Commodities : Thursday, Oct. 3, 1985 : Cattle Futures Lead Rally
Cattle futures prices were sharply higher, leading a rally in livestock and meat prices Thursday on the Chicago Mercantile Exchange.
Cattle for delivery in October were supported by strength on cash markets and advanced by the daily limit of 1.5 cents a pound.
Anticipation of good beef sales at retail stores this weekend, a payday weekend, supported beef as well, said Robin Fuller, a livestock analyst with Agri Analysis.
Fuller said cash prices for live cattle and beef carcasses were strong Thursday and sales of boxed beef on wholesale markets were heavy.
She added that the number of cattle available in feedlots appears to be declining from previously burdensome levels, and animal weights are expected to begin coming down as the backlog is alleviated.
Hogs also were supported by strength on wholesale markets for live animals, Fuller said, and continued a rally.
Pork products also were higher, which added to the buying enthusiasm. And pork belly futures followed along in sympathy.
Precious metals rallied sharply on the Commodity Exchange in New York.
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