Traders said funds bought between 500 and 1,000 lots and in early trading Goldenberg Hehmeyer bought 1,000 May $3.40 calls.
Volume was estimated at 30,926 futures and 4,334 options.
CBOT floor traders said that the escalating worries about drought stress on the South American soyabean crop were the overriding topic and the key bullish influence for not only soya but also corn and wheat futures.
There were few if any fundamental changes in the wheat market on Friday.
However, after the close Egypt's GASC said it was seeking 30,000 to 60,000 tonnes of wheat for March 20-31 shipment.
Exports were mostly routine overnight and wheat traders took note of the European Union's increase in an export subsidy this week to 6 euros per tonne from last week's 4 euros. However, the amount of wheat offered into export channels was very light, which diminished the bearish impact of the EU export subsidy refunds.
European wheat prices were hardly changed on Thursday as most players remain unconvinced that the EU wheat export subsidies would rise soon, giving the market a boost, traders in Amsterdam said.
The plentiful supply of wheat globally continues to hamper attempts to rally wheat futures.
Traders said some position-squaring was taking place on Friday ahead of the three-day holiday weekend. The e-cbot electronic market will be closed overnight Sunday and Monday's open outcry trading will be closed in observance of the US Presidents Day holiday.
Cash basis bids for SRW were steady in the Midwest and farmer selling remained light.
Technical support in the March contract at $2.94-1/2 per bushel was broken, driving the contract to a session low of $2.93-1/2. Resistance was at $2.97-1/2.
The nine-day relative strength index for March closed in neutral territory on Thursday at 51. Technical traders view an RSI of 30 or less as an oversold market and 70 or more as an overbought market.