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Bob Larson Marketline Report for Friday, February 22nd
by Bob Larson, click here for bio

Program: Market Line
Date: February 22, 2019

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This is Bob Larson with the Market Line Report for Friday, Feb 22nd. News of trade talks with China spark Thursday’s grain market. From the floor of the CME in Chicago, here’s Terry Roggensack.

ROGGENSACK … “We’ve got a lot of news flowing out of the China-U.S. trade negotiations. Biggest factor here overnight was China indicating that they might be willing to buy an additional $30-billiono worth of U.S. agricultural products. This is a huge number. Over the past five or six years, they typically buy $20-to-$25-billion worth of ag products so this would be an additional $30-billion above what they’re buying, very supportive potential for corn, for DDG’s, and for ethanol purchases. All three of these could support higher corn prices down the road.”

Chicago March Wheat prices closed yesterday up 5 ¾ at 487

March Corn was up 4 ¾ at 375

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 up 5 ¼ ranging from 6-13 ¼ to 6-43 ¼ DNS wheat with 14 % protein, prices for Feb were up 9 ½ ranging from 6-57 ¾ to 6-77 ¾

Live Cattle for Feb were dn $.70 at 127.67 ½ Mar Feeder cattle are dn $.65 to 143.22 ½ Feb Class III milk was dn .06 cents at 13.95

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