Chicago Mercantile Exchange (CME) cattle futures fell on Monday as global markets reverberated with fears that the US may be headed for a recession after a weaker than expected jobs report, reported Reuters. 

Lean hog futures also ended the day lower.

The plunge followed a Friday US Labor Department report showing the US unemployment rate had jumped to a near three-year high in July, heightening market fears that the economy was vulnerable to a recession.

That in turn sent investors racing for safe havens, fuelling a sell-off in global equities, a sharp drop in the US dollar and US. Treasury yields falling to multi-month lows.

The sell-off also hit the livestock market, according to Rich Nelson, chief strategist at Allendale Inc.

August live cattle futures ended down 2.550 cents at 181.550 cents per pound, while most active October live cattle futures finished down 3.075 cents at 179.000 cents per pound.

"It's certainly clear that the trade is concerned about a light recession of some sort, impact on consumer demand, and certainly the premium product cattle are taking it a little harder than expected," Nelson said.

CME August feeders ended down 5.650 cents at 244.000 cents per pound, while most-active September feeders closed down 6.900 cents at 241.25 cents per pound.

Nelson said lean hogs were subject to the same downstream effects of the market downturn, although to a lesser extent.

"Since hogs are not the premium priced protein like beef is, perhaps they don't need to have as strong of a connection to these concerns," he said.

CME August lean hog futures ended 1.050 cent lower at 91.150 cents per pound. October lean hog futures ended 0.850 cents lower at 75.725 cents per pound.