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Bob Larson Marketline Report for Thursday, January 24th
by Bob Larson, click here for bio

Program: Market Line
Date: January 24, 2019

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This is Bob Larson with the Market Line Report for Thursday, Jan 24th. Russian news and export demand pushes wheat higher in Wednesday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Wheat was higher. You know, with Russia planning to regulate those prices, it was up for the fifth day in a row. Now, the uptick in export demand is also helping the market somewhat. But, the government shutdown makes it real difficult to confirm that the export demand is higher. All the other data is actually kind of bearish for wheat so we have to watch that closely. But, you know, that data, it’s really hard to tell and I think that there’s a lot to be done before we can meet that $1-billion export forecast that was put out by the USDA. But, that being said, the fact that we’re up five days in a row looks pretty good for wheat, but it’s going to be difficult to sustain so we’re going to watch it day by day.”

Chicago March Wheat prices closed yesterday up 4 ¾ at 527

March Corn was dn ¼ at 387 ¾

Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-10 to 6-45 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were up 5 ¼ ranging from 6-70 to 6-75 DNS wheat with 14 % protein, prices for Jan were up 3 ½ ranging from 6-65 ½ to 6-80 ½

Live Cattle for Feb were up $.42 ½ at 125.60 Jan Feeder cattle are up $1.97 ½ to 142.97 ½ Jan Class III milk was dn .01 cents at 13.98

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