Commodities : Thursday, Nov. 7, 1985 : Livestock, Meat Prices Rise

Livestock and meat prices were mostly higher in active trading on the Chicago Mercantile Exchange as stormy weather threatened to trim already tight supplies of cattle.

Cattle surged once again in response to strong cash markets, said Phil Stanley, a livestock analyst in Chicago with Thomson McKinnon Securities.

Concern that a severe storm moving into the Great Plains might interrupt cattle marketing encouraged buyers, Stanley said. The market already was strong, with cash wholesale prices for live animals steady and beef carcasses higher, and Stanley said the storm threat gave it another boost.

Hog and pork belly futures were propelled by the rally in the cattle market and by the impending storm, but gains were trimmed by anticipation of an increase in the slaughter.

Grain and soybean futures prices were mostly lower on the Chicago Board of Trade.

Petroleum futures continued to rally on the New York Mercantile Exchange.

Concern about the supply of crude oil from the North Sea continued to buoy crude futures, said Andy Lebow, a petroleum analyst in New York with Shearson Lehman Bros.