Commodities : Tuesday, Nov. 26, 1985 : Livestock, Meat Prices Rise

From Associated Press

Livestock and meat prices were higher Tuesday on the Chicago Mercantile Exchange.

Frozen pork bellies were sharply higher, advancing by the daily limit of 2 cents a pound.

Tom Morgan, a livestock analyst in Chicago with Heinold Commodities, said grocers have been featuring specials on bacon, which has sustained strong demand for pork bellies, the raw material for bacon.

In addition, traders were expecting a report on stored inventories, which was to be released after the close of trading, to support prices on Wednesday, analysts said. Morgan said trends on price charts also supported prices, as computer-directed speculative accounts appeared to be buying Tuesday.

Cattle prices continued to climb with support from cash wholesale markets, Morgan said, noting that the supply of market-ready cattle remained tight, sales of boxed beef set a record last week, and the price of live animals on wholesale markets was higher Tuesday. Hog prices were supported by tight supplies and strong prices for wholesale pork products, Morgan said.