Commodities : Tuesday, June 16, 1987 : Pork Futures Prices Fall
Pork futures prices fell sharply Tuesday on the Chicago Mercantile Exchange as more animals were brought to market and cash prices weakened.
Beef advanced, however, amid a government report showing more cattle on the feedlots than expected.
On other markets, corn rallied to close higher, wheat and soybeans fell, energy futures mostly rose and precious metals declined.
In pork trading, prices first came under pressure from selling that spilled over from weakness in cattle prices and pork prices fell further from reports of increased supplies coming to market, said Philip Stanley, an analyst in Chicago with Thomson McKinnon Securities Inc.
Packer demand was slack and the market is looking for continued lower cash prices, he said.
However, a strong rally in feeder cattle boosted live cattle futures from their sharply lower opening.
The support, Stanley said, appeared to come from a general tightness of supplies of young animals for placement on feed lots, where demand and profits remain good.
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