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

Program: Market Line
Date: March 22, 2019

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This is Bob Larson with the Market Line Report for Friday, Mar 22nd. The Cattle Market gets a bit of boost from hogs in Thursday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Cattle was rising. That overflow buying from the hogs is really helping the beef market as well. Interestingly, the cash cattle is very slow, but live cattle is really getting a lot of help from that hog side. The cattle supply issues are the main focus right now and it seems that the momentum is just driving this market higher. The bulls are really in charge here and continue to push higher. Interestingly enough, it’s just so difficult to pick the top as we’re starting to move into the middle of March here. That’s why the feeders were also higher and they were higher even more than the live cattle. So, the bullish on-feed report is expected for this Friday and that winter storm fallout looks like it could be very significant and I think at that point, along with a strong demand, we’re going to see prices start to inch up or break through some of those resistance numbers.”

Chicago May Wheat prices closed yesterday up 1 ¾ at 465

May Corn was up 4 ¾ at 375 ½

Portland prices for soft white wheat of Ordinary Protein for Mar ended the day unch ranging from 5.90 to 6-30 Hard Red Winter wheat with 11 ½ % protein, prices for Mar were up 3 ranging from 6-22 to 6-37 DNS wheat with 14 % protein, prices for Mar were dn ¼ ranging from 6-81 ¼ to 6-96 ¼

Live Cattle for Apr were up $.32 ½ at 130.20 Mar Feeder cattle are up $.52 ½ to 143.05 Mar Class III milk was up .09 cents at 15.03

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