Commodities : Tuesday, Sept. 24, 1985 : Livestock Futures Lower

Livestock and meat prices were mostly lower in active trading Tuesday on the Chicago Mercantile Exchange.

Prices were under pressure despite a report released Monday by the Agriculture Department that disclosed a decline of 9% in the number of cattle on feed lots in the seven major beef producing states as of Sept. 1.

Analysts noted, however, that they had expected a decline of 10%, and prices already had advanced 6 cents a pound in the previous two weeks.

“Technically, it was a bit overdone,” said Ron Garrison, a livestock analyst in St. Louis with Clayton Brokerage.

However, he said, prices for cattle for delivery in October were higher, reflecting the outlook for tighter supplies in the near term. Garrison noted also that wholesale prices for live animals at shipping terminals in the country and wholesale prices of beef carcasses both were higher, a sign of strong demand.

Charlie Richardson, a livestock analyst in Denver with Lind-Waldock, said pork prices were under pressure as a result of indications in the report that the breeding herd was larger than expected.