It has been a while since commodities in general saw an inflow of funds. We will see how much staying power this reversal holds over the coming days. With the FOMC meeting next week as well, there should be a lot of movement.

Regards - VHF

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The CBOT Dec wheat futures contract settled 7 cents lower at $7.19 1/4.

Along with a bullish USDA Crop Production report, the dollar was weaker Friday, supporting the grain markets.

On Friday, the USDA lowered U.S. corn production 2% from its August report. U.S. soybean production was lowered 1% from its August report. CBOT floor traders say the monthly data sparked a rally in grains.

Vic Lespinasse, Grainanalyst.com, says the funds were buying corn Friday, pushing up prices.

"We ended limit up in some months of corn but less than 1,000 was wanted electronically in Dec on the close. Beans firmed up a bit late following corn's influence while the other pits ended about where they had been much of the afternoon," Lespinasse says.

He adds, "According to the updated forecast late this morning, remnants of Ike are expected to dump several inches of rain in parts of the Midwest by Sunday. Watch weekend weather, trading Sunday night, the forecast Monday morning, and the direction of crude oil and the dollar that morning for opening ideas next week," Lespinasse says.

Also supporting prices were talks of tight cash soybean supplies, the events of Hurricane Ike, and a weaker dollar, Lespinasse says.