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sumer markets like Vietnam and Philippines and part of Europe which has added another level of uncertainty to the international markets.

The Japanese market remains stable, being the major destination for much of the production from the HyLife plant in Neepawa, yet the Chinese market is a major concern.

“We don’t really know what is going on in China where there are disease issues,” Dahl said in reference to the hog and pork markets. Like many other commodities China is both the world’s largest producer of hogs and is also the largest consumer market.

“So what happens in China is really important,” he said.

The war in Ukraine has also disrupted the feed market. Ukraine has been one of the world’s largest exporters of corn.

Feed corn prices are close $9 per bushel, compared to about $5 before the pandemic and soybean meal at more than $600 a tonne compared to $470 before the pandemic.

“About 60-to-70 per cent of the cost of raising hogs is feed,” Prejet said. “Those inflationary costs put us in one of those phases of the cycle where it means there is not that much money to be made right now.”