The hog price series is one of the longest we have records for, back to the 1200's. The cycle is:
slaughter begets scarcity begets higher prices begets breeding begets over-supply begets slaughter. It's been going on for a while.
From The Guardian:
Beleaguered British pig farmers have launched a £1.5 million national advertising campaign to try and save their industry by winning a fairer price for their animals.
A series of advertisements have already appeared in national newspapers, carrying the line: "Save a rare breed from extinction. No, we don't mean the pig."
The industry warns that it is facing meltdown due to massive increases in feed prices caused by rocketing world wheat prices, which have led to price rises for other foods, such as bread.
The majority of farmers are now selling every pig they rear at a loss of up to £26. The industry as a whole faces potential losses of £200m in the next year, fuelled by current losses of £6 every second, or over £3.5m every week....MORE