Wheat Market Trades Lower

I’m KayDee Gilkey with the Market Line Report for May 27, 2013. ?
Wheat futures traded lower on Friday after managing double digit gains on Thursday. Profit taking ahead of the long holiday weekend was noted by many traders. Outside markets had a negative tilt for the second day in a row with metals and crude oil moving lower. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “We’ve got the end of the week here, July corn was down 5 cents on the day but however, we were up about 4 cents on the week. December new crop corn was up 2 cents on Friday and up 17 cents on the week. July wheat was down 7 cents here on the day and up 13 cents for the week in trade.”

Chicago July Wheat ended Friday down 5 and 3/4 cents at 6-97 and 1/2. July corn ended the day down 4 and 3/4 cents at 6-57 and 1/4.??Portland prices for soft white wheat and club wheat were down 5 to 5 and 3/4 cents at mostly 7-80. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 and 3/4 to 8 and 3/4 cents at mostly 8-80 and 3/4. DNS wheat with 14 pct protein prices were down 7 and 1/2 cents at mostly 9-25 and 3/4. ??June live cattle were up Friday $1.45 at 120-57 and half. August Feeder cattle were up $1.90 at 144-55. June class III milk was down 43 cents at 17-91.