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Bob Larson Marketline Report for Friday, January 11th
by Bob Larson, click here for bio

Program: Market Line
Date: January 11, 2019

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This is Bob Larson with the Market Line Report for Friday, Jan 11th. Grains fall on Thursday, including the wheat market. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “The GASC was buying big from Russia and that just dashed the hopes for U.S. wheat. We were hoping to get a little piece of that action. After losing that business and the index fund rebalancing is also putting pressure on that wheat market so it really pushed it a little bit lower. Yet, we’re still staying within that channel that wheat has been in, between $5 and $5.25. It seems that wheat, corn and soybeans all have been just bouncing around back and forth waiting for some relief from the government shutdown as well as the U.S.-China trade resolution. And, nothing has happened on either front and that’s why we’re seeing our markets trade the way they are. I expect it’s going to be the same thing tomorrow and next week if we don’t finally get a resolution one way or the other.”

Chicago March Wheat prices closed yesterday dn 6 ¼ at 513 ¾

March Corn was dn 5 ¾ at 377

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 dn 6 ¾ ranging from 6-48 ¾ to 6-58 ¾ DNS wheat with 14 % protein, prices for Jan were dn 6 ½ ranging from 6-59 to 6-69

Live Cattle for Feb were up $.07 ½ at 125.02 ½ Jan Feeder cattle are dn $.07 ½ to 148.80 Jan Class III milk was up .03 cents at 14.08

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