The corn market was supported by fund buying and Argentine weather uncertainty along with higher soybean prices. March corn futures settled at $2.18 3/4, up 1 3/4 cents. May futures closed 1 3/4 cents higher at $2.28 1/2. December 06 was 1 1/2 cents higher at $2.54 1/4.



Soybean futures closed are sharply higher Friday. Fund buying and dry forecasts for Argentina and southern Brazil provided a boost for prices. March closed 16 1/4 cents higher at $5.89 1/4 and May ended 15 1/4 cents higher at 5.99 3/4.



Wheat futures were higher most of the session, but turned down late. KC and Minneapolis March posted new contract highs before backing off. Dryness across the southern Plains and possible sale to Iraq are supportive factors. CBOT Mar ended 1 cent lower at $3.43 1/2, KCBT Mar was 1 3/4 cents lower at $3.93 3/4 and MGE Mar closed 1/2 cents higher at $4.04.



Cattle futures were under pressure Friday. Pressure on futures increased with reports of cash cattle trading near $95.00 down about $2.00 from a week ago. After the close USDA released the semiannual Cattle Inventory report which pegged all cattle and calves up 2% at 97.1 million head, in line with trade estimates. February ended 105 points lower at $93.90 and April was 130 points lower at $93.30.



Lean hog futures closed lower on Friday. February and April futures posted new lows for the move. Cash hogs were steady to lower. Hog supplies are plentiful and weights are climbing. Pork demand is also soft. Even so, futures are deeply oversold and due for a corrective rally. February closed 93 cents lower at $56.25 and April settled 60 cents lower at $61.32.