09/30/08 Markets dive after bailout vote

After hope of a government bailout Monday was crushed against the rocks, stock traders and commodity futures traders became even more eager to dump positions. Brian Hoopes at Midwest Market Solutions says heavy selling Monday morning, followed by frantic bearishness yesterday afternoon, led to limit-down losses in corn. December corn off 30 at 5.13 HOOPES "The market started to freefall after the vote came out and pulled corn and beans down as well. We were already fairly week on the session after concerns mounted overnight about the economy. We got lower on the opening." On Monday Chicago December wheat was down 48 to 6.68. Kansas City lost 40 ¾ and Minneapolis Portland cash white mostly 6.40 off 40. Club White November 6.50 down 35. Dark Northern Spring 14 percent protein mostly 8.77 Aggressive fund liquidation was primarily responsible for big losses across the cattle market. Live cattle contracts have collapsed to their lowest price seen since early February. Generally speaking, the meat complex seemed to be trapped in a bearish sell-off involving all commodities. December live cattle down 2.92 at 99.87 November feeders down 3 at 102.57 November Class III milk at Chicago down 63 at 15.97.