DTN Closing Livestock Comment 01/15 16:38

DTN Closing Livestock Comment 01/15 16:38 Cattle Futures Crushed by Outside Markets Live and feeder cattle futures closed sharply lower with most contracts settling limit down. Most of the selling pressure was tied to worries over global growth and imploding oil prices. Lean hog issues settled moderately lower, somewhat supported by improving hog and pork fundamentals. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade was not tested Friday with buyers and sellers apparently satisfied with trade volume generated on Wednesday and Thursday. Additionally, bearish futures made it difficult for buyers to formulate bids and sellers to suggest asking prices. The Iowa hog base closed $0.57 higher compared with the Prior Day settlement ($52.00-$54.75, weighted average $53.62). From Friday to Friday, livestock futures scored the following changes: Dec LC, Off $5.32; Feb LC, Off $5.32; Jan FC, Off $5.12; Mar FC, Off $7.05, Feb LH, Up $2.17 Apr LH, Up $2.23. Corn futures closes were successful in ignoring outside markets. Nearby contracts settled nearly a nickel higher, supported by commercial buying and ideas that weak demand had been overstated. The stock market put in another ugly session with investors deeply troubled by slowing global growth and plummeting oil prices. The Dow closed 390 points lower, with the Nasdaq off 126.