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Bob Larson Marketline Report for Friday, February 2nd
by Bob Larson, click here for bio

Program: Market Line
Date: February 02, 2018

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This is Bob Larson with the Market Line Report for Friday, February 2nd. Cattle continue their surge in trading Thursday. From the floor of the CME in Chicago, here’s Joe Vaclavik …

VACLAVIK ... “The live cattle market was sharply higher here on Thursday. We had some contracts touch limit-up as a matter of fact, three dollars higher. Some of these contracts trading just within several ticks of some multi-week and multi-month highs in some instances. So, the market higher here this morning, but we may need one more big up-day in order to take out some of these recent highs. There was a cattle inventory report on Wednesday and the report revealed expansion had slowed just a little bit so that was seen as being friendly. Now, we’ve seen these cattle-on-feed reports which have been continually bearish. We’re looking at bigger numbers year over year on a monthly basis it seems, but expansion slowing just a little bit according to the inventory report that was seen as being just a little bit friendly.”

Chicago March Wheat prices closed yesterday dn ¾ at 451 ¼

March corn was up ¼ at 361 ½

Portland prices for soft white wheat of Ordinary Protein for February ended the day unch ranging from 5-30 to 5-44 Hard Red Winter wheat with 11 ½ % protein, prices for February were dn ¼ ranging from 6-12 to 6-32 DNS wheat with 14 % protein, prices for February were up 4 ½ ranging from 7-26 ¾ to 7-51 ¾

Live Cattle for February were up $2.57 ½ at 126.35 March Feeder cattle are up $4.50 to 149.55 February Class III milk was up 17 cents at 13.57

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