EU-spec SPP records biggest fall so far this year

The EU-spec SPP dropped back by a huge 1.75p to 221.72p/kg during the week ended 30 September, amounting to the biggest fall so far this year.

This was the sixth consecutive weekly reduction – and by a distance the biggest weekly fall this year.

It follows a five week period when the lost just 2.2p in a series of small weekly reversals.

The price index currently stands just over 21p ahead of a year ago.

Following the previous week’s loss of 1.11p, the APP, which includes premium pigs, gained 0.25p to reach 223.18p/kg during the week ended September 23, leaving it 0.3p behind the SPP for the week.

The EU reference price moved up again during the week ended September 24, gaining 0.6p to stand at 197.04p/kg.

With the UK reference price dropping back by more than a penny that week to just over 220p/kg, the gap narrowed to 23p, compared with the recent low of just 6p during the week ended July 23.

Prices in a number of EU countries, including Germany, have fallen further since then, however - and this will have been a factor in the SPP's big drop this week.

Estimated GB slaughterings for the week ended September 30 dropped back again to 156,541, nearly 8,000 down on the week, and 13,000 below the same week in 2022.

The estimated slaughter figures can be subject to significant revision.

Average carcase weights in the SPP sample rose very slightly to 89.59kg in the week ended September 30, 0.8kg behind a year ago.

London feed wheat was quoted by AHDB on Wednesday at around £186/tonne for November, down by £6 on a week ago, and £190/tonne for January.