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Bob Larson Marketline Report for Thursday, May 3rd
by Bob Larson, click here for bio

Program: Market Line
Date: May 03, 2018

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This is Bob Larson with the Market Line Report for Thursday, May 3rd. A mixed bag on the grain market Wednesday, with wheat holding strong. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Wheat, on the other hand is also very strong. It seems that the futures just really shrugged off the rains in the plains even though it did bring in some light commercial selling. It still looks like there’s going to be trouble with the Winter wheat and that being said, also with all things going back and forth, deliveries in the Chicago May contract is nothing to be seen and that’s very bullish for the market. That’s keeping it very strong even though we made a new high and it kind of came off it a little bit. It’s still staying very strong. If we break out again to the high side we could really be off to the races, so we’re watching that closely."

Chicago May Wheat prices closed yesterday dn 4 at 522 ½

May Corn was dn ¾ at 396 ½

Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 10 ¼ ranging from 5-79 ¾ to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were up 2 ¼ ranging from 6-81 ¼ to 6-96 ¼ DNS wheat with 14 % protein, prices for May were up 4 ½ ranging from 7-70 ¾ to 8-01 ¾

Live Cattle for June were dn $.97 ½ at 104.90 May Feeder cattle are up $.72 ½ to 138.70 May Class III milk was up .02 cents at 15.25

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