Corn futures settled strongly higher on Thursday. News that USDA will resurvey several key states for acreage ahead of the August crop report led to ideas of a 500,000 acre or more decline. In addition, crop progress continues to lag in many areas, leaving the crop vulnerable to frost damage. September ended 19 cents higher at $3.27 and December was 19 1/2 cents higher at $3.38 3/4.



Soybean futures were higher on Thursday, led by the new-crop months. The unwinding of bull spreads limited gains in the nearby, but fundamental news was mostly supportive today. Weekly export sales showed continued demand from China and NOPA June crush was above trade expectations at 140.2 million bushels. Gains in the stock market and crude oil helped extend the rally. August ended 5 cents higher at $10.23 1/2 and November ended 24 cents higher at $9.32.



Wheat futures closed higher on Thursday. The strong rallies in corn and soybeans helped the market recover from the losses posted on Wednesday. Gains were limited most of the session by ample global wheat supplies and sluggish export demand. Weekly export sales of only 12.6 million bushels fell to the low end of trade expectations. CBOT September was 9 3/4 cents higher at $5.31 3/4, KCBT September ended 6 3/4 cents higher at $5.61 1/2 and MGE September was 2 cents higher at $6.00.



Cattle futures closed steady to higher on Thursday. Lower than expected cash trade so far this week left the August contract unchanged. But strength in the stock market and higher boxed beef prices helped push deferred future higher. Choice cutouts were up again at midday by $1.01. Choppy trade is likely tomorrow, ahead of the Cattle on Feed and Cattle Inventory reports due out Friday afternoon. August was unchanged at $85.03 and October was 30 cents higher at $90.10.



Lean hog futures were strongly lower again on Thursday. The market was pressured by fund selling and ideas that pork cutout values are close to topping. The Cold Storage report from Wednesday afternoon was also bearish. USDA pegged total pork stocks at 578.8 million pounds, a record for the end of June and 9.2% above year-ago. August closed $1.15 lower at $60.95 and October ended 93 cents lower at $56.40.