Corn futures were solidly higher on Friday. Corn prices pushed higher early today along with gains in wheat, hitting new highs at midday. While wheat prices eventually retreated, corn managed to hold gains. Firm basis levels are helping to support the market as farmer selling remains light and harvest activity waning in many areas. December futures closed 5 1/2 cents higher at $3.32 1/2. March settled 5 cents higher at $3.44 1/2.

Soybean futures settled higher on Friday. Fund buying supported prices and soybeans held onto gains despite wheat falling into the close. Despite the technical momentum, fundamentals remain rather bearish. However, rain in the eastern Corn Belt is slowing harvest activity. November closed 7 3/4 cents higher at $6.35 1/2 and January ended 7 1/4 cents higher at $6.49.



Wheat futures ended mixed on Friday following a volatile sideways trading range this week. Despite some fresh export business and continued concern about the small wheat crop in Australia, wheat futures were unable to find enough new buying interest to sustain an early rally. Beneficial rains in western and central Kansas provided some bearish news. CBOT Dec was 1 cent higher at $5.08 1/2. KCBT Dec was 1/2 cent higher at $5.30 3/4. MGE Dec was 1 1/4 cents higher at $5.08.



Cattle futures closed strongly lower on Friday. The market gave back much of the strong gains posted Thursday. Lower boxed beef cutout values and higher corn prices were negative fundamental factors offsetting reports of higher cash cattle prices in Nebraska. December fell 137 points to close at $89.27. February was down 90 points at $91.67. November feeder cattle fell 142 points to close at $103.57.



Lean hog futures closed mostly higher on Friday after spending much of the day in negative territory. Thursday's big gains were generally thought to be overdone and pushed the December contract above the settlement index. Prices were able to rebound into positive ground before the close. December closed up 13 cents at $64.60 and the February contract was 23 cents higher at $67.43.