DTN Closing Livestock Comment 08/19 16:16

DTN Closing Livestock Comment 08/19 16:16 Cattle Futures Trashed by Outside Markets Triple-digit losses smashed live and feeder futures through the session. Besides another tough day on Wall Street, the cattle complex was pressured by long liquidation, technical selling, and lower feedlot sales. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The Northern tier of the cash cattle trade turned fairly active Wednesday as sellers were prompted to accept lower packers bids. Dressed business ranged from $232 to $234, $4 to $6 lower than last week's weighted average basis Nebraska. On the other hand, the South remained untested with feedlot managers passing bids of $145 to $146, well below asking prices at $150 or better. According to the closing report, the Iowa hog base is .69 lower compared with the Prior Day settlement ($68.00-$77.00, weighted average $76.43). Generally speaking, corn futures closed a penny higher, somewhat supported by Pro Farmer Midwest Crop Tour yield estimates made for Indiana and Nebraska. Equities closed lower, pressured by global growth concerns and a plunge in oil prices. The Dow finished 162 points lower with the Nasdaq off by 40.