Marketline Report for Wednesday, March 27th

Marketline Report for Wednesday, March 27th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Mar 27th. Uncertainty causes trade tension in Tuesday's corn market. From the floor of the CME in Chicago, here's Terry Roggensack.

ROGGENSACK ... "Two days in a row, we've seen open interest come down more than 10,000 contracts. Could this be the start of a short-covering trend? Well, certainly short-covering can add a lot of bullish fuel to the market. Throw in spring weather, throw in potential China buying of U.S. corn, China potentially buying U.S. ethanol. Rumors, at least, are 7-million tons of corn, 3-million of ethanol, that's 660-million bushels of usage of corn that would be increasing so plenty of factors in the market could cause a lot of tightening for the coming year."

Chicago May Wheat prices closed yesterday dn ¼ at 469 ¾

May Corn was dn 2 ½ at 376 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 Apr were dn 6 ranging from 6-13 ¼ to 6-53 ¼ DNS wheat with 14 % protein, prices for Apr were dn 6 ranging from 6-72 ¼ to 7-07 ¼

Live Cattle for Apr were dn $.67 ½ at 126.97 ½ Mar Feeder cattle are up $.57 ½ to 142.82 ½ Mar Class III milk was up .01 cents at 15.06

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