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Bob Larson Marketline Report for Monday, February 4th
by Bob Larson, click here for bio

Program: Market Line
Date: February 04, 2019

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This is Bob Larson with the Market Line Report for Monday, Feb 4th. Cattle bounces back a bit from Thursday’s downturn in the market. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “That big reversal, remember, started with a new high and then it really fell. The pullback though should be really short-lived. Remember, that the market did make those new highs before it really tumbled in triple-digits and I think it put a little bit of a scare into some of the traders. That being said, there was some buying coming in to kind of shore up the market. The feeders stabilized as well. The futures still remain in that same channel, but this mini market correction really got the attention of everyone and that’s because of those losses, but this bear market just should be short term and we should move back up into the upswing. Right now, the weights of some of these cattle is much lower than last year and the demand is actually up so once we start to get our footing again, we’re going to see the markets start to move.”

Chicago March Wheat prices closed yesterday up 7 ¾ at 524 ½

March Corn was up 1 ¾ at 378 ¼

Portland prices for soft white wheat of Ordinary Protein for Feb ended the day unch ranging from 6-35 to 6-58 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were up 9 ¾ ranging from 6-63 ¾ to 6-68 ¾ DNS wheat with 14 % protein, prices for Feb were up 5 ½ ranging from 6-70 ½ to 6-80 ½

Live Cattle for Feb were up $.65 at 125.67 ½ Mar Feeder cattle are dn $.02 ½ to 142.47 ½ Feb Class III milk was up .01 cents at 14.06

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