It has been a very disappointing summer. Normally, the highest hog prices of the year come in late spring or early summer. Huge pork exports in 2008 (the four biggest export months ever were April, May, June and July) pushed hog cutout values to a record of $94 per hundredweight in mid-August 2008.
But the summer rally in hog prices was nonexistent this year. In mid-August, the hog cutout was $40 per hundredweight lower than just 12 months earlier. Unfortunately, the price trend from Labor Day to