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Bob Larson Marketline Report for Monday, March 4th
by Bob Larson, click here for bio

Program: Market Line
Date: March 04, 2019

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This is Bob Larson with the Market Line Report for Monday, Mar 4th. Packer shortages leave cattle prices solid. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “The cattle market, it firmed up. Those short-fought packers really are reaching for the market right now so we’re kind of watching to see if maybe they’re going to start to push the market somewhat higher. Everything looks good. We’re still in that same channel and here we are first of the month, market still looks good. Now, there’s a little bit of tell coming up, but feeders were considerably lower. There was uncertainty if bringing in some of the sellers because we’re just not very sure. The weekend is just too long to carry these long positions and there’s a worry about the cat and mouse game with the feed lots and packers, whether they’re going to continue playing the game that they’ve been playing recently where you don’t get much cash trade early on. It all comes at the end of the week when the market continues to push higher.”

Chicago March Wheat prices closed yesterday up 1 ½ at 454

March Corn was up 2 at 363 ½

Portland prices for soft white wheat of Ordinary Protein for Mar ended the day dn 10 ranging from 6-05 to 6-20 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were dn ¼ ranging from 5-94 ¾ to 6-19 ¾ DNS wheat with 14 % protein, prices for Mar were dn 1 ranging from 6-58 ¼ to 6-78 ¼

Live Cattle for Apr were dn $.30 at 129.62 ½ Mar Feeder cattle are dn $1.65 to 141.25 Mar Class III milk was dn .03 cents at 15.21

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