November 6, 2024 - Pork stocks are tight in South Korea leading to high price, according to Agribusiness Asia. A heatwave and African swine fever have led to a decline in farm inventories, and Rabobank forecasts a 1.5-2% year-on-year decline in pork production in the second half of 2024. However, tight supplies have supported the hog market, with pork prices rising 7% year-on-year in September. In its Global Pork Quarterly Report, Rabobank noted that improved supply and slightly lower feed costs are helping to improve industry profitability.  

Rabobank expects South Korea to import more pork in the second half of the year due to tight domestic stocks, but overall imports will be lower than a year ago given the relatively weak economic trend. The largest increases in imports have come from Brazil and Canada, with Germany increasing its share of imports as it has recently gained market access to South Korea.