Chicken Prices Soar to 11-Year High
KOREA - Consumer prices of chicken have climbed to an 11-year high on the Korean market in April, driven by a cut in supplies following the outbreak of the bird flu virus last year.The prices are expected to rise further as the summer approaches, when demands usually reach a peak.
The stocks of chicken processors have risen sharply. Halim, the largest chicken wholesaler, saw its stocks climb 3.37 percent to 2,300 won per share. It recorded 87 billion won in output for the first three months of the year, up 23.8 percent from a year ago.
Maniker, the second largest, is also enjoying an upswing. Its operating profits in the first quarter rose 184.9 percent. Its stocks went up 4.62 percent in the morning session to be traded at 12,450 won per share.
``The prices of feed grains for chickens have risen over the past few months, dragging up producer prices,’’ an official of the Ministry of Agriculture and Forestry said. ``This also affected consumer prices. Consumers may have to buy chicken products at much higher prices until the summer ends.’’
Source: The Korea Times
17 May 2005
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