Piggy in the middle between the grain speculators and the supermarkets

The concentrated aroma of — how shall I put it — deep piggy doo-doo that wafts through your car window as you motor up the A1 through North Yorkshire is, in normal times, nothing more nor less than the smell of money. So I was taken aback to hear a farmer from that part of the county declare that if prices carry on the way they’re going, ‘it’ll be time to shoot the pigs’. We will hear shortly from Merryn Somerset Webb, in our Investment column, about how to make money in ‘soft commodities’ — in which dabbling by you and me does no harm if it boosts farmers’ income and the value of their land. But unfortunately it’s not that simple: livestock producers are increasingly caught between two of the most rapacious species on the planet. On one side, supermarket wholesale buyers have forced the price per kilo of ‘finished pigs’ to remain almost static since the beginning of the decade.