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Bob Larson Marketline Report for Tuesday, March 12th
by Bob Larson, click here for bio

Program: Market Line
Date: March 12, 2019

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This is Bob Larson with the Market Line Report for Tuesday, Mar 12th. Friday’s USDA reports weaken grains prices in Monday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Now, wheat slipped today and just recently it slipped even further, it’s down .08 almost .09 cents. But, are there more shipment cuts coming? I think so. The market does say yes. The U.S. Dollar Index is at a 20-month high and that could be adding to some of the pressure and it’s kind of interesting because on Thursday, we really got a very good response after the report. Even though the report was bearish, the wheat market rallied, but it seems to be short-lived right now. Funds are also adding to those short positions. But, we’re pushing, we’re actually having people asking, ‘can this market go below $4? That’s almost a scary thought when you think back that just a month ago it was at like $5.30.”

Chicago March Wheat prices closed yesterday dn 10 ½ at 428 ½

March Corn was dn 2 ¼ at 353

Portland prices for soft white wheat of Ordinary Protein for Mar ended the day unch ranging from 5.90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were dn 10 ½ ranging from 5-70 ¼ to 6-10 ¼ DNS wheat with 14 % protein, prices for Mar were dn 3 ranging from 6-46 ¼ to 6-71 ¼

Live Cattle for Apr were dn $.67 ½ at 128.92 ½ Mar Feeder cattle are dn $1.62 ½ to 142.30 Mar Class III milk was dn .02 cents at 14.95

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