Between October 2020 to the end of June 2022, the GB pig sector lost £600m due to escalating costs of production, according to AHDB.

The sector has continued in a loss-making situation for 22 months despite recent price rises to a finished price of £2/kg. From April to June this year average loss per pig was £52 which means the deadweight price would need to be £2.40/kg to break even.

This is up from a £2.07/kg break even point in the first quarter of the year. AHDB said the feed price rise along mean farmers needed 27p/kg more which is before the recent rises in energy, fuel, interest rates and falling cull sow prices were accounted for.

Lead analyst Carol Davis said: "With pig producers experiencing continued negative margins since October 2020, it is estimated (based on the total pig slaughter numbers) that the industry has lost over £600m.

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"Spot compound feed prices have continued to ease slightly month on month since the May 2022 high," she explained.

"Assuming pig performance reflecting 2022 Q2, and considering the movement in energy, fuel, interest rates and feed prices since then; the August 2022 full economic cost of production is estimated at 223p/kg deadweight.

"With pig prices hovering around the 200p/kg mark, this still represents a continuing loss-making position for pig producers."