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Bob Larson Marketline Report for Thursday, March 15th
by Bob Larson, click here for bio

Program: Market Line
Date: March 15, 2018

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This is Bob Larson with the Market Line Report for Thursday, March 15th. The cattle market shows some positive signs on Wednesday. From the floor of the CME in Chicago, here's Todd Horwitz.

HORWITZ ... "We think what we’re seeing is a bottoming pattern. We’ve had some very whippy days over the last couple of weeks and we keep trying to test the low, but what I really see here is that the inability to take out the low shows me that we’re making a bottoming pattern. And, I think what you want to look for here is an opportunity to buy. I think the only concern that I really have in this market is what we would call the backwardation. When we go out to June and August, we’ve got lower prices which is typically the case for this time of year anyways, but we’re starting to see that kind of come in a little bit. So, I think that’s starting to show a little bit of a bullish target as well. So, what we’re looking for here is to be a buyer around the $120, $121 level in the live cattle basis in April right now because we think that there’s a very good chance that we’re going to at least test, if not take out, the highs of recent history."

Chicago March Wheat prices closed yesterday up 10 ¼ at 495 ¾

March corn was dn 2 at 384 ¼

Portland prices for soft white wheat of Ordinary Protein for March ended the day unch ranging from 5-40 to 5-68 Hard Red Winter wheat with 11 ½ % protein, prices for March were up 4 ½ ranging from 6-54 ¾ to 6-79 ¾ DNS wheat with 14 % protein, prices for March were dn 3 ¾ ranging from 7-36 ¾ to 7-56 ¾

Live Cattle for April were up $1.10 at 123.12 ½ March Feeder cattle are up $.50 to 142.10 March Class III milk was up $.04 cents at 14.24

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