COMMODITIES : Meat Futures Advance

Livestock and meat futures prices advanced strongly Wednesday on the Chicago Mercantile Exchange, partly on a rumor indicating Japan may increase its imports of U.S. beef and pork.

On other markets, orange juice futures were sharply lower, energy futures were lower, soybeans moved higher and precious metals declined.

Cattle futures benefited from harsh weather over much of the nation’s beef-producing area, said William J. Arndt, an analyst with Dean Witter Reynolds.

“It’s a weather market, and everybody’s hesitant to sell,” he said. “And technically, the market looks dynamic--we had the highest close since the October stock crash.”

The strong scenario got an extra jolt from rumors that President Reagan will meet with Japanese officials on trade issues and that Japan may be ready to import more U.S. pork, beef and soybeans, Arndt said.

April and June live cattle futures were especially strong, and the January feeder cattle contract gained close to the 1.50 cents-a-pound daily limit before the advance was trimmed.

Japan buys 80% of its imported meat from Australia and New Zealand, Arndt said.

Pork Futures Follow

While the United States is not a big supplier now, “it could be important,” he said, noting that Japan is putting more emphasis on meeting consumer requests for more beef.

Pork futures were buoyed by the same positive market factors but had to struggle against expectations of a large hog slaughter during the next couple of weeks, he said.

Live cattle settled 0.48 cent to 0.85 cent higher with the contract for delivery in February at 63.42 cents a pound; feeder cattle were 0.45 cent to 1.30 cents higher with January at 76.75 cents a pound; live hogs were 0.18 cent to 0.50 cent higher with February at 41.17 cents a pound; and frozen pork bellies were 0.95 cent to 1.72 cents higher with February at 51.67 cents a pound.

Orange juice futures plunged sharply on the Cotton Exchange in New York.

Traders said temperatures should be milder in Florida for the next 10 days or so, diminishing chances of freeze damage this season.

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