The New York Times today brings a story I missed: The CMEGroup has ended trading in futures on frozen pork bellies. This does not mean that the US has stopped eating bacon, produced from pork bellies. As you can see here (from the USDA), the US each week consumes more than a pound of pork per person. Moreover, the CME continues to trade lean hogs futures. It seems instead, that there just isn’t much demand anymore for frozen bellies.
The term “pork bellies” had a gritty, mythic resonance, redolent of the city of big shoulders, hard labor, slaughterhouses, and the frantic screaming and jostling of trading pits. By contrast, this is the era of sleek air-conditioned trading floors and deconstructed BLTs.
There will never be a flash crash in a pork belly.