Market Line Report Thur Feb 2, 2017

This is Bob Larson with the Market Line Report for February 2nd , 2017. A bit of a rebound yesterday with Soybeans leading way. Here's Scott Shellady from the floor of the CME ...

Shellady "Looking at the soybean market, little bit of action there today. When I was writing this report, we were up about 8 cents. I think we finished up over 12 cents. So, a decent rebound after the sell off as of late and the reason I like to see that is because number one we're rebounding from a decent sell off that we've as of late, but number two, in the face of the dollar getting stronger, I like to see that because it really feels as though it's a healthy move. I also really kind of smell some new money in here. It's February 1st, right? I know that there's been reports of more hedge fund buying or at least putting some money to work in the commodities sector and it just kind of smells like that to me today because we've had all those commodities up across the board, corn, wheat, and beans"

Chicago May Wheat prices closed yesterday Up 12 ½ at 446 ¼ . May corn ended the day Up 6 ¾ at 375.

Portland prices for soft white wheat of Ordinary Protein for Februay ended the day Up 3 ¼ ranging from 4-64 to 4-73 ¾ . Hard Red Winter Wheat with 11 ½ % protein, prices for February were Up 1, ranging from 5-20 ½ to 5-45 ½ . DNS Wheat with 14 % protein, prices for February were Up 7 ¼ ranging from 6-70 ¾ to 6-89 ¾

Live Cattle were Dn .02 ½ at 115.70 and March Feeder Cattle were Dn .70 at 122.35. February Class III Milk was Up 7 cents at 16.78