China's Booming Pork Industry Leads to Surging Demand at AdFeed and Zhongpin
05 Dicembre 2011 - 2:16PM
Marketwired
Animal feed is one of the largest input costs for companies in the
hog production industry. Record high corn prices this year have led
many farmers in both large and small meat producing operations to
look for alternative sources of feed, such as mixing lower priced
wheat in with their corn feed. The Bedford Report examines the
outlook for companies in China's Consumer Goods Sector and provides
equity research on AgFeed Industries, Inc. (NASDAQ: FEED) and
Zhongpin, Inc. (NASDAQ: HOGS). Access to the full company reports
can be found at:
www.bedfordreport.com/FEED
www.bedfordreport.com/HOGS
China remains the pork industry's main driver. Ma Chuang, deputy
secretary-general of the China Animal Agriculture Association notes
that China consumes about 50 million tons of pork annually, while
the world's total pork exports tally a mere 6 million tons per
year.
China's purchases of US pork rose nearly six-fold during the
first eight months of 2011, compared with the same period in 2010,
according to US Department of Agriculture data. However, experts
say the imports are not likely to hurt China's domestic pork
industry, according to the Global Times.
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Zhongpin is a meat and food processing company that specializes
in pork and pork products, vegetables, and fruits in China. Last
month the company announced revenues increased 65% to $398.1
million in the third quarter 2011 from $241.1 million in the third
quarter 2010. Zhongpin believes that the outlook for China's pork
processing industry remains positive. The company's purchasing cost
of hogs and its selling price of pork both increased 60% in the
third quarter of 2011 compared with the same period last year.
AgFeed's Chinese based hog production business consists of 21
existing, legacy farms and a system of western style farms that are
currently under development. Shares of the company have come under
fire of late. In a recent press release issued by AgFeed the
company announced that it has received notice from the NASDAQ that,
because the Company has not yet filed its Quarterly Report on Form
10-Q for the period ended September 30, 2011 with the Securities
and Exchange Commission, AgFeedno longer complies with the
continued listing requirements.
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