Growing US hog herd, flat China demand send pork prices sliding
Chicago
FOR decades, Chuck Souder relied on corn and soya beans to keep his 161-hectare Iowa farm running, but with corn selling for half its price two years ago and soya beans slumping, Mr Souder has shifted to what he hopes will be a more profitable crop: pigs.
Mr Souder spent US$850,000 last year to build a wean-to-finish barn, which can house nearly 2,500 animals at a time. He is not alone. Since 2013, Iowa farmers have filed nearly 700 construction applications for new or expanded hog buildings, a six-fold increase from five years earlier, records show. Minnesota, Missouri, Illinois and other states are seeing a similar surge, said state agriculture officials.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
HCA beats first-quarter profit estimates on higher patient admissions
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
EU toughens rules on Chinese fashion retailer Shein
Best World under fire from shareholders at AGM over dividends, director salaries
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue