Bob Larson Market Line Report Friday April 21st
by Bob Larson, click here for bio

Program: Market Line
Date: April 21, 2017

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This is Bob Larson with the Market Line Report for Friday April 21st. Cattle futures remain strong in trading, but wheat takes a thrashing yesterday.

From the floor of the CME in Chicago with details is Joe Vaclavik …

Vaclavik “The wheat market was sharply lower here on Thursday. As a matter of fact, some Kansas City wheat contracts posted fresh life of contract lows. Some Chicago wheat contracts are closing in on life of contract lows. We’ve got some big speculative selling in this market and really just a lot of pressure overall. The spread market is incredibly wide, which tells you that we’re dealing with a burdensome supply base here. So, really just not a bull story whatsoever. Funds have been aggressive sellers of wheat and hold a pretty significant short position here.”

Chicago May Wheat prices closed yesterday dn 12 ¾ at 405 ¾ May corn ended the day dn 4 at 357 ½

Portland prices for soft white wheat of Ordinary Protein for May ended the day dn 12 ¾ ranging from 4-26 ¼ to 4-70 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 14 ranging from 4-77 ¾ to 4-92 ¾ DNS wheat with 14 % protein, prices for May were dn 10 ¼ ranging from 6-27 to 6-62 .

Live Cattle were up $1.70, at 129.52 ½ May Feeder cattle were dn $.77 ½ at 137.97 ½ . Class III milk was dn 06 cents at 15-18.

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