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Commodities for Friday, April 19, 1985 : Cattle, Pork Bellies Higher

April 20, 1985|From Associated Press

Cattle and frozen pork belly prices were mostly higher and live hogs were mostly lower in quiet trading Friday on the Chicago Mercantile Exchange.

Cattle prices were supported by a slightly better tone on wholesale markets in Texas, said Robert Saathoff, vice president for commodity research in New York with Prudential-Bache Securities.

Some of the buying came from traders who had sold contracts earlier in the week and were closing out positions prior to the weekend and prior to the release Monday of a government report on the number of cattle in feed lots, Saathoff said.

Hog prices were under pressure despite strength on wholesale cash markets. Saathoff said traders were anticipating lower wholesale prices Monday.

Pork belly prices were higher with support from an advance in wholesale prices on cash markets.

Grain futures prices were mostly higher and soybeans were mixed on the Chicago Board of Trade.

Precious metals prices were steady in dull, featureless trading on the Commodity Exchange in New York.

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