Abstract
An event study is conducted of the informational content of US Department of Agriculture's Cold Storage report of pork bellies over the period January 1989 to December 1992. Analysis of Knight–Ridder's composite forecast derived from its pre-release survey of market analysts indicates it is a good proxy for the market's expectation of information contained in the report. Nearby pork belly and live hog futures prices are found to respond significantly to unanticipated information in the report. This finding supports the conclusion that the Cold Storage report provides information to the private market and, therefore, performs one of its public policy goals. © 1997 John Wiley & Sons, Inc.
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