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Bob Larson Marketline Report for Thursday, January 10th
by Bob Larson, click here for bio

Program: Market Line
Date: January 10, 2019

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This is Bob Larson with the Market Line Report for Thursday, Jan 10th. Cattle managed to hold up under news of softer wholesale beef prices. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Today, cattle was mixed. The softer wholesale beef prices really had the market sagging a little bit, but there’s not much cash trade today and without that kind of activity, that makes the market slip just a little bit. So, we’re expecting also the same tomorrow, but the futures are trying to hang on to yesterday’s really strong gains and it looks like we can actually do that. So, we’re continually moving higher as we have been for the past five or six weeks. Feeders were also easing somewhat and it’s yesterday’s rally did bring on some profit taking, maybe a little more than the live cattle, but the feeders slipped somewhat. The market looks like it’s just really taking a breather here. However, the underlying firm tone still remains present.”

Chicago March Wheat prices closed yesterday up 2 ¼ at 519 ½

March Corn was up 2 at 382

Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-15 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were up ½ ranging from 6-55 ½ to 6-65 ½ DNS wheat with 14 % protein, prices for Jan were up 3 ¼ ranging from 6-65 ½ to 6-75 ½

Live Cattle for Feb were dn $.50 at 124.82 ½ Jan Feeder cattle are dn $.80 to 146.80 Jan Class III milk was dn .06 cents at 14.08

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