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Bob Larson Marketline Report for Thursday, March 8th
by Bob Larson, click here for bio

Program: Market Line
Date: March 08, 2018

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This is Bob Larson with the Market Line Report for Thursday, March 8th. Caution in the grain market Wednesday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Wheat was considerably lower and it seems that the traders are really cautious about this tariff issue. And so, it really set the market a lot lower than we had expected and what’s most important is that it broke through that support level which is kind of like a psychological number at that $5.00 number and we did break through that by about .03 cents and close at $4.97 on the May contract. That all being said, everything still remains the same. We’re still in the weather market. Everything’s still dry in the southern plains of the U.S. for the wheat and it’s still dry in Argentina while everyone has lost interest and been focusing on other things. There’s still some bad weather out there and we’re not sure how it’s going to be affecting crops. So, we have a lot to watch come tomorrow from the report."

Chicago March Wheat prices closed yesterday dn 9 at 493

March corn was dn ½ at 379

Portland prices for soft white wheat of Ordinary Protein for March ended the day unch ranging from 5-40 to 5-78 Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 7 ¼ ranging from 6-69 ¼ to 6-89 ¼ DNS wheat with 14 % protein, prices for March were dn 9 ranging from 7-35 to 7-50

Live Cattle for April were up $.15 at 123.12 ½ March Feeder cattle are dn $.52 ½ to 143.77 ½ March Class III milk was dn $.01 cents at 14.16

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