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Bob Larson Marketline Report for Thursday, May 17th
by Bob Larson, click here for bio

Program: Market Line
Date: May 17, 2018

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This is Bob Larson with the Market Line Report for Thursday, May 17th. The market steadys a bit for grain traders on Wednesday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Wheat has been steady. It seems that futures firmed up a little bit on some short covering. However, this little turnaround triggered a little bit of selling so today the market opened a little bit stronger. Some selling came in. The weather’s really bullish for wheat. It’s hot and dry in the southwestern states except globally our supplies are still pretty large, so fundamentally it’s bearish. That’s why we have a little bit of an up and down look in the wheat market right now. But, that’s not to say that once we get the, start to get the Spring weather coming in that we could be off to the races. We don’t really have the numbers for the Winter wheat yet, so as soon as we get that then we’ll have a little better idea of where we’re going for the Summer planting.”

Chicago July Wheat prices closed yesterday up ¾ at 496

July Corn was dn 3 at 399

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 5-87 ¼ Hard Red Winter wheat with 11 ½ % protein, prices for May were up 4 ¼ ranging from 6-39 to 6-59 DNS wheat with 14 % protein, prices for May were up 5 ranging from 7-61 ¼ to 7-76 ¼

Live Cattle for June were dn $1.15 at 101.75 May Feeder cattle are dn $.82 ½ to 132.70 May Class III milk was dn .03 cents at 15.22

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