Commodities for Thursday, May 23, 1985 : Cattle Futures Prices Higher

Cattle futures prices were mostly higher Thursday on the Chicago Mercantile Exchange on the eve of the Memorial Day weekend, which analysts say is traditionally the year’s best weekend for beef consumption.

“If we end up with a good weekend, it will probably set the tone for the beef market . . . r the next three weeks,” said Chuck Levitt, a livestock analyst in Chicago with Shearson Lehman Bros.

He said retailers have stocked up on beef for the weekend, but if consumption is good, they’ll have to come back to the market next week to replenish supplies.

Such demand could prompt a sharp rally because there’s one less marketing and slaughtering day during the holiday week.

Ron Garrison, a livestock analyst in St. Louis with Clayton Brokerage, said some traders Thursday were evening up contract positions prior to the release Friday of the Agriculture Department’s report on the number of cattle in feed lots in the nation’s seven major beef producing states.

Analysts said the report could confuse the market, because they aren’t sure how the government will count cattle that were delivered against the futures contract in April but subsequently were put back onto feed lots.