EU Private Storage Aid scheme open
The latest EU Private Storage Aid (PSA) scheme for pig meat opened on 4 January.
On the first day of the scheme, applications were lodged for 32,600 tonnes of pork and 2,700 tonnes of fats. The total of 35,300 tonnes is already more than half of the total amount which was stored during the previous scheme, which was open for two months during the spring of last year. This fast start suggests that the new scheme may be more widely used, giving it a better chance of supporting EU pig prices. Certainly, reports suggest that EU prices have firmed slightly since the New Year, at a time of year when they normally fall. While it is too early to say how much this may be attributed by the PSA scheme, it could certainly be a factor.
Over half of the applications on 4 January were for boned legs, with the remainder made up of a mix of other cuts. Fats made up just 8% of these initial applications. Over two-thirds of requests were for the minimum 3-month storage period, with most of the rest being for the full 5-months. Over 80% of applications came from just four Member States, all major exporters – Spain, Germany, Denmark and the Netherlands. Less than 300 tonnes was entered from the UK.