Effects of USDA Hogs and Pigs reports on live hog, pork belly, live cattle and feeder cattle futures prices are examined. Evidence suggests that some of those prices underreact or overreact initially to unanticipated information contained in the Hogs and Pigs reports. However, price-trend following and contrarian trading strategies generate profits only for some of the pork belly, live cattle and feeder cattle contracts. These results, which hold for both in- and out-of-sample analysis, suggest that with respect to the Hogs and Pigs report, the live hog futures market is economically efficient but some inefficiencies exist in the pork belly, live cattle, and feeder cattle futures markets.