Wheat Markets Move Higher

I’m KayDee Gilkey with the Market Line Report for June 03, 2013. ?
Wheat markets tracked lower Friday morning but managed to climb back into the green on positive gains in row crop markets. The market traded with a negative vibe early in the day as the GMO wheat developments continue to unravel with South Korea acting as the latest major importer to announce that they will halt purchases from the US until tests are ran. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “We had some stronger markets, July corn up 10 cents. We were up 7 cents for the week but up only 14 cents on the month. Really not much when you see that most of that gain was in today’s trade. July wheat was up 8 cents on the day, 9 cents on the week, but we are down 25 cents for the month.”

Chicago July Wheat ended Friday up 6 and 3/4 cents at 7-05 and 1/2. July corn ended the day up 7 and 3/4 cents at 6-62.??Portland prices for soft white wheat and club wheat were unchanged to down 18 and 1/4 cents ranging between 7.50 and 7-50 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were unchanged to up a nickel at mostly 8-89. DNS wheat with 14 pct protein prices were mixed down down a 1/2 of a cent to up 4 and 1/2 cents at mostly 9-35. ??June live cattle were up Friday 95 cents at 121-30. August Feeder cattle were up 15 cents at 144-32 and half. June class III milk was down a penny at 17-78.