Rubashiny Veeramohan

North Asian pork belly prices extended their monthly decline and hit a record low July 1, pressured by weak demand and highly competitive Spanish pork belly offers. Platts, part of S&P Global Energy, assessed the CFR North Asia pork belly price at a record low of $3,200/metric ton for August-September loading to Busan on July 1, marking declines of 18.4% month over month and 39.6% year over year.

North Asia chicken leg prices climbed further by 6% in February, driven by Japan's low boneless leg inventories and tight supply from exporters. CFR North Asia chicken leg prices climbed from $2,945/metric ton Jan. 27 to $3,125/mt Feb. 27, reflecting a 6% month-over-month increase, according to price assessment data from Platts, part of S&P Global Energy.

Rising tensions between Iran and Israel are keeping Asian traders alert, as concerns grow over potential increases in freight costs and logistics pressures for key agricultural commodities, including grains, chicken, and beef, market participants said. Asian grains market participants are largely taking a wait-and-see approach.