Hogs, Pork Bellies Plunge on Swine Flu Concern; Cattle Decline

[thundley4]

April 27 (Bloomberg) -- Hog and pork-belly futures fell the most allowed by the Chicago Mercantile Exchange on speculation that pork demand will shrink as swine flu spreads around the world. Cattle also sank.

The U.S. government declared a public health emergency after at least 40 cases of swine flu, normally confined to pigs, were confirmed from New York to California. In Mexico, the virus killed at least 149 people, Health Minister Jose Cordova said today. China, Russia, Indonesia and the Philippines have blocked imports of pork from Mexico and at least parts of the U.S.

“It’s going to be a while for people to understand the issue and what the risks are,” said Christian Mayer, a market adviser at Northstar Commodity Investments LLC in Minneapolis. “If you eat properly handled and cooked pork products, they’re safe. But it’s going to be hyped up, and the initial reaction is going to be panic.”

Hog futures for June settlement dropped 3 cents, or 4.2 percent, to 68.65 cents a pound on the CME. The exchange limits the daily gains or losses on hog contracts to 3 cents. The most-active contract fell 9.8 percent in the past year.

Pork-belly futures for July delivery also fell 3 cents, or 3.6 percent, to 80.8 cents a pound in Chicago. Pork bellies are used to make bacon.

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Good news for bacon lovers !! I've heard repeatedly today that you can not get the swine flu from pork products.  I guess this is another example of the stupidity of people. 

[Crazy Horse]

This is a damn islamist terror plot happening.....................BACON.........................my god the BACON


 

[Peter3_1]

And we wonder why people by "Gorean climate change". We have been dumbed down, A LOT!

[NHSparky]

And yet this price drop won't be seen in your grocery store meat department anytime soon.