DTN Closing Livestock Comment 08/29 16:08

DTN Closing Livestock Comment 08/29 16:08 Cattle Complex Closes Mostly Lower Live and feeder futures closed significantly lower with triple-digit losses evident in both markets. For the most part, lean hog contracts settled moderately lower, checked by profit-taking and long liquidation. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: Usual early week activity in feedlot country was limited to the distribution of showlists. The new offering looks generally larger with only Colorado showing fewer ready steers and heifers. Yet this Monday proved to be bearishly abnormal with light trade volume already surfacing in parts of Nebraska. Several thousand live sales were reported at $110-$111, $3.50-$4.50 lower than last week's weighted average. According to the closing report, the national hog base is $0.71 lower compared with the Prior Day settlement ($54.00-$61.50, weighted average $59.97). The corn market closed 3-4 cents lower with December setting a new contract low. Early week selling seem tied to timely late-summer rains and bumper crop worries. Stocks closed higher on Monday, with financials and materials leading, as investors digested economic data while looking for clues regarding the Fed's next move. The Dow closed 107 points higher with the Nasdaq better by 13.