Apr 18, 5:44 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Kalyan Kumar 04/18/19 AT 5:36 AM Pork prices in China will skyrocket more than 70 percent in the coming year as the stock of domesticated pigs known as hog will plunge to “historically low” because of raging African swine fever. China is the world’s largest producer of pork.According to Japanese bank Nomura, pork prices in China could rise to a whopping 33 yuan ($4.90) per kilogram in January 2020 from the current 18.5 yuan-per-kilogram prices since February.Already pork prices are up 40 percent since May 2018, said Nomura’s report. In the past also, China had such swine upheavals, or “hog cycles. But the prices were still manageable. However, this time, it might be too high.Heavy hog herd loss in the first quarter According to a senior Chinese official, the outbreak of African swine fever damaged huge volumes of China’s hog herd population at least 10 percent in the first quarter.China’s pork production in the first three months of 2019 fell 5 percent and higher declines are expected in the upcoming quarters.“Second quarter production will see a marked drop from the first quarter, and the third quarter could be… Read full this story
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