Baby pig prices in Australia have rocketed to new record levels, after the country’s first-ever sale of baby pigs in Australia’s first two years of pig production.
The sale is set to be the largest single pig market event in Australia in years.
The country’s largest producers are in a race to produce as much pig as possible to help feed growing demand in Asia.
The government announced last year that it was selling more than 40 million baby pigs a year, a record high.
The pork industry has also been hit hard by the global financial crisis.
While Australia has been spared the worst of the financial crisis, the pork industry’s share of the nation’s total pork imports has been hit.
Photo: AFP More than $10 million worth of pig carcasses are already being delivered to overseas markets.
Australia’s pork production is one of the highest in the world.
The biggest pork producers are Australia’s two largest pork producers, Tyson Foods and Morrisons, which together produce around 3.5 million tonnes of pig per annum.
Tyson Foods has a market value of about $6.5 billion.
Morrisons is the third largest producer, with a market worth $3.4 billion.
The Australian Pork Council said last year it had identified about 10 million pig carcass options, including the sale of about 300,000 pigs, and expected to take more than 100,000 more carcasses to the market in the next two years.
But the industry has been slow to deliver on the promise to increase pork production.
Morrissey said he believed that the government would be “pretty good at delivering” the promised sales.
The market has been quiet for about six months as farmers, retailers and processors wait to see how the government will manage the demand for pig meat.
Mr Morrissey, who also runs the meat supply company The Morrissey Family Farm, said he expected the government to take a more cautious approach than he had in the past.
“I think we’re going to have a lot of disappointment with the [pork] price,” he said.
We believe the pork prices are going to go back up.” “
We think they can get it under control.
We believe the pork prices are going to go back up.”
The Australian Pig Association’s chief executive, Greg Brown, said there was still a lot to be done before Australia had a “significant increase in pig consumption”.
He said the pork market was likely to continue to experience “increases and decreases” in volume over the next few years.
Mr Brown said that although the pig market was unlikely to be “frozen”, there were likely to be significant increases in pig prices for the next several years.
“It’s not going anywhere, and there’s no question about that,” he told the ABC.
“There are still lots of people wanting to buy pork.”