Further contraction of the UK pig herd seem the logical inference from the latest producers' margin calculations by Signet. The headline gross margin figures look much better than a year ago at nearly £13 per head excluding valuation change against just £3.70 or £9 against a £4 loss if valuation is included. MLC economists' response is to emphasise the continuing deficit at the net margin level, meaning producers with heavy borrowings will not have the cash flow to stay in business. {{MEAT }}