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Bob Larson Marketine Report for Thursday, February 21st
by Bob Larson, click here for bio

Program: Market Line
Date: February 21, 2019

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This is Bob Larson with the Market Line Report for Thursday, Feb 21st. Wheat leads the way in a down day for grains Wednesday. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “The wheat fell again. The traders have all but given up. The market has fallen much further than we expected, down to a level that we were really like surprised. Now, there has been maybe a little bit of a comeback as well because we kind of got to an area where there was just no more selling, but the inspections just show that we are unable to keep up with our forecast for exports and that just means we’re going to be saddled with an awful lot of supplies right now and maybe the fund managers are adding to the short position on the wheat and that really sends the market tumbling and that brought down some of the corn and soybeans. It was a little bit of a recovery towards the end of the day, but the market still looks pretty bleak right now. So, we’re going to watch just exactly what comes out of the White House or maybe that we’re actually going to see a resolution on the horizon .”

Chicago March Wheat prices closed yesterday dn 9 at 479 ¾

March Corn was up 1 at 371

Portland prices for soft white wheat of Ordinary Protein for Feb ended the day unch ranging from 6-20 to 6-35 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 7 ¾ ranging from 6-08 to 6-38 DNS wheat with 14 % protein, prices for Feb were dn 2 ¼ ranging from 6-48 ¼ to 6-68 ¼

Live Cattle for Feb were up $.45 at 128.30 Mar Feeder cattle are up $.12 ½ to 144.02 ½ Feb Class III milk was up .03 cents at 14.00

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