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Bob Larson Marketline Report for Wednesday, May 2nd
by Bob Larson, click here for bio

Program: Market Line
Date: May 02, 2018

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This is Bob Larson with the Market Line Report for Wednesday, May 2nd. The cattle market trades both sides of unchanged Tuesday. From the floor of the CME in Chicago, here's Joe Vaclavik.

VACLAVIK ... "A little bit of volatility, some wider ranges which we’ve become used to. Kind of a two-sided, indecisive type trade here. I believe we did fill a chart gap on the June futures which some people would say is a little bit friendly. Now, the cash market remained very, very strong while futures remained very, very weak. Most recently we had cash cattle trade as high as $126 last week and we’ve got June futures down in the $106 neighborhood, so a $20 positive basis now that the April futures have expired. The popular opinion is that the cash market will come down, but we’ve seen this play out the other way in past instances where cash will remain firm and the futures will come up to cash so it’s going to be interesting to see how this basis situation plays out."

Chicago May Wheat prices closed yesterday up 17 at 515 ½

May Corn was up 3 at 392 ¼

Portland prices for soft white wheat of Ordinary Protein for May ended the day up 10 ranging from 5-90 to 6-04 ¼ Hard Red Winter wheat with 11 ½ % protein, prices for May were up 15 ½ ranging from 6-79 to 6-92 DNS wheat with 14 % protein, prices for May were up 11 ½ ranging from 7-66 ¼ to 7-96 ¼

Live Cattle for June were dn $.27 ½ at 105.72 ½ May Feeder cattle are dn $2.27 ½ to 137.62 ½ May Class III milk was up .07 cents at 15.25

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