AbstractThe Cobweb Theorem and the harmonic motion models are extended and integrated to form a multi‐frequency cobweb model explaining the U. S. hog production cycle. The cycle is estimated by a finite, time‐based Fourier Series allowing amplitude and frequency analysis. Six different cycles are discovered operating simultaneously in the attempt to reach a market equilibrium. An independent distributed lag model is estimated, verifying the fundamental hypothesis of the model. The implication is that improved industry performance can be efficiently achieved by control policies to dampen the harmful long period cycles, leaving the short ones unaffected.