Commodities for Friday, June 21, 1985 : Cattle Futures Prices Higher

Cattle futures prices were mostly higher and live hogs and frozen pork bellies were lower Friday on the Chicago Mercantile Exchange.

Cattle prices were supported by anticipation that a report from the Agriculture Department would show a decline in the number of animals placed on feed lots during May, said Chuck Levitt, a livestock analyst in Chicago with Shearson Lehman Bros.

However, the report showed that the number of cattle on feed lots at the end of May was about 2% greater than a year ago, and most analysts said prices probably will resume their downtrend on Monday.

Hog prices were under pressure on selling that was done primarily by traders who were offsetting contracts that they had purchased in prior sessions, Levitt said.

The USDA also released a report on the nation’s hog and pig inventories, and few traders wanted to hold positions with the report pending.

The report showed that the number of hogs had declined about 1% from a year ago, while the market had expected a decline of about 3%. As a result, hog and pork belly prices are likely to remain under pressure on Monday as well, Levitt said.