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The animal protein or meat sector moved 20.45% lower in Q1 as lean hog and cattle futures price posted double-digit percentage losses over the first three months of 2020. The sector finished 2018 with a 3.73% loss and moved 5.15% higher in 2019. Meats ended 2017 with an 8.39% gain after falling 8.80% in 2016. In the meat markets, results can be skewed by term structure given the seasonality in the prices of beef and pork. However, risk-off conditions in all markets weighed on the animal proteins in Q1 during this extraordinary time.