"Just wide-spread weakness across a lot of financial markets and ag markets, kind of in response to the uncertainty related to the coronavirus," he said. "There's a lot of concern as to how that can impact demand and whether or not it's possible that it could trigger a recession in places if it becomes very widespread."

Fulton says forward hog contract prices showed serious weakness to open the week.

He notes U.S. cash markets are still struggling after the heavy hog supply that came in during November and December. Fulton adds cash prices focus more on the nuts and bolts and are not impacted as much by speculation.