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Bob Larson Marketline Report for Tuesday, May 22nd
by Bob Larson, click here for bio

Program: Market Line
Date: May 22, 2018

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This is Bob Larson with the Market Line Report for Tuesday, May 22nd. U.S.-China trade talks push cattle prices higher Monday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Cattle was rising. It seemed that it had a limited market reaction to the upside with the U.S.-China talks that we put on hold for the tariffs. Thank goodness because we’ve really been on hold for quite a while. We’ve been waiting to hear if we’re going to get those tariffs or not. Interestingly enough though, the cattle market didn’t react all that much until later in the day, then it really started to get a head of steam. It seems that the packer margins up again giving the incentive to be certainly a lot more aggressive with their bids, but at the same time we have to be careful because some of the beef supplies continue to swell somewhat. That may put a lid on any kind of really big rally, but the market looked very strong today.”

Chicago July Wheat prices closed yesterday dn 11 at 507 ½

July Corn was up ¼ at 402 ¼

Portland prices for soft white wheat of Ordinary Protein for July ended the day unch ranging from 5-75 to 5-92 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 12 ¼ ranging from 6-51 ½ to 6-76 ½ DNS wheat with 14 % protein, prices for May were dn 7 ¼ ranging from 7-66 ¾ to 7-81 ¾

Live Cattle for June were up $2.52 ½ at 105.15 May Feeder cattle are up $1.70 to 133.80 May Class III milk was dn $.01 cents at 15.22

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