The GB SPP will be calculated using the same basic specification as the current DAPP except that it covers standard pigs only. It will be based on individual pig data that includes the gross price (before deductions) and weekly paid bonus payments.

It will not include retrospective bonus payments that are dependent on achieving contract criteria. Data providers will be audited to ensure the specification is followed.

Data will be collected from a wide ranging sample of processors in Great Britain and will measure the average weekly price for standard commercial pigs. This will cover all pigs except those that attract an explicit premium for a specific attribute such as breed, feeding regime or a production system such as Freedom Foods.

The GB SPP will be published in the week after the pigs are slaughtered. The first GB SPP will be published by AHDB Market Intelligence on 2 July.

Head of Data and Analysis Charlotte Garbutt said: “The launch of the GB SPP will provide greater insight into trends in the pig market. Adding the SPP to the range of pig price data provided by AHDB, increases the information available on the standard commercial pig market.

“Historic price data is vital for a well informed and efficient industry. The SPP is designed to be an accurate record of the past and not a means of fixing forward contract pig prices.”

The SPP can be accessed by visiting www.bpex.org.uk/prices-facts-figures/pricing/StandardPigPrice.aspx.