DTN Closing Livestock Comment 09/01 16:13

DTN Closing Livestock Comment 09/01 16:13 Cattle Futures Implode Thanks to Outside Markets Live and feeder futures settled sharply lower, torpedoed by aggressive long liquidation triggered by renewed China worried and major stock market losses. Yet lean hog contracts closed no worse than mixed with Dec and Feb losing ground to spot Oct and far deferreds. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Feedlot country remained dead quiet with just a few starter bids scattered across the production area (e.g., $144 in the South; $222 in the North). Asking prices were poorly defined with sellers confused and frustrated by the board's deepening discount. Some steers and heifers were priced around $148-$150 in the South and $230 to $232-plus in the North. According to the closing report, the Iowa hog base is $0.87 lower compared with the Prior Day settlement ($65.00-$71.50, weighted average $72.50). Corn futures sank generally 6-7 cents lower, toppled by general commodity weakness and signs of solid late-season crop development. Equities crashed as continued signs of weakness in China and concerns about the Federal Reserve weighed heavily on investor psychology. The Dow plunged 469 points lower with the Nasdaq collapsing by 140.