USDA to buy $30 million in pork to help farmers

But pork futures prices fell on the news, as traders at the Chicago Mercantile Exchange had expected a bigger aid package, and said $30 million will do little to help the beleaguered sector because of a glut of pork in storage.

"Quantity-wise, that's a drop in the bucket," said John Kleist, broker-analyst with Allendale Inc. "We have enough in the freezer that they (USDA) could take and not even put a dent in the freezer for $30 million."

USDA has bought about $151 billion of pork so far this fiscal year, which ends this month.

The hog industry, which has been losing money since October 2007, has been battered by a slumping global economy at a time when some traditional importers, such as China, have been producing more of their own pork.