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Bob Larson Marketline Report for Wednesday, October 31st
by Bob Larson, click here for bio

Program: Market Line
Date: October 31, 2018

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This is Bob Larson with the Market Line Report for Wednesday, Oct 31st. Tuesday trade talk hints soybeans have yet to reach bottom. From the floor of the CME in Chicago, here’s Terry Roggensack.

ROGGENSACK … “Soybeans in a minor downtrend. It looks like it could very quickly turn into a resumption of the major bear market for soybeans. First factor for the market is that there probably is going to be no bottom until we see normalized relations with China and the U.S. Second factor, China’s doing everything they can to avoid buying U.S. soybeans. They’re using less meal in their feed-mix. They’re using more South American soybeans. They’re importing more oil and meal. And, they’re going to crush less soybeans. They’re using their strategic stocks as well.”

Chicago Dec Wheat prices closed yesterday dn 7 ½ at 499 ¾

Dec Corn was dn 2 at 364 ¾

Portland prices for soft white wheat of Ordinary Protein for Oct ended the day up 15 ranging from 6-15 to 6-17 Hard Red Winter wheat with 11 ½ % protein, prices for Oct were dn 6 ¾ ranging from 6-19 ¾ to 6-24 ¾ DNS wheat with 14 % protein, prices for Oct were dn 6 ranging from 6-61 ½ to 6-66 ½

Live Cattle for Oct were dn $.40 at 113.85 Nov Feeder cattle are dn $1.72 ½ to 152.25 Oct Class III milk was up .01 cents at 15.54

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