Corn futures closed higher on Friday. The Supply/Demand report was neutral for corn as USDA left 2006/07 ending stocks unchanged at 752 million bushels. Stronger crude oil prices this week and the rally in gold today offered spillover support. In addition, long-range weather forecasts suggesting a dry bias for the up coming summer were also friendly. March ended 6 1/2 cents higher at $4.06 1/4 while new-crop December was 2 3/4 cents higher at $3.99 1/4.



Soybean futures ended higher on Friday. After opening higher, prices turned lower in part due to USDA lowering their U.S. export forecast and raising ending stocks by 20 million bushels in the February Supply/Demand report. But strength in corn helped pull prices higher again, with soybeans setting new contract highs. March ended 5 1/2 cents higher at $7.49 1/4 and November was 6 1/4 cents higher at $8.01.



Wheat futures ended higher on Friday. Higher corn futures and light technical buying supported the market today. The February Supply/Demand numbers were neutral for wheat with projected ending stocks unchanged from last month at 472 million bushels. CBOT Mar was 3 1/4 cents higher at $4.60 1/4. KCBT Mar was up 1 1/4 cents at $4.85 while MGE Mar was 2 1/2 cents higher at $4.96 1/2.



Cattle futures closed mixed on Friday. The market absorbed some profit taking in a two sided trading session. The lack of cash market activity in the southern Plains contributed to selling interest while concerns that the stressful weather pattern will curtail beef production provided support. February was down 15 points at $93.20 and April was 7 points lower at $94.80 but deferred contracts closed slightly higher. March feeder cattle fell 10 points to close at $98.77.



Lean hog futures bounced higher on Friday despite further weakness in the cash market. Rising corn prices provided support to deferred contracts and short covering helped support nearbys. The relatively light slaughter this week coupled with a very strong bounce in the pork cutouts has led to some optimism for cash prices near-term. April ended 73 cents higher at $66.85 and June hogs gained 50 cents and closed at $76.50.