Marketline Report for Wednesday, January 23rd

Marketline Report for Wednesday, January 23rd

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Jan 23rd. China plays a big role in prices on Tuesday's wheat market. From the floor of the CME in Chicago, here's Terry Roggensack.

ROGGENSACK ... "The wheat market showing some signs of life this week. Talk that China may buy up to 7-million tons of U.S. wheat really providing the most support for the market so far this week. Keep in mind, 7-million tons, that adds up to 257-million bushels. USDA probably has very little bit of wheat in the export market for all of 2018-19 season. Wheat exports are supposed to be 1-billion bushels so and extra 257-million bushels would clearly cause ending stocks to drop off pretty significantly in the U.S."

Chicago March Wheat prices closed yesterday up 3 ½ at 521 ¾

March Corn was dn 2 ¾ at 379 ¼

Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-10 to 6-38 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were up 3 ¾ ranging from 6-64 ¾ to 6-69 ¾ DNS wheat with 14 % protein, prices for Jan were dn 2 ¼ ranging from 6-62 to 6-77

Live Cattle for Feb were dn $1.40 at 125.05 Jan Feeder cattle are dn $.40 to 141.02 ½ Jan Class III milk was unch cents at 13.99

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