The informational content in live cattle and hog deferred futures prices is assessed using a direct test of incremental forecast ability for two to twelve month horizons. For 1976-2007, the results indicate that hog futures prices add incremental information at all horizons, but unique information in live cattle prices declines quickly beyond the eight-month horizon with no incremental information at the twelve month horizon. The contrast in performance is likely attributable to differences in the quality of public information and the nature of production process.