After a brief rally, hog prices ended on the chopping block again, falling to a 20-month low near 50 cents per pound.
Prices are tumbling as U.S. trade delegations have failed to make headway with China and Mexico, the two largest buyers of U.S. pork. Earlier this year, both nations imposed tariffs against U.S. goods in response to a series of tariffs levied by President Trump.
Without the renewal of foreign demand, U.S. pork is likely to remain cheap and domestic inventories could swell. Most drastically, pork belly stockpiles, from which bacon is made, more than doubled since last year, signaling that bacon lovers should be able to indulge to their heart’s delight.