Corn futures closed higher on Friday on light speculative and technical buying. Given the bearish U.S. and world supply/demand revisions this week, market action was encouraging. March futures ended 3/4 of a cent higher at $2.13 1/2. May futures closed 3/4 cents higher at $2.23.



Soybean futures settled higher on Friday. Traders were consolidating recent losses ahead of the extended holiday weekend. Short-covering and rumors of export business with China provided support. March closed 4 1/2 cents higher at $5.76 1/2 and May fell 4 cents to $5.85 1/2.



Wheat futures ended slightly higher on Friday. The market continued to find strong support from the Winter Wheat Seedings report and mounting concerns about dryness in the southern Plains. Late session profit-taking limited gains at the KCBT today. CBOT Mar was up 1 1/2 cents at $3.34 3/4. KCBT Mar gained 1/2 cent to close at $3.83 1/4 and MGE Mar was 3/4 of a cent higher at $3.92.



Live cattle futures closed mostly higher on Friday. The market suffered a severe technical break on Wednesday before recovering Thursday and Friday. Steady to firm cash trade and South Korea agreeing to take some U.S. beef provided late week support. February closed 45 points higher at $95.57. April also gained 45 points to close at $94.40.



Lean hog futures closed lower on Friday. The falling cash prices and negative fundamentals are clearly driving the futures prices lower. Cash hog bids on Thursday dropped below $40 per cwt. for the first time since January of 2003. February closed 78 cents lower at $59.00 and April fell 50 cents to close at $64.88.