China’s 50% Slump in Pork Imports May Cool Global Food Costs
- Local prices have collapsed as hog herds rebound from disease
- Shrinking demand may bring some relief for global food costs
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China’s record demand for foreign pork is about to crater after domestic prices plummeted, potentially easing pressure on the world meat market and cooling at least one constituent of global food costs.
The planet’s biggest importer of the protein staple could slash overseas purchases by more than 50% in the July-December period from the first half of the year because local supplies are now cheaper than overseas shipments, said Jim Huang, head of China-America Commodity Data Analytics, an independent consulting firm focused on agriculture.