Corn futures were 3 to 5 cents higher Friday boosted by heavy speculative buying following positive chart action Thursday. Despite a negative USDA Supply Demand report released Thursday morning, corn futures posted solid gains for the week. The May corn futures contract was up 4 3/4 cents Friday to close at $2.26 3/4.



Soybean futures surged to gains of 10 to 24 cents Friday. Weather forecasters reduced projected rainfall amounts for southern Brazil. Reports of quality problems with Brazilian soybeans fueled ideas of stronger export demand for U.S. soybeans. May soybeans were 23 1/4 cents higher at $6.62 1/2.



Wheat futures were strongly higher Friday as heavy speculative buying spilled over from the surging soybean market. Futures have climbed to the highest level since last July. Chicago May wheat was 10 cents higher at $3.58. KCBT May was up 9 1/2 cents at $3.67. MGE May wheat was 7 1/2 cents higher at $3.73.



Cattle futures were sharply lower Friday pressured by concerns about a lawsuit filed to overturn the Montana injunction that put a hold on Canadian cattle imports. April futures closed 160 points lower at $89.10. June futures fell 87 points to close at $85.85. Cash cattle traded in the $93 to $94 range this week, up $3 from last week.



Most lean hog futures were sharply higher Friday recovering from the steep selloff on Thursday. Pork cutout values were higher on the strength of a $3 increase in loin values. Cash hogs remain under downward pressure as packer margins are in the red. April lean hogs were down 20 points at $72.37 while June hogs jumped 182 points Friday to close at $80.75.