Corn futures are closed higher on Thursday. Light short-covering supported prices as the market consolidates following the recent run to contract lows. A weaker dollar and steady to firm cash prices were slightly supportive although strong planting progress is limiting buying interest. July ended 2 cents higher at $2.08.



Soybean futures ended higher on Thursday led by the old-crop contracts. Firm cash basis levels and commercial stopping of deliveries against the deliverable May contract supported prices. Gains were limited in the new-crop months due to the favorable planting weather. July ended 4 1/4 cents higher at $6.28 3/4.



Wheat futures continued to drift lower Thursday amid reports of favorable yield prospects in the Plains. The weekly export sales report released this morning reflected slow demand at only 9 million bushels of old-crop sales. CBOT July was down 3 1/2 cents at $3.13 3/4. KCBT July was 3 1/4 cents lower at $3.15 1/2. MGE July fell 3 cents to close at $3.31 3/4.



Cattle futures turned higher Thursday finding support from news that packers had boosted cash bids to $90 in the Plains. With only a month to go before deliveries begin, the deep discount in the June contract is beginning to lend support. June futures closed 50 points higher at $85.42.



Lean hog futures closed mostly higher on Thursday. Cash hog prices have gained about $7 over the past week, but futures price gains have been much more modest. Traders are hoping that the drop-off in hog supplies will continue adding fuel for a rally in hog futures. June ended 40 cents higher at $77.23.