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Bob Larson Marketline Report for Tuesday, January 23rd
by Bob Larson, click here for bio

Program: Market Line
Date: January 23, 2018

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This is Bob Larson with the Market Line Report for Tuesday, January 23rd. The grain market, led by corn and soy, makes a bit of rebound Monday. From the floor of the CME in Chicago, here’s Virginia McGathey …

Virginia McGathey ... “Wheat also rebounded and that has totally a different weather issue. Right now there’s dryness in the South and in the Western Plains and that has the traders very concerned that this extreme drought is really beginning to worry some of the people. We know that we had that cold snap that really left the winter wheat kind of vulnerable to perhaps crop damage. And as time went on everyone recognizes that we’re not going to be able to understand any damage for a number of months and so that rally was relatively short-lived and we started to see some selling coming in. But, now that we have this dryness on top of what happened earlier there is real concern we could be some damage or at least cut back some numbers what we would expect our winter wheat to produce.”

Chicago March Wheat prices closed yesterday up 3 at 425 ½

March corn was dn ½ at 352

Portland prices for soft white wheat of Ordinary Protein for January ended the day up 3 ranging from 5-21 ¾ to 5-32 Hard Red Winter wheat with 11 ½ % protein, prices for January were up 1 ranging from 5-78 ½ to 5-93 ½ DNS wheat with 14 % protein, prices for January were dn 1 ½ ranging from 7-22 to 7-42

Live Cattle for February were up $1.65 at 123.67 ½ January Feeder cattle are dn $.05 to 147.90 January Class III milk was up .01 cents at 13.89

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