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Bob Larson Marketline Report for Thursday, January 18th
by Bob Larson, click here for bio

Program: Market Line
Date: January 18, 2018

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This is Bob Larson with the Market Line Report for Thursday, January 18th. Reasons to smile for cattle traders on Wednesday. From the floor of the CME in Chicago, here’s Virginia McGathey …

Virginia McGathey ... “The cattle market jumped up. The futures rallied to a two-week high. We haven’t seen this kind of movement in quite a while and I think we’ve got a few of the traders a little bit happy. It certainly looks like the lows are in and the market is starting to turn to the upside. It looks like the trend has turned upward and we knew that it was coming, but the next test is the $125 mark for the April futures and perhaps we can get there. Now we have been talking all along that normally, this time of year, that we get a stronger market. Well, this big sell-off that came in a couple of days kind of threw everyone for a loop, but the market is really starting to come back some.”

Chicago March Wheat prices closed yesterday up 5 at 421 ½

March corn was up 4 ¾ at 352 ¼

Portland prices for soft white wheat of Ordinary Protein for January ended the day up 3 ½ ranging from 5-20 to 5-30 Hard Red Winter wheat with 11 ½ % protein, prices for January were up 5 ranging from 5-72 to 5-87 DNS wheat with 14 % protein, prices for January were up ¼ ranging from 7-26 ¾ to 7-46 ¾

Live Cattle for February were up $2.87 ½ at 121.10 January Feeder cattle are up $2.27 ½ to 147.80 January Class III milk was up .09 cents at 13.86

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