FAST FIVE: Chinese Imports Of US Pork Soar To The Highest Ever As Beijing Faces Food Crisis
Chinese Imports Of US Pork Soar To The Highest Ever As Beijing Faces Food Crisis In a time when China is losing between a third and half of its pig herds as a result of the unprecedented decimation unleashed by African swine fever – less affectionately known as pig ebola – which has sent wholesale pork prices in China soaring to all time highs.
As Bloomberg reports, as China's hog herd is collapsing, Beijing's imports of US pork exploded to a weekly record.
China signaled it may import as much as 400,000 tons to stem a domestic shortfall, and it now appears that the US may be the easiest source of said pigs, which needless to say grants the US substantial leverage in the ongoing trade talks.
Meanwhile, as BBG notes, volatility in hog futures in Chicago has surged to a record, spurred by speculation on exactly when Chinese demand would finally surface.
The USDA data showed 123,500 tons are for shipment in 2020 with the balance set for the end of this year.