causes--and long-term implications--are poorly understood, said a University of Illinois agricultural economics professor.
"An important component of the food-versus-fuel debate that is not well understood is how increases in wealth for Asian consumers are dramatically affecting the markets for commodities worldwide," said Peter Goldsmith, director of the National Soybean Research Laboratory and an associate professor in the U of I's Department of Agricultural and Consumer Economics.
To help fill that knowledge gap, Goldsmith, Tad Masuda, a postdoctoral researcher, and Barbara Mirel of the University of Michigan have built a 3-D computer model that visually conveys the interrelationship and impacts of income changes around the world on consumption, production, and markets.
"Global Food in 3-D--Version 2" is a Web-based program that will be accessible on a trial basis worldwide to analysts and other interested parties by June.
"It will put the story of food demand at everyone's fingertips," Goldsmith said.
The program deploys three interactive features on the screen--a sidewall, a back wall, and a floor.
On the "side wall," users can graphically display consumption and production data for 15 protein commodities. These can be displayed by country, region, or for the world.
"In the global food system, the production and consumption of commodities are increasingly separate," Goldsmith said. "For example, poultry and pork trade has increased 14 percent to 16 percent per year since 2000, respectively. Brazil is now the largest exporter with Russia and China being the leading importers. The shift in the loci of world poultry and pork production will have larger impacts on underlying feed markets and grain flows."
The "back wall" features country-specific information such as consumption per capita, income elasticities, and population metrics. These data help to demonstrate how income affects consumption.
"The relationship is simple--if I get $1 more in income, I'll not only eat more. If I get significantly more income, I'll eat even more but will shift my consumption to different types of food," he said. "We have that data for every country in the world going back to 1961 and projecting up to 2030."
As a component of the food-versus-fuel debate, there is an economic principle known as "elasticity." Simply defined, this means as incomes move up, food consumption and expenditures change. This is why small increases in income in heavily populated nations like India and China can have major impacts on commodity markets, especially those tied to protein.
"The visualization provided by this program helps one understand this relationship. It provides a vivid demonstration of how the complex system involving income growth, population changes, and food consumption functions," he said.
The "floor" of the model is a map of the world which dynamically reflects changing consumption or production patterns and elasticities over time.
As meat and poultry consumption rises in Asia with increased incomes, a greater demand is triggered for corn and soybeans to feed beef, pork, and poultry. Holding all factors constant, projections indicate that 120 million metric tons more of pork and poultry will be needed by 2030. This means 110 million metric tons more of soybean meal, 140 million metric tons of soybeans, and 62 million hectares of land to grow these additional crops.
"Not only can we not add land fast enough to meet this rapid rise in demand, but it would place a significant burden on our natural resources," he said. "So how do you produce more soybeans?
"I think the answer lies in more research and technical change. Improvements in yield, technologies to reduce input use, and increases in livestock feed efficiency will be critical to meeting future demand while improving the productivity of agricultural inputs and reducing the load on environmental resources."
The Global Food in 3-D model can be used to demonstrate and understand how demand has changed for commodities and where production has been and is going. Poultry, for example, was a commodity largely consumed during the 1960s in the Caribbean, North America, and Europe. By 2007, new countries in other areas of the world were becoming major consumers and a radically different pattern emerged.
"In terms of consumption, poultry was until the 1990s largely a U.S. business," said Goldsmith. "After that, Brazil and China have become major players. China now consumes more poultry than the United States and is projected to consume 40 percent more poultry than the United States by 2030. Where will the grain to feed this poultry come from? This demand is placing a tremendous stress on crop production even without using crops for fuel."
The model allows users to make comparisons. What are the effects on markets when incomes are rising in Asia and what are the implications for the future?
"We also know that as incomes rise, consumers change their food choices. They go first from rice to meat and then in some countries move to high-end seafood," he said. "Other commodities stay basically flat in some countries. In the United States, for example, dairy consumption doesn't seem to change while the big opportunities for dairy appear to be in South America. But each country, at each point in time, for each foodstuff can be unique and makes generalizations risky. Hence, we felt there was a need for a software tool that employed visualization to help simplify a complex situation."
Asia can't produce the food needed to feed its population, Goldsmith added. "That food will have to come from the western hemisphere. China, once the home of the soybean, is now the world's largest importer of soybeans."
All of these complex and interrelated developments become clearer when moving across the screen with its tables and maps.
Goldsmith noted that the original idea for the model was developed earlier this decade by Steven Sonka, a former director of NSRL and retired professor of agricultural economics, and his then-doctoral student Donna Fisher. They studied how visualization helped managers make better decisions when dealing with complex problems in the future. The Illinois Soybean Association and the Soybean Disease and Biotechnology Center provided support for development of the software.
Pig prices hit record in Taiwan
Pig prices have reached a nine-year high - with the animal sold for NT$7,010 per 100 kilograms yesterday (€146.7) -. The cause: more expensive feed, an agriculture official said.
Prices of pigs have been going up at a rapid pace. Just in the bottom half of last year, pigs were sold for NT$4,700 per 100 kilograms (€98.3). In February, prices shot up to NT$6,000 (€125.5), before going up to an average of NT$6,491 (€135.8) for the month of April.
Just over the first few days of May, prices went up to NT$6,886 (€144) and reached NT$7,012 over the weekend, breaking the NT$7,000 level.
Things did not improve much yesterday -- the first trading day of the week after the Monday close of traditional markets island-wide -- as hogs were sold at NT$7,010 per 100 kilograms. The last time pig prices broke the NT$7,000 level was in the summer of 1999, due to a mass culling of pigs in the aftermath of the foot-and-mouth disease that broke out in 1997.
Prices of pigs have been going up at a rapid pace. Just in the bottom half of last year, pigs were sold for NT$4,700 per 100 kilograms (€98.3). In February, prices shot up to NT$6,000 (€125.5), before going up to an average of NT$6,491 (€135.8) for the month of April.
Just over the first few days of May, prices went up to NT$6,886 (€144) and reached NT$7,012 over the weekend, breaking the NT$7,000 level.
Things did not improve much yesterday -- the first trading day of the week after the Monday close of traditional markets island-wide -- as hogs were sold at NT$7,010 per 100 kilograms. The last time pig prices broke the NT$7,000 level was in the summer of 1999, due to a mass culling of pigs in the aftermath of the foot-and-mouth disease that broke out in 1997.
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