Industry Group Predicts Pork, Bacon Shortage
America's favorite foods, pork and bacon, may be in decline due to a worldwide draught, according to a British trade group.
The study reported that pig production in Europe fell precipitously between 2011 and 2012, and tied the reasons for the decline on this season's failing corn and soybean crops. The poor harvests negatively affect the amount and cost of feed, resulting in fewer animals and less production.
"British supermarkets know they have to raise the price they pay to Britain's pig farmers or risk empty shelves next year" said Britain's National Pig Association chairman Robert Longthorp.
Declines are being predicted around the world, especially in the United States, with its heavy consumption of all things pork. In their August monthly outlook report, the U.S. Department of Agriculture linked a possible shortage due to the drought in the Midwest. In the report, the Department expects corn and soybean meal prices to increase, and hog producers to reduce their production to compensate for the shortages.
The USDA predicts a 1.3 percent decrease from this year's estimated total, and the news could possibly be even worse for Europe. The UK Pig Association warns that pork prices might even double by the later half of 2013, but "if supermarkets act now, they can prevent this from happening."
The Associated Press contributed to this report.