In 1998, hog prices fell dramatically (Figure 1). This led to large negative losses for hog producers that year (Figure 2). While 2023 hog prices have not fallen as dramatically as 1998 prices, higher costs of inputs have caused large negative returns in 2023 as well.

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Figure 1. Iowa Hog Prices

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Figure 2. Iowa Profit for Farrow-Finish Operation

Returns in 1998 ...