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Bob Larson Marketline Report for Friday, February 15th
by Bob Larson, click here for bio

Program: Market Line
Date: February 15, 2019

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This is Bob Larson with the Market Line Report for Friday, Feb 15th. Overbought conditions and seasonally weak demand hit Thursday trading. From the floor of the CME in Chicago, here’s Terry Roggensack.

ROGGENSACK … “It seems like we’re in a position for some back and fill type action over the near-term. First factor is the premium structure of the market. We’re overbought as well and we’re seasonally weak time period ahead are bearish short-term factors for the market. Second factor, beef prices tend to drift lower at this time of the year as restaurant demand in doldrums. This is the time of the year when really these restaurants do see a lot of empty tables as the consumer in general, kind of worn out from the season, and as we get our way through mid-February it kind of quiets down.”

Chicago March Wheat prices closed yesterday dn 15 ¼ at 507 ¼

March Corn was dn 4 at 374 ½

Portland prices for soft white wheat of Ordinary Protein for Feb ended the day dnch ranging from 6-20 to 6-50 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 12 ½ ranging from 6-36 ½ to 6-51 ½ DNS wheat with 14 % protein, prices for Feb were dn 5 ranging from 6-69 ¾ to 6-79 ¾

Live Cattle for Feb were up $.17 ½ at 126.22 ½ Mar Feeder cattle are up $.55 to 144.12 ½ Feb Class III milk was dn .03 cents at 13.98

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