LONDON and NEW YORK and SINGAPORE, Nov. 4, 2024 -- Platts, part of S&P Global Commodity Insights, will enhance transparency in the global pork market with the launch of daily spot physical price assessments for pork in Europe and North Asia, effective November 1.
According to S&P Global Commodity Insights, global pork consumption has steadily grown to the current rate of about 118.3 million metric tons per year and is expected to continue an upward trajectory. Globally, pork continues to be the protein of choice across Asia and the Caribbean and makes up 40% of global per capita consumption and 68.6% of consumption in China.
The Platts EU Pork Marker (EUPM) will reflect the spot physical value of frozen pork belly (bacon) on a Free Carrier (FCA) basis, Barcelona, Spain, while the Pork Belly Cost and Freight (CFR) North Asia assessment will focus on frozen pork belly delivered on a cost and freight basis to Busan, South Korea. These new price references build on the suite of protein price assessments launched for chicken, beef, and seafood earlier in the year, providing critical insights for stakeholders in the largest export markets and top importing regions.
Platts' deeper expansion into proteins significantly enhances transparency across the wider food value chain, and extends its existing coverage of animal feeds, including grains and oilseeds. This launch means Platts delivers a comprehensive spectrum of cross-market price fundamentals and insights, empowering customers to make more informed decisions.
"Our pork price assessments from the EU bring greater price transparency to the world's largest export market and our Asia pork assessments to the top importing region. By reflecting spot physical values in beef, chicken, seafood and now pork, we underscore our commitment as the world's leading price reporting agency to deliver comprehensive and independent coverage of the agriculture market," said Piero Carello, Global Pricing Director, Agriculture & Food, S&P Global Commodity Insights. "This full spectrum protein value chain facilitates a seamless flow of information and provides valuable insights that empower market participants to make informed data-driven decisions."
Platts protein assessments are published in Protein Daily, Platts Connect, and on Commodity Insights LIVE, where they are free to view. Register at www.ciLIVE.com.
S&P Global Commodity Insights has been covering agriculture markets for more than 15 years, including Platts suite of existing assessments and benchmarks in grains, oilseeds, vegetable oils, animal feed, plant protein markets, and as of June 3rd – animal protein markets – chicken and beef. For details of S&P Global Commodity Insights' protein and agriculture offerings, visit: agribusiness industry solutions.
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