DTN Closing Livestock Comment 08/20 16:12

DTN Closing Livestock Comment 08/20 16:12 Cattle Futures Bounce Mostly Higher Thanks to Short Covering The cattle complex settled mostly higher with nearby live issues attracting the greatest reprieve. On the other hand, lean hog issues closed under pressure as traders considered the difficulties tied to seasonal fundamentals ahead. By John Harrington DTN Livestock Analyst GENERAL COMMENTS: The cash cattle trade took a breather following the active trade at lower money that developed in Nebraska and Iowa on Wednesday. Bids were few and far between (e.g., $148 in the South, $232 in the North). Ready cattle still on showlists were priced around $152 in the South and $234-$236 in the North. According to the closing report, the Iowa hog base is $0.82 lower compared with the Prior Day settlement ($66.00-$76.50, weighted average $75.60). The corn market closed generally 4 cents higher, supported by a lower dollar, spillover buying from the bean market, and some encouragement linked to the Pro Farmer Crop Tour. The stock market closed near session lows, off sharply as investors reflected nervousness about the timing of a rate hike and concerns tied to slowing global growth. The Dow collapsed by 358 points, closing at its lowest level since Oct. 27. The Nasdaq closed 141 lower.