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Bob Larson Marketline Report for Wednesday, June 12th
by Bob Larson, click here for bio

Program: Market Line
Date: June 12, 2019

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This is Bob Larson with the Market Line Report for Wednesday, June 12th. Lower than expected production numbers give Tuesday traders something to think about. From the floor of the CME in Chicago, here’s Scott Shellady.

SHELLADY … “The surprise was though, they were lowered more than we thought. So, we have a range of guestimates, as folks say, and a lot of the things that we looked at came in at the lower end of the guestimates. So, we had a lower yield, 166 versus 171 I believe the last one was, so 166 bushels per acre, that’s significant, right? That’s a lot. I think, two months ago, it was 174. So, carry out was 1.675. I think we were looking for somewhere between 1.7 and 1.9 so that’s another much lower production number, so those types of things coming in at the lower end of even low expectations are why you’ve seen corn automatically shoot up over .10 cents on the number and will continue to trade stronger throughout the rest of today.”

Chicago July Wheat prices closed yesterday up 10 ½ at 518 ¼

July Corn was up 12 at 426 ¼

Portland prices for soft white wheat of Ordinary Protein for Jun ended the day unch ranging from 5-75 to 6-07 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were up 4 ½ ranging from 6-27 ½ to 6-32 ½ DNS wheat with 14 % protein, prices for Jun were up 1 ranging from 6-49 ½ to 6-59 ½

Live Cattle for Jun were up $.97 ½ at 110.82 ½ Aug Feeder cattle are dn $1.70 to 137.75 Jun Class III milk was up .04 cents at 16.34

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