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Bob Larson Marketline Report for Wednesday, May 23rd
by Bob Larson, click here for bio

Program: Market Line
Date: May 23, 2018

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This is Bob Larson with the Market Line Report for Wednesday, May 23rd. The cattle market is still struggling to find direction Tuesday. From the floor of the CME in Chicago, here's Todd Horwitz.

HORWITZ ... "They just can’t seem to break out of this big range they’ve been trading in at about $102 to $107. We continue to see an attempt at a rally and then of course the sellers come in and of course we hear the story which is old and part of market lore is the wall of cattle is coming at us and of course that means there’s supposedly a huge quantity and there’s going to be a lot for sale, but we’ve watched a lot of funky things happen over the three or four or five weeks and that is, the way that the price action’s been, the way that the market has traded, the continuing trying to make the markets more bearish and I think that really what you’re seeing here is more or less of a market that’s consolidating in a range looking for a reason to break out to the upside.”

Chicago July Wheat prices closed yesterday up 14 ¼ at 521 ¼

July Corn was up 2 at 404 ½

Portland prices for soft white wheat of Ordinary Protein for July ended the day up 5 ranging from 5-80 to 5-94 ½ Hard Red Winter wheat with 11 ½ % protein, prices for May were up 14 ranging from 6-65 ½ to 6-90 ½ DNS wheat with 14 % protein, prices for May were up 11 ¼ ranging from 7-78 to 7-93

Live Cattle for June were dn $.02 ½ at 105.10 May Feeder cattle are up $.02 ½ to 134.00 May Class III milk was up $.02 cents at 15.24

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