Corn futures were sharply higher again on Friday. Follow-through from Thursday's rally and strong weekly export sales supported the rally. Gains accelerated this week following USDA's smaller than expected production and ending stocks estimates. The global ending stocks to use ratio is the lowest in over 30 years. December ended 10 cents higher at $3.08 1/4 and March was 10 cents higher at $3.18 1/4.



Soybean futures closed strongly higher on Friday. The market gapped higher on the open and traded to the highest level since early August. Bullish weekly export sales and spillover support from corn and wheat helped push prices higher. Sales of nearly 40 million pushed the marketing-year-to-date commitments to 54% above year-ago. November closed 11 3/4 cents higher at $5.91 1/2 and January was 11 1/4 cents higher at $6.15 1/2.



Wheat futures ended higher on Friday. New contract highs were set this week at the KCBT and CBOT. Sharply higher corn futures reinforced the bullish wheat market tone today. Fundamental news is generally positive with USDA slashing the Australian crop forecast, further tightening world wheat stocks. CBOT Dec closed 10 cents higher at $5.25 1/2. KCBT Dec was up 10 1/4 cents at $5.43. MGE Dec was 6 cents higher at $5.21 3/4.



Cattle futures were mostly higher on Friday, after a quiet two-sided trading session. Short covering provided support amid ideas that cash cattle prices will stabilize near current levels. Modest strength in cutout values helped underpin the market. October was down 30 points at $88.45. Other contracts were higher with December closing up 22 points at $87.92. October feeder cattle were down 30 points at $107.15.



Lean hog futures closed mostly higher on Friday, but in a fairly tight range. Light support was generated from ideas of firm cash trade next week. With October expiring today, December became the front month and it is at a discount to cash. Deferreds found light strength from ideas that higher corn prices will limit expansion plans. December ended 5 cents higher at $61.05 and February was 3 cents lower at $63.28.