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

Program: Market Line
Date: April 18, 2019

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This is Bob Larson with the Market Line Report for Thursday, Apr 18th. Bargain buying allows wheat to bounce back in Wednesday trading. From the floor of the CME in Chicago, here’s Virginia McGathey.

McGATHEY … “Wheat today was the one that rebounded. The bargain buying stepping up underpinning the futures and certainly, after that sharp drop yesterday, that sent wheat to a one month low. But, the picture still looks pretty bleak for wheat overall. There is no change in global supplies and they are pretty hefty right now. Competition with Russia is still a problem for the U.S. so it makes it difficult for us to really move some of our supplies, but maybe the short week might offer a little bit of support for the wheat market. It’s teetering right around its lows and we’re trying to look for some kind of positive news just to give it a little bit of a lift, certainly before this holiday.”

Chicago May Wheat prices closed yesterday up 2 at 447 ½

May Corn was dn ¾ at 358

Portland prices for soft white wheat of Ordinary Protein for Apr ended the day unch ranging from 5-90 to 5-95 Hard Red Winter wheat with 11 ½ % protein, prices for Apr were up 3 ½ ranging from 5-90 ½ to 6-15 ½ DNS wheat with 14 % protein, prices for Apr were up ¼ ranging from 6-32 ½ to 6-42 ½

Live Cattle for Apr were dn $.22 ½ at 127.05 Apr Feeder cattle are dn $.35 to 145.30 Apr Class III milk was up .03 cents at 15.95

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