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Bob Larson Marketline Report for Thursday, December 7th
by Bob Larson, click here for bio

Program: Market Line
Date: December 07, 2017

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This is Bob Larson with the Market Line Report for Thursday, December 7th. Wheat prices slip again following news from Canada and Russia. From the floor of the CME in Chicago, here’s Joe Vaclavik …

Joe Vaclavik ... “We started off the day with some bearish news from Stats Canada. They reported that the Canadian wheat crop was going to be quite a bit larger than the trade had expected, that initially sent Spring Wheat market lower. The Winter Wheat contracts followed suit and we ended with a sharply lower close really across the board here. So, some negative news from Canada to start the day. Russia has also provided some negative headlines. They harvested a record wheat crop in Russia by a wide margin really making it tough for the U.S. to compete. It’s been really difficult for the U.S. to gain any kind of foot-hold on the export market, as it is, and now we find out Russia got a crop that was even bigger than we thought previously and that’s making things very difficult for U.S. wheat exporters”

Chicago Dec Wheat prices closed yesterday dn 7 ½ at 399 ¼

December corn was dn ½ at 339 ¼

Portland prices for soft white wheat of Ordinary Protein for December ended the day dn ½ ranging from 5-12 ¼ to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for December were dn 1 ranging from 5-73 ½ to 5-83 ½ DNS wheat with 14 % protein, prices for December were up 4 ½ ranging from 7-33 ¾ to 7-38 ¾

Live Cattle for December were dn $.52 ½ at 115.85 January Feeder cattle are dn $1.80 to 146.10 December Class III milk was dn .01 cents at 15.44

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