A bacon shortage was part of the headlines this week as a result of a September 20 press release from Britain’s National Pig Association, a trade group that describes itself as “Fighting for the growth and prosperity of the British pig industry.” While the pork industry is currently under serious stress, the reality is that a bacon shortage will probably be remote.
1. Where did the story start regarding a bacon shortage? From your perspective, what does this story say about media and social media with respect to business issues?
2. What is the actual story of demand and supply and prices for pork in the near future?
3. The Minyanville article presents a quote by Shawn Hackett, a money manager specializing in agricultural commodities, which says, “ There’s nothing binary about livestock; there are always a lot of moving parts.” After reading the articles and viewing the video, what does he mean in economic terms?
New York Times Video. (2012). A Sizzling Hot Commodity. September 27 (Retrievable online at http://www.nytimes.com/video/playlist/business/1194811622255/index.html#100000001810165)
Minyanville Staff. (2012). Relax, the Great Bacon Shortage of 2012 Is a Myth. Minyanville.com-Trading and Investing, Sep. 28 (Retrievable online at http://www.minyanville.com/trading-and-investing/commodities/articles/bacon-shortage-Global-Bacon-Shortage-feed/9/28/2012/id/44511)
Satran, J. (2012). Bacon Shortage “Aporkalypse” Theoretically Possible, But Highly Unlikely Given Basic Economics. Huffington Post, Sep. 28 (Retrievable online at http://www.huffingtonpost.com/2012/09/28/bacon-shortage_n_1920575.html?utm_hp_ref=food)