Market Line Report Wed Jan-4 2017

Market Line Report Wed Jan-4 2017

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wed. Jan 4th. It appears the new year starts with a sell-off in the grain market with both corn and soy. Here's Virginia McGathey with more from the floor of the CME.

MCGATHEY-"Wheat on the other hand, because of the World Wheat Glut that we've got right now, there has been a decrease in acreage for planting for the Spring time, which is actually going to be the smallest in absolute decades. That news definitely added a little bit of a boost to the Wheat Market, but let me just say that right now as we're getting to the close, the wheat is now flat so it hasn't quite been able to keep up the buoyancy up, but we're well above the $4 mark so that's still looking pretty good. But that's going to be interesting moving forward that we're going to have fewer acres to plant. But we got off to a pretty decent start for 2017. We expect there's going to be a lot more volatility. There's so many moving parts in the market it should make everything interesting.

Chicago May Wheat prices closed yesterday dn 2 ¾ at 431 ¾. May corn ended the day up 4 , at 368

Portland prices for soft white wheat of Ordinary Protein for March ended the day dn 1 ½ ranging from 4-41 ½ to 4-56 Hard Red Winter wheat with 11 ½ % protein, prices for March were up 1 ½, ranging from 5-04 to 5-14. DNS wheat with 14 % protein, prices for March were dn ½ ranging from 6-42 ½ to 6-62 1/2.

Live Cattle were dn $0.52 ½ , at 103.75. March Feeder cattle were dn $0.07 ½ at 124.87 ½ . Jan. class III milk was up 17 cents at 17-13.

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