Sunday, July 31, 2011
They are still makin' bacon
But no more can you trade pork bellies. The futures market, once used to even out the ups and downs of demand, is no longer needed as demand has expanded to year round.
When the Chicago Mercantile Exchange announced the other day that pork belly futures would no longer be traded, it was hardly a shock. Trades had shrunk to almost nothing. Volatility was too much. The frozen bellies, used to make bacon, were, in the view of some, losing relevance.To every thing there is a season, and a time to every purpose under the heaven.
Still, the demise of the futures means something else is really gone now, too — a unique belly culture and its hard-charging, daring cast of characters who, decades ago, made their fortunes in the high pressure of the belly pit.
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