High on the Hog
“Hog futures have been rising as many consumers choose pork over more expensive beef, which is selling near an eight-year high. Disease outbreaks in Asia have also lifted North American hog prices.”
90.4 cents – Price, in US dollars, per pound of lean pork on the Chicago Mercantile Exchange on Friday.
15 – Percentage increase in the price of beef over the past 12 months.
7 – Percentage increase in the price of pork over the past 12 months.
21.1 million – Number of hogs slaughtered in Canadian packing plants in 2010.
Here is your task:
1. Represent this scenario graphically.
2. Provide a written explanation of the shifts and changes in supply and/or demand.
3. Email me a picture of your graph and explanation and I’ll post it.
4. Feel free to comment on what your peers are thinking….