Corn futures closed higher on Thursday. Short-covering ahead or the Supply/Demand report due out Friday morning helped pull prices up from one-month lows posted yesterday. A supportive weekly export sales report and higher crude oil futures also contributed to the strength. March ended 7 1/2 cents higher at $3.99 3/4 and December is 5 1/2 cents higher at $3.96 1/2.



Soybean futures ended higher on Thursday. Firm corn prices and strong weekly export sales supported the market. Weekly export sales are running 30% ahead of year ago. However, gains were limited by hedge pressure from South America as current crop conditions remain favorable. March ended 2 3/4 cents higher at $7.43 3/4 and November was 3 1/4 cents higher at $7.94 3/4.



Wheat futures settled higher on Thursday. The market was able to move above chart resistance, which attracted technical buying interest. Firm corn prices and strong weekly export sales were also supportive factors. CBOT Mar was 5 cents higher at $4.57. KCBT Mar was up 7 1/4 cents at $4.83 3/4 while MGE Mar was 7 3/4 cents higher at $4.94.



Cattle futures were lower on Thursday. The market ran into some profit-taking following the rally that began late last week. Some $92 trade in Nebraska and forecasts for a continued stressful winter weather pattern helped limit losses in the nearby. February was down 30 points at $93.35 and April was 85 points lower at $94.87. March feeder cattle fell 47 points to close at $98.87.



Lean hog futures closed lower again on Thursday, pressured by profit-taking and weakening cash prices. Cash hog prices were mostly lower on Thursday in the midst of weak demand. The idea that hog marketings will increase when temperatures moderate will likely keep a lid on the cash market. April ended 68 cents lower at $66.13 and June fell 78 cents to $76.00.