Swine flu jitters spark sell-off in U.S. hogs
U.S. hog futures fell to a two-month low on Friday in a late sell-off amid nervousness over a swine flu outbreak that has killed up to 61 people in Mexico, a top export market for American pork.
The virus, a strain of flu never seen before, has spread into the United States, where eight people in California and Texas have been infected but have recovered.
“If they (consumers) decide to look at it, it can only be negative. There’s nothing positive about it because it’s (flu) on our property and then we have to worry about exports,” said Gilbert Goodman, a lean hog futures trader.
“It’s not a factor right now, but if they start changing their minds, you know how these markets move.”
In 2008, Mexico was the top export market for U.S. beef, with sales valued at nearly $1.4 billion. It was the No. 2 market for U.S. pork, valued at $691.28 million.