The U.S. meat industry has struggled with declining profits and reduced demand from consumers squeezed by inflation and higher interest rates. Amid spiraling feed and labor costs, meat companies have struggled to predict demand for their products.

https://www.xm.com/au/research/markets/allNews/reuters/smithfield-foods-closing-35-hog-farm-sites-in-missouri-53610269

Personal observation and opinion

Large grocery store chains try to gouge us to the maximum extent possible. People stop buying. Then they have big sales to move inventory. People stock up. This sets up an unpredictable demand cycle.

These hog farms would rather be in a position of not having enough pork than too much. Not enough, they get higher prices. Too much and they’re selling at a loss.