Thursday, June 26, 1986 : Pork Futures Rally Again
The pork futures rally continued for the third straight session Thursday on the Chicago Mercantile Exchange, but cattle prices slumped.
Government reports issued Monday, showing pork stocks were much lower than previously anticipated, still were pushing prices up the daily limit on many contracts Thursday, analysts said.
Only live hogs for delivery in August, 1987, slipped, and traders said that was because the contract had just come on the board Tuesday and trading for it was still thin.
Cattle prices were lower because of good supplies on hand and traders were selling contracts to cash in hefty gains made Tuesday and Wednesday, said Robin Fuller, a livestock specialist in Chicago with Agri Analysis Inc.
Live cattle settled 0.28 cent to 0.40 cent lower, with the contract for delivery in August at 57.55 cents a pound; feeder cattle were 0.12 cent to 0.60 cent lower, with August at 62.60 cents a pound; live hogs were 0.95 cent lower to 1.5 cents higher, with July at 59.30 cents a pound, and frozen pork bellies were 1.1 cents to 2 cents higher with July at 80.12 cents a pound.
Crude oil and gasoline futures lost ground.