Okay, here we go:
So, there's your drop in pork bellies futures prices in the top portion with a commensurate rise here in the last little bit. Looking at the volume, it dropped right back there when the crash came in September and October of last year. Less volume means less demand. Less demand, lower price until such time as production drops to equilibrate. There seem to be many levels of the supply-chain-to-market, some of which tend to smooth prices over a larger period of time. There are other difficult-to-quantify effects like how much of the actual total volume is going into SPAM versus more higher priced products or how much of the volume is actually selling at sale prices instead of the normal retail prices.
This is VERY interesting in the context of this banter:
It's surprising to find an article that's that old, but it details pretty much the exact same circumstance in the market ten years ago.