Why such low hog prices?

USDA expects 2026 hog slaughter to be slightly lower than last year. Because of heavier slaughter weights pork production is expected to be up a slim 0.2% over 2025. Given that situation, one would expect 2026 hog prices to be close to year-ago levels, if not higher. However, hog prices have fallen a great deal in recent weeks and 2026 hog prices are forecast to average 7% lower than in 2025. The problem is weak demand for hogs. We are coming up on the time of year when hog slaughter is the high