Marketline Report for Wednesday, February 13th

Marketline Report for Wednesday, February 13th

Bob Larson
Bob Larson
This is Bob Larson with the Market Line Report for Wednesday, Feb 13th. Trade rumors out of China give corn a boost in Tuesday trading. From the floor of the CME in Chicago, here's Terry Roggensack.

McGATHEY ... "If we do get a China-U.S. trade deal done, look for the corn market to really be the biggest beneficiary. Pretty strong rumors that China could buy 5-to-8-million tons of U.S. corn if a deal gets done. Keep in mind, that's 197-to-315-million bushels of corn that's not on the supply-demand balance sheet right now. If the deal done, China's likely to buy 300-million gallons of ethanol. That would be equivalent to about 107-million of corn. So, we're looking at demand possibly improving by 304-to-422-million bushels just on a China deal getting done with the U.S."

Chicago March Wheat prices closed yesterday up 1 ¾ at 520

March Corn was up 5 ½ at 377 ¾

Portland prices for soft white wheat of Ordinary Protein for Feb ended the day dn 15 ranging from 6-20 to 6-50 Hard Red Winter wheat with 11 ½ % protein, prices for Feb were dn 1 ¾ ranging from 6-47 to 6-62 DNS wheat with 14 % protein, prices for Feb were up 3 ½ ranging from 6-72 ¼ to 6-82 ¼

Live Cattle for Feb were dn $1.00 at 126.77 ½ Mar Feeder cattle are dn $.27 ½ to 144.35 Feb Class III milk was up .02 cents at 14.01

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