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Bob Larson Marketline Report for Monday, January 21st
by Bob Larson, click here for bio

Program: Market Line
Date: January 21, 2019

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This is Bob Larson with the Market Line Report for Monday, Jan 21st. Winter weather still playing a big roll in the cattle market Friday. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Today, cattle was higher. That snow storm is really driving the futures. It seems like there’s a mad scramble for beef certainly on the east coast. That’s kind of clearing the table for restocking so the deferred futures, you’re going to see them much stronger. And, they have been super-strong, almost an overbought situation so we have to watch that closely, but the rally and the trend is still to the upside and it’s still moving. It’s very difficult to step in front of that slow moving rally, but we’re reaching the top of the real channel that we have been at for the last, like, six months so we’re not sure if we’re going to breach that, but right now it’s still looking very strong.”

Chicago March Wheat prices closed yesterday unch at 516 ¾

March Corn was up 1 ¾ at 380 ¾

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 2 ranging from 6-61 to 6-66 DNS wheat with 14 % protein, prices for Jan were up 2 ¼ ranging from 6-64 ¼ to 6-79 ¼

Live Cattle for Feb were dn $.57 ½ at 126.67 ½ Jan Feeder cattle are up $.02 ½ to 141.25 Jan Class III milk was dn .01 cents at 13.99

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