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Bob Larson Marketline Report for Monday, July 2nd
by Bob Larson, click here for bio

Program: Market Line
Date: July 02, 2018

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This is Bob Larson with the Market Line Report for Monday, July 2nd. The grain market ends the week on a high note. Thursday. From the floor of the CME in Chicago, here's Virginia McGathey.

McGATHEY ... "Wheat was the big rally for the day, up 23.5 cents almost and it’s really started with France cutting their crop yield. That really got the market starting to roll and I think what happened was a lot of the short-covering began and started to run right into the report. As the report came out, the acreage is actually up 1.8 million acres which is actually pretty bearish. So, the market spiked up, went all the way down, really didn’t take away everything that we rallied into it, but then turned right back around and we were teetering back on the highs again. And I think that selling fatigue is just absolutely over so all the bargain hunters are stepping in. There is relief there isn’t a further bearish report so it’s very possible we’re going to see a lot more gyrations.”

Chicago July Wheat prices closed yesterday unch at 478

July Corn was dn 7 ½ at 344 ¾

Portland prices for soft white wheat of Ordinary Protein for June ended the day unch ranging from 5-80 to 5-90 Hard Red Winter wheat with 11 ½ % protein, prices for June were dn 7 ranging from 5-78 ½ to 6-03 ½ DNS wheat with 14 % protein, prices for June were dn 5 ½ ranging from 6-51 ½ to 6-71 ½

Live Cattle for June were up $1.17 ½ at 108.00 Aug Feeder cattle are up $1.05 to 146.80 June Class III milk was up .02 cents at 15.25

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