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Bob Larson Marketline Report for Tuesday, May 15th
by Bob Larson, click here for bio

Program: Market Line
Date: May 15, 2018

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This is Bob Larson with the Market Line Report for Tuesday, May 15th. The cattle market is down following Friday USDA reports. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Today, cattle really dropped. The futures trade, at a discount to the cash market. It dropped almost 2 percent today. The cash sales traded lower after the close on Friday and I think that’s why the market opened and really started to fall and that really put some pressure on the market. That’s also an indication of the resistance up on top. The market just could not get any higher. We’re still in a relatively tight channel. We’ve just moved to the lower side of the channel today. Now, it hasn’t had a huge breakout to the downside, but we’re watching closely. If there’s any indication that comes from the feeders, the feeders also fell and it almost looks like it is breaking out to the downside. So, is that a tell? It’s very possible."

Chicago May Wheat prices closed yesterday dn 9 at 479 ¼

May Corn was dn ¾ at 387 ½

Portland prices for soft white wheat of Ordinary Protein for May ended the day unch ranging from 5-75 to 6-00 Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 8 ¼ ranging from 6-34 ¾ to 6-54 ¾ DNS wheat with 14 % protein, prices for May were dn 3 ½ ranging from 7-51 ½ to 7-66 ½

Live Cattle for June were dn $3.00 at 104.62 ½ May Feeder cattle are dn $3.02 ½ to 135.50 May Class III milk was up .01 cents at 15.24

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