DTN Closing Livestock Comment 01/04 15:39

DTN Closing Livestock Comment 01/04 15:39 Livestock Futures Recover Significantly From Early Session Lows The cattle complex closed no worse than mixed as late short-covering worked to offset early selling prompted by outside markets. Hog futures also benefited from late buying deferreds gaining on nearbys. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Activity in the cash cattle trade was limited to the distribution of new showlists. Ready numbers appear to be generally larger than last week, especially in Texas. Asking prices were poorly defined with feedlot managers cautious in assessing further cash potential. According to the closing report, the Iowa hog base is $0.66 higher compared with the Prior Day settlement ($45.00-$50.50, weighted average $50.09). The corn market plunged 6-7 cents lower with spot March notching another contract low. Grains were thumped by crashing stock prices and a general lack of bullish news. The stock market opened the new year in full retreat, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East. An overnight drop in Chinese stocks that triggered a new circuit breaker rule also pressured sentiment. The Dow closed 276 points lower with the Nasdaq off 104.