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Bob Larson Marketline Report for Wednesday, January 17th
by Bob Larson, click here for bio

Program: Market Line
Date: January 17, 2018

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This is Bob Larson with the Market Line Report for Wednesday, January 17th. The grain market remains a bit unsteady following Friday’s USDA report. From the floor of the CME in Chicago, here’s Joe Vaclavik …

Joe Vaclavik ... “The USDA told us Friday that the winter wheat acreage here in the U.S. was much larger than most traders had anticipated and that sent the complex sharply lower. All finished the day sharply lower Friday. We did see a little bit of follow-through selling here on Tuesday following the long holiday weekend. So, following what had been a little bit of a bounce, we’ve really just reverted back into bear-market territory. This has been a market that the funds have been short for a long time. It’s been a comfortable short for them. They took a little bit of heat on that rally during June and July, but aside from that they’ve been comfortably short and they’ve been able to roll into a substantial carry just about every month which really helps them to make money in this market.”

Chicago March Wheat prices closed yesterday dn 4 at 416 ¼

March corn was up 2 at 348 ½

Portland prices for soft white wheat of Ordinary Protein for January ended the day dn 4 ranging from 5-16 ½ to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for January were dn 4 ¼ ranging from 5-67 to 5-82 DNS wheat with 14 % protein, prices for January were dn 1 ¼ ranging from 7-26 ½ to 7-46 ½

Live Cattle for February were up $.72 ½ at 118.15 January Feeder cattle are up $1.25 to 145.75 January Class III milk was up .03 cents at 13.79

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