China to buy pork for state reserves to support prices

On Monday, June 28, China’s state planning authority stated that it will begin purchasing pork for state reserves to support prices even after prices rebound from a two-year low hit last week. last.

The move comes after prices for live pigs in the country – the largest global producer of the protein – plummeted 65% between January and the beginning of June, as disease outbreaks generated panic sales and many large animals were sent to be slaughtered.

Falling prices have eroded producers’ profits and raised concerns that many of them would stop work, creating future shortages.

Weekly average prices entered an “excessive decline” last week, the National Development and Reform Commission (NDRC) said in a statement published in its official WeChat account.

Source: Money Times

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