The spread of Coronavirus into a global pandemic has so far impacted both lean hog and cattle futures. Since mid-January, the April fed cattle contract is down 22%, the April feeder cattle contract is down 19% and the April lean hog contract is down 18%. Prices in product markets have not declined as much but it is important to recognize that futures are forward looking and they try to price in all the information and trends at a given point in time. The speed with which Coronavirus has managed to alter life in the US and other markets has resulted in significant price erosion.
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