Huge hog sector struggles with excess production
Chongqing — China’s huge hog sector is struggling with excess production after millions of small, often first-time, pig farmers entered the industry to capitalise on record profits during a swine-fever related shortage.
Wu, like many others, entered pig farming for the first time in 2019, after China’s leadership called for an urgent recovery after a nationwide outbreak of the deadly African swine fever virus that halved the country’s 447 million-strong herd. All have slowed, or even stopped planned expansions. Tech-bank Food is leasing out some of its newly built farms and halted construction of others, while delaying payment of management salaries, it told investors.
“The current market is caused by millions of farmers’ speculative behaviour towards the African swine fever-related price expectation,” said Pan Chenjun, senior analyst at Rabobank.With a bigger breeding herd now than before African swine fever struck, government officials last month issued a rare instruction to farmers to eliminate their less efficient sows. Large players have been getting rid of sows for several months and some others are following suit.
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