DTN Closing Livestock Comment 08/24 16:19

DTN Closing Livestock Comment 08/24 16:19 Cattle Futures Further Victimized by Outside Markets The cattle complex once again imploded in the face of aggressive selling on Wall Street and large measures of global economic uncertainty. On the other hand, lean hog futures successful ignore outside market noise, settling sharply higher thanks to short covering and signs of oversold conditions. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in feedlot country was restricted to the distribution of new showlists. Ready numbers appear to generally tighter, especially in Kansas and Nebraska. A few sellers suggested asking prices around $150 in the South and $236-$238 in the North. According to the closing report, the Iowa hog base is $0.20 lower compared with the Prior Day settlement ($66.00-$75.00, weighted average $74.84). Corn futures settled generally 3 cents higher, impressively turning a blind eye to outside markets and gathering support via Pro Farmer's relatively modest estimate of potential harvest yield as well as the dollar's softer tone. The stock market collapsed more than 3.5%, closing off session lows in high-volume trade as fears of slowing growth in China pressured global markets. The Dow plunged 588 points lower with the Nasdaq sinking by 179.