Instability in Raw Material Prices and Rigidity in Livestock Product Prices

「In livestock product markets, egg supply declined due to recurring avian influenza outbreaks, keeping prices high throughout the year. Chicken prices remained high above the previous year's level as demand increased. Pork prices were temporarily high as production declined due to higher temperatures, but returned to around the previous year's level in the second half as production recovered. Beef prices remained broadly flat year on year despite signs of recovering demand.」

「In livestock product markets, egg prices declined from July onward but remained high relative to the previous year due to the impact of avian influenza last year. Chicken prices also remained high relative to the previous year. Pork prices rose above the previous year's level from June as production declined due to higher temperatures, but fell from August onward and remained below the previous year's level. Beef prices remained broadly flat as demand declined due to higher prices, despite the impact of increased inbound demand.」

「In livestock product markets, egg prices fell as production recovered from the decline caused by avian influenza, but remained high from October onward due to the renewed impact of avian influenza outbreaks. Chicken prices recovered as demand increased from October onward after consumption had declined during the summer. Pork prices remained above the previous year's level during the summer due to swine fever and the extreme heat, but declined after summer as production recovered. Beef prices remained broadly flat year on year despite signs of recovering demand.」

「In livestock product markets, egg prices fell as production recovered from the decline caused by avian influenza, but have been trending higher due to production adjustments and other factors. Chicken prices have remained below the previous year's level due to increased production and lower consumption. Pork prices have remained high relative to the previous year due to lower production caused by swine fever, the extreme heat and other factors. Beef prices remained broadly flat year on year.」

「In livestock product markets, egg prices surged as production declined due to avian influenza last fiscal year, but fell as production recovered. Chicken prices remained high, as in the previous fiscal year, but have been trending lower as consumption gradually declined. Pork prices remained above the previous year's level in the first half, supported by firm demand, but fell below the previous year's level in the second half as consumption stagnated. Beef consumption showed signs of recovery due to increased inbound demand and other factors, but prices remained broadly flat year on year.」

「In livestock product markets, egg prices remained high due to avian influenza but weakened toward year-end as production recovered. Chicken prices remained high as household consumption increased, with prices rising further from around autumn. Pork prices remained above the previous year's level around summer due to lower production caused by the extreme heat and higher demand despite increased imports, but fell below the previous year's level from around autumn as production recovered. Beef prices remained nearly unchanged from the previous year despite signs of recovering demand.」

「In livestock product markets, egg prices have remained high despite recovering from the production decline caused by avian influenza in the previous fiscal year. Chicken prices have remained high due to firm demand despite lower demand during the summer. Pork prices have remained above the previous year's level, supported by lower production due to the extreme heat and higher demand despite the impact of excessive imports. Beef prices have remained broadly flat from the previous year, as recovering demand has not been reflected in prices.」

「In livestock product markets, egg prices have remained high since the previous fiscal year due to avian influenza. Chicken prices have remained above the previous year's level, supported by firm demand amid higher prices and other factors. Pork prices have also risen from the previous year's level as demand increased amid higher prices and other factors, despite the impact of excessive imports. Beef prices have remained broadly flat despite signs of recovering demand.」

「In livestock product markets, egg prices surged from year-end as production declined due to avian influenza. Chicken prices rose above the previous year's level on higher import prices resulting from the weaker yen and firm demand amid higher prices. Pork prices rose above the previous year's level as firm demand driven by higher import prices and the effects of swine fever coincided with lower production. Beef prices remained broadly flat as demand showed signs of recovery following the easing of the effects of the COVID-19 pandemic.」

「In livestock product markets, egg prices rose sharply as production declined due to avian influenza. Chicken prices continued to rise on higher import prices resulting from the weaker yen and firm demand amid higher prices. Pork prices had remained stable as import prices rose, but declined below the previous year's level toward year-end as demand weakened. Beef prices remained broadly flat despite signs of recovering demand.」

「In livestock product markets, egg prices rose as production declined due to the extreme heat and other factors. Chicken prices continued to rise above the previous year's level, supported by higher import prices, firm demand and lower production caused by the extreme heat. Pork prices likewise remained stable above the previous year's level due to higher import prices and lower production caused by the extreme heat. Beef prices remained flat as growth in food-service demand stalled.」

「In livestock product markets, egg prices rose on expectations of stronger demand during the May holiday period, in addition to restrained production, but declined as demand weakened amid the extreme heat that continued after the rainy season ended. Chicken prices have remained stable, supported by firm demand and higher import prices due to the weaker yen and other factors. Pork prices have likewise remained firm, due to higher import prices and other factors. Beef prices have remained broadly flat despite the lifting of preventive measures to curb the spread of COVID-19 and increased exports.」

「In livestock product markets, egg prices remained depressed as the production decline caused by avian influenza the previous year turned into an increase. Chicken prices have remained weak as both import volumes and domestic production increased. Pork prices fell as production increased, but have remained firm above the previous year's level since year-end due to lower import volumes and other factors. Beef prices have remained stable on the back of strong exports.」

「In livestock product markets, egg prices have been declining since around August as production recovers from the reduction caused by avian influenza last year. Chicken prices have fallen from the previous year as both import volumes and domestic production increased. Pork prices had been weak as production recovered, but rose above the previous year's level by year-end due to factors including lower import volumes resulting from flooding in Canada. Beef prices had remained above the previous fiscal year's level, supported by lower domestic production and increased exports, but have been below the previous year's level since around November as domestic production began to show signs of recovery.」

「In livestock product markets, egg prices had risen due to supply shortages caused by avian influenza the previous year, but began to decline around August as signs of recovery gradually emerged. Chicken prices remained soft due to increased imports and domestic production. Pork prices rose temporarily due to lower domestic production caused by hot weather and other factors, but softened as production recovered. Beef prices remained above the previous fiscal year's level, supported by lower domestic production and increased exports, despite higher imports.」

「In the compound feed industry, corn, the primary ingredient, had continued to rise due to strong demand from China and lower production caused by planting delays in South America, but prices are beginning to stabilize on expectations of a bumper crop in the United States. Soybean meal, a secondary ingredient, had also risen but is beginning to decline on expectations of a bumper US soybean crop. Foreign exchange rates have continued to trend toward a weaker yen as economic activity recovers, supported by COVID-19 vaccinations and additional economic measures in the United States. In livestock product markets, egg prices have risen because supply shortages caused by an outbreak of avian influenza last year have continued. Chicken prices were soft due to increased imports. Pork prices have risen from the end of the previous fiscal year due to lower domestic production caused by hot weather and other factors. Beef prices have remained stable, supported by government subsidy programs and increased exports, as in the previous fiscal year.」

「Livestock product prices fluctuate according to supply and demand. They may also rise or fall independently of supply and demand or production costs. Consequently, livestock operators may be unable to generate revenue sufficient to cover production costs when livestock markets are depressed, which may make it difficult for the Group to collect receivables. In addition, the Group produces hogs and broiler chickens through its consolidated subsidiaries, and lower selling prices may affect revenue.」

「In livestock product markets, egg prices had been declining due to lower demand but rose following an outbreak of avian influenza. Chicken prices remained firm due to lower import volumes and the impact of avian influenza. Although pork imports declined, prices remained low because domestic production increased. Beef prices had fallen due to COVID-19 but are recovering as household demand increased.」

「In livestock product markets, egg prices remained soft due to lower demand resulting from COVID-19 and extreme heat. Chicken prices remained firm as increased household demand due to COVID-19 and lower production caused by extreme heat supported prices. Despite lower demand due to extreme heat and COVID-19, pork prices remained above the previous year's level because production declined, as with chicken. Beef prices remained soft as consumption declined due to COVID-19.」

「In livestock product markets, egg prices initially rose due to increased household demand resulting from COVID-19, but then declined as demand fell with rising temperatures. Chicken prices remained firm on similar increased demand. Pork prices also rose due to increased demand and lower production. Beef prices remained well below the previous year's level because COVID-19 reduced demand.」

「The business environment surrounding the Group remains challenging due to unstable raw material prices and livestock product markets, intensifying competition with other companies, and the impact of the spread of COVID-19 on livestock markets, among other factors.」

「In livestock product markets, egg prices, which had been soft, rose as shipments declined due to typhoon damage. Chicken prices remained firm as increased demand offset higher production. Pork prices remained soft because production increased. Beef prices remained firm.」

「In livestock product markets, egg prices showed signs of recovery due to production adjustments, while chicken prices remained soft due to increased production. Pork prices were slightly soft as production declined due to extreme heat and demand failed to increase. Beef prices remained firm.」

「In livestock product markets, egg prices remained depressed, while chicken prices remained soft due to increased production. Pork prices, which had been depressed, showed signs of recovery due to lower production.」

「The business environment surrounding the Group remains challenging, as ingredient prices and livestock product markets are unstable and competition with other companies is intensifying.」

「Foreign exchange rates trended toward a weaker yen because interest rates were raised against a continued backdrop of strong economic conditions in the United States. Ocean freight rates remained firm, partly due to higher crude oil prices.」

「Foreign exchange rates trended toward a weaker yen because interest rates were raised against a backdrop of strong economic conditions in the United States. Ocean freight rates remained firm, partly due to higher crude oil prices.」

「In the compound feed industry, US corn, the main raw material, remained expensive amid concerns about lower production in South America. Soybean meal, a secondary raw material, also rose temporarily because of concerns about lower South American soybean production and US-China trade tensions. The yen weakened against the US dollar under the impact of US interest-rate hikes. Ocean freight rates remained firm.」

「The business environment surrounding the Group remains challenging, as ingredient prices are unstable and competition with other companies is intensifying. In addition, the economic outlook is uncertain because foreign exchange rates are trending toward a weaker yen due to higher crude oil prices, US interest rate hikes, and other factors.」

「In the compound feed industry, prices for US corn, the main raw material, rose temporarily amid concerns about crop deterioration but remained soft as supply and demand prospects improved. Prices for soybean meal, a secondary raw material, were also soft. Ocean freight rates remained firm.」

「In the compound feed industry, prices for US corn, the main raw material, rose temporarily amid concerns about crop deterioration caused by drought and other adverse weather conditions, but subsequently remained soft as weather conditions recovered. Prices for soybean meal, a secondary raw material, were also soft as planting progressed favourably. Ocean freight rates remained firm.」

「In the compound feed industry, prices for US corn, the main raw material, remained stable. Prices for soybean meal, a secondary raw material, rose. Ocean freight rates also rose.」

「The business environment surrounding the Group remains challenging, as raw material prices and foreign exchange rates are unstable and competition with other companies is intensifying.」

「In the compound feed industry, US corn, the primary ingredient, declined in price as favorable weather resulted in a bumper crop. Soybean meal, a secondary ingredient, also declined as a US bumper crop offset a poor crop in Brazil. Foreign exchange rates had continued to trend toward a stronger yen, but shifted toward a weaker yen after the US presidential election.」

「In the compound feed industry, prices for US corn, the main raw material, rose temporarily amid concerns about poor harvests caused by high temperatures and drought. Prices for soybean meal, a secondary raw material, rose because of poor harvests in South America.」

「In the compound feed industry, prices for US corn, the main raw material, remained stable. Soybean meal prices rose. Ocean freight rates also rose.」

「The business environment surrounding the compound feed industry is expected to remain challenging, as ingredient prices are unstable due to weather, foreign exchange rates, and other factors, while livestock product prices are rigid.」