New figures published by Defra show that the average price of compound pig feed in the final quarter of 2014 was at its lowest level since the third quarter of 2010.

At £234/tonne, the average price was around 10 per cent lower than a year before and 20 per cent below the peak in early 2013, when feed cost £290/tonne. During the same period, production of compound pig feed was up four per cent year on year to 466,500 tonnes.

This is the highest quarterly production since 2001, with output for the year as a whole also the biggest in the same period.

There was a particularly sharp rise in finisher feed production in the fourth quarter of 2014, up nine per cent on the year to the biggest figure for 15 years. This reflects the increased slaughterings and heavier carcase weights of late. Sow feed output was also up six per cent year on year but one per cent less grower feed was produced.

Overall animal feed output was almost unchanged from a year before in the final three months of last year, as less ruminant feed was produced. Use of cereals in compound animal feed was also almost unchanged.

However, there was an eight per cent increase in the amount of wheat used, while barley, oats and maize all recorded declines of 14-15 per cent.

The bigger UK wheat crop this year has allowed it to regain share from the alternatives. Among oilseed meals, there was a shift from rape meal to soya meal, with six per cent less of the former used and five per cent more of the latter.