Corn futures rebounded sharply on Thursday to close higher. Futures opened lower but quickly turned higher, shrugging off the lower than expected weekly corn export sales. With the exception of the May contract, futures posted new seasonal highs. May futures closed 4 1/2 cents higher at $2.39 1/4. December settled 3 1/2 cents higher at $2.65.



Soybean futures closed strongly higher on Thursday. After initial weakness, a technical rebound in soybean meal helped pull the complex higher. Speculative buying help extend gains as futures pushed above key moving averages. May ended 14 1/2 cents higher at $6.05 1/2 and November was 12 1/4 cents higher at $6.26 3/4.



Wheat futures ended higher on Thursday. Forecasts for better chances of rain in the Plains next week and disappointing export sales weighed on prices early. However, a strong rally in corn and soybeans provided support that pulled the wheat market higher. CBOT May was 6 1/2 cents higher at $3.80 1/2. KCBT May was up 5 cents at $4.39 3/4. MGE May was 9 1/2 cents higher at $4.25 1/2.



Cattle futures closed lower on Thursday. The market ran into renewed selling pressure, dipping below recent lows to trade at the lowest level since early September. Weaker wholesale beef prices and the cash market stalemate also weighed on the futures. April cattle were 22 points lower at $86.80. June was down 27 at $82.35. March feeder cattle were up 2 points at $107.15.



Lean hog futures closed lower on Thursday. Futures traded higher most of the day on support from steady to firm cash markets. However, the futures market turned lower on a round of profit-taking and spillover weakness from cattle. April closed 70 cents lower at $62.00 and June ended 52 cents lower at $70.82.