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Bob Larson Marketline Report for Wednesday, February 7th
by Bob Larson, click here for bio

Program: Market Line
Date: February 07, 2018

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This is Bob Larson with the Market Line Report for Wednesday, February 7th. Rallying on the grain market Tuesday is lead by Soy and corn. From the floor of the CME in Chicago, here’s Virginia McGathey …

McGATHEY ... “Wheat also rallied. Now, there was some short-covering there coming up, of course, ahead of this report and I think that there’s a little bit of a scramble because as the market started to go down there was huge selling short positions in the wheat contract. And, as it rallied, some of the funds were adding to the short position, but now that the market’s starting to creep up again I think it’s got a few traders a little bit nervous that if these short positions need to get cover and start to scramble to get some of these short positions back, it will send the market into a pretty strong rally.”

Chicago March Wheat prices closed yesterday up 6 at 446 ¾

March corn was up 4 ¾ at 363 ½

Portland prices for soft white wheat of Ordinary Protein for February ended the day up 2 ¾ ranging from 5-30 to 5-44 Hard Red Winter wheat with 11 ½ % protein, prices for February were up 7 ¼ ranging from 6-14 to 6-34 DNS wheat with 14 % protein, prices for February were up 6 ½ ranging from 7-23 ¼ to 7-38 ¼

Live Cattle for February were dn $.50 at 125.85 March Feeder cattle are dn $.95 to 148.72 ½ February Class III milk was dn .06 cents at 13.68

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