DTN Closing Livestock Comment 01/07 15:51

DTN Closing Livestock Comment 01/07 15:51 Cattle Futures Collapse Down the Limit Torpedoed by outside markets and global economic uncertainty, live and feeder cattle futures crash with limit losses. While lean hog futures also felt the heat of Wall Street problems, price step-backs were somewhat more moderate. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Light trading developed in parts of the Northern tier of cattle feeder country with most dressed sales marked around $210-$212, basically steady to $2 lower than last week's weighted average basis Nebraska. On the other hand, bids and asking prices in the South remained separated by $5 or more. According to the closing report, the Iowa hog base is $0.32 lower compared with the Prior Day settlement ($44.00-$52.50, weighted average $50.77). The corn trade settled near steady, recovering from early selling pressure caused by poor export sales and acute weakness in the Chinese stock market. U.S. stocks closed sharply lower as China news overnight and low oil prices renewed concerns about global economic growth. The Dow tumbled 392 points lower with the Nasdaq off by 146.