To many, bacon is not just a great tasting meat, it is almost a religion. Bacon has been used as a theme in several movies such as Grumpy Old Men, and in the state of Delaware, there is even a political movement known as the Bacon Party.
However, bacon, along with nearly every other pork product, is under attack as the severe drought of 2012 is forcing many pig growers in the U.S. and in Europe to kill and cull their herds to save what they can, and drive up prices to pay for the increasing costs of corn feed.
The droughts that ravaged crops across North American and Russia have had a huge impact on the food supply, livestock and farmers but now it may be time to hit the “panic” button – one pig group is predicting a BACON SHORTAGE.
“A world shortage of pork and bacon next year is now unavoidable,” the National Pig Association in the UK said this week. - CNBC via Today Show
U.S. hog farmers are slaughtering animals at the fastest pace since 2009 as a surge in feed costs spurs the biggest losses in 14 years, signaling smaller herds next year and a rebound in pork prices.
The 73.3 million hogs processed in eight months through August were the most in three years, U.S. Department of Agriculture data show. Pork supply will drop to the lowest per-capita since 1975 next year, the USDA estimates. Hog futures that fell more than any other commodity since June 30 may surge 39 percent in 12 months to as high as $1.055 a pound, based on the median of 12 analyst forecasts compiled by Bloomberg. - Futures.com