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