Corn futures rebounded to close mixed on Thursday. After limit losses on Wednesday and strong losses this morning, prices rebounded. Short-covering helped the market rebound despite strong gains in the dollar and sharp losses in crude oil and the stock market. Uncertainty about summer weather and corn acreage remains underlying supportive factors for the corn market. July closed 3 cents higher at $6.80 1/2 and December was 4 1/4 cents lower at $6.46.
Soybean futures traded lower on Thursday. Futures were pressured by weakness in financial markets. The dollar was sharply higher and the stock market and crude oil sharply lower today. The weekly export sales report showed net cancellations for the current marketing year as China and an “unknown destination” canceled some sales previously on the books. July closed 12 1/2 cents lower at $13.17 3/4 and November was 15 1/4 cents lower at $13.17 1/4.
Wheat futures were mostly lower on Thursday. Spillover pressure from outside markets and technical selling weighed on most contracts. Fund long liquidation continues to pressure trade as the dollar index was up sharply while the stock market was strongly lower today. The CBOT July contract was higher on a short-covering rally and spillover support from the rally in the spot corn contract. CBOT July was 10 3/4 cents higher at $6.49, KCBT July closed 10 cents lower at $7.60 and MGE July ended 16 1/2 cents lower at $8.44.
Cattle futures rebounded to close higher on Thursday. Higher beef prices, steady cash trade and some improvement in outside markets led to the short-covering rally in the cattle market. Cash trade developed in Nebraska at steady money this week despite ideas earlier today the cash market could move lower. Strong beef exports last week also provided support. June closed 98 cents higher at $112.25 and August was $1.03 higher at $112.73.
Lean hog futures closed lower on Thursday. The larger-than-expected jobless claims report this morning led to a broad-based sell-off in most commodity markets. Export demand has been supportive for the hog market recently, so strength in the dollar was a more dominant bearish factor. The Cold Storage report on Wednesday afternoon showed more pork in storage, up 22% from last year. July ended $1.28 lower at $97.00 AND August was $1.43 lower at $95.90.