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Bob Larson Marketline Report for Wednesday, January 16th
by Bob Larson, click here for bio

Program: Market Line
Date: January 16, 2019

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This is Bob Larson with the Market Line Report for Wednesday, Jan 165th. Demand remains high for Cattle in Tuesday trading. From the floor of the CME in Chicago, here’s Terry Roggensack.

ROGGENSACK … “Hello! With an update on the cattle market today. Extremely strong demand persists in the cattle market. We pushed into new contract highs again today in spite of active marketings, good feedlot weather and beef production last week up 2.6% over last year. Open interest is the highest we’ve been since June of 2017 as funds and specs continue to buying the market. The market is overboughtr and seems vulnerable to a correction if the cash market trades lower this week with the beef market at the lowest level since December 19th.”

Chicago March Wheat prices closed yesterday dn 3 ¼ at 511 ½

March Corn was dn 7 ¼ at 371 ¾

Portland prices for soft white wheat of Ordinary Protein for Jan ended the day unch ranging from 6-10 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Jan were dn 3 ½ ranging from 6-50 ½ to 6-55 ½ DNS wheat with 14 % protein, prices for Jan were dn 3 ½ ranging from 6-52 to 6-67

Live Cattle for Feb were up $1.52 ½ at 127.02 ½ Jan Feeder cattle are dn $.10 to 144.97 ½ Jan Class III milk was dn .02 cents at 14.06

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