The bank said that, with Russia shutting its borders to EU pork, prompted by the discovery of African Swine Fever in Lithuania, its first-quarter outlook on the EU sector was less positive.
In a statement, it said: "Russia is an important import market, accounting for 25% of EU pork exports in 2013 alone. The majority of exported products are at the lower-value end, which are important for the total carcase valuation.
"While the impact of the ban remains to be seen, and the length as yet undetermined, pork prices have already seen a drop. The start of the Winter Olympics may see the Russian authorities reopen the border to EU pork, but this remains uncertain."
The impact globally will remain limited, due to the fact that Russian authorities already prohibit pork from the US and Brazilian markets.
Meanwhile, EU authorities continue to seek a solution to the Russian decision, which they described as disproportionate.