Wheat Market Helped Higher From Corn Spillover

I’m KayDee Gilkey with the Market Line Report for May 30, 2013. ?
Wheat futures benefited from spillover from the corn pit and finished near daily highs. Wheat was in a follower's role to the corn market Wednesday, with additional support coming from sharp weakness in the U.S. dollar index. Traders used both of these as reasons to cover short positions, though the dollar index is still up strong for the year. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.

Horwitz: “Now our focus goes out into new crop and out to December for wheat and corn. As we can see, we had a nice rally in the out months. Progress Report was a little weaker than they thought so we now see a little bit of a rally but the bottom line is that all of these are in a longer downtrend

Chicago July Wheat ended Wednesday up 9 cents at 7-02 and 3/4. July corn ended the day down 1 and 1/2 cents at 6-65.??Portland prices for soft white wheat and club wheat were mixed down 9 cents to up a dime at mostly 7-76 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 and 1/4 cents at mostly 8-84 and 3/4. DNS wheat with 14 pct protein prices were up 9 and 1/4 cents at mostly 9-34 and 3/4. ??June live cattle were up Wednesday 62 and half cents at 121-37 and half. August Feeder cattle were up 15 cents at 145-62 and half. June class III milk was up 4 cents at 17-92.