Semi-strong form tests are performed on the forward-pricing efficiency of the cattle, hog, and pork belly futures markets. Separate quarterly econometric forecasting models are developed for each commodity and used as norms with which to compare futures prices. Results are mixed, but there have been time periods in the 1970s in which these markets have not performed efficiently. The hog market appears less accurate in forward pricing than the other two markets. The existence of futures markets results in information on forward prices that is directly useful to firms and producers in decision making. Observation of these futures price quotations can elicit production, marketing, and/or inventory responses from those who use the futures market directly themselves, indirectly through other firms,