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DTN Closing Livestock Comment 02/08 16:36
   Cattle Futures Implode Thanks to Bearish Outside Markets

   Live and feeder contracts settled with limit losses on Monday, sacked by
long liquidation and widespread fears of slowing global growth. Lean hog
futures finished moderately lower, pressured by early week profit-taking and
spillover bearishness from the cattle complex.

By John Harrington
DTN Senior Analyst



GENERAL COMMENTS:

   Feedlot country was typically limited to the distribution of new showlists.
The fed cattle offering looks larger in Texas, Kansas and Colorado but somewhat
smaller in Nebraska. Asking prices were poorly defined. According to the
closing report, the Iowa hog base is $0.49 higher compared with the Prior Day
settlement ($56.00-63.50, weighted average $62.89). Corn futures settled 3-4
cents lower, curbed by more rain in Argentina, lower oil prices, and
positioning before new s&d data scheduled to be unveiled Tuesday. Though
equities got off to a rough start, Wall Street closed off session lows amid a
late rally in the energy sector. The Dow closed 177 points lower with the
Nasdaq down 79.
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