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Bob Larson Marketline Report for Wednesday, February 21st
by Bob Larson, click here for bio

Program: Market Line
Date: February 21, 2018

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This is Bob Larson with the Market Line Report for Wednesday, February 21st. Soybeans make an upward move in the market Tuesday. From the floor of the CME in Chicago, here’s Todd Horwitz ...

HORWITZ ... “They finally broke out from that tight rein. They broke away from the 9-85 level and, of course, we were looking for a big move one way or the other. We did get the move to the upside which is no surprise. That 9-85 level was really a key to the whole situation and now that we’ve broken out, I think what we’ve seen here is probably, too far too fast. We’ve now exploded, being up today quite a bit as well. So, now that we’re pushing up to these upper levels here, now you want to look for either some profit-taking to come in, some hedging to come in, but look for a reason to see them come lower. Again, what really happened here is the commercials were over-short these markets. And of course we did see, what I would say, is a short-covering, dead-cat-bounce-rally.”

Chicago March Wheat prices closed yesterday dn 8 ½ at 449 ¼

March corn was dn 2 at 365 ½

Portland prices for soft white wheat of Ordinary Protein for February ended the day unch ranging from 5-30 to 5-62 Hard Red Winter wheat with 11 ½ % protein, prices for February were dn 6 ¾ ranging from 6-16 ¾ to 6-41 ¾ DNS wheat with 14 % protein, prices for February were dn 2 ¾ ranging from 7-17 ½ to 7-32 ½

Live Cattle for February were up $.20 at 130.32 ½ March Feeder cattle are up $.07 ½ to 149.97 ½ February Class III milk was dn $.01 cents at 13.48

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