Hogs have entered a bit of a rough patch.

Hog futures for April settlement fell 2.1% on the CME yesterday, the fourth drop in five sessions.

Meanwhile, wholesale pork prices dropped 1.1% on Tuesday to 84.54c/lb.

But that was nothing.

On Wednesday, the bottom (or maybe “the belly” is more appropriate) really fell out. Yesterday, wholesale pork fell 5.1%, the steepest decline in something like 39 months, while pork bellies collapsed 14%.

David Maloni, president of American Restaurant Association in Sarasota, Fla., has a simple explanation: “bacon demand is waning.”

Apparently, America’s insatiable appetite for bacon (as illustrated in the Heisenberg cocktail of the week on the right sidebar), has allowed prices to rise too far, too fast.

And the outlook, Bloomberg notes, is dire:

Normally, bacon demand heats up in summer, when Americans eat more BLT — bacon, lettuce and tomato — sandwiches.

Yes, “normally.”

But maybe not this year. Not if that BLT costs $26.

And you know, don’t try to say that old David Maloni (quoted above) didn’t try to f*cking warn you, because he did.

Here’s what he said just one week ago:

We continue to recommend caution with any major bacon purchases.

If you didn’t listen, that’s your problem.