Corn futures were higher Thursday, but gains were more subdued than recent action that has carried nearby futures to well over $3.00 and the highest prices in 2 1/2 years. Some further consolidation trade may be in order over the very near-term. December closed 1/2 cent higher at $3.16. March settled 1 3/4 cents higher at $3.27.

Soybean futures closed with gains on Thursday, but ended below the highs for the session. Corn and wheat provided spillover support early, but those markets faded during the session. Fundamental pressure from knowing that a record crop is being harvested helped keep a lid on the gain. November ended 3 1/2 cents higher at $6.08 and January was 4 1/2 cents higher at $6.22 1/2.



Wheat futures ended slightly higher Thursday. The market finished well below early morning highs, suggesting that the downside correction from Tuesday morning's contract highs still has some room to run. Weekly export sales of 16.4 million bushels were at the high end of expectations, but not strong enough to spark speculative buying interest. CBOT Dec closed 1/2 cent higher at $5.13. KCBT Dec was 5 1/2 cents higher at $5.30. MGE Dec was 5 1/4 cents higher at $5.10 1/4.



Cattle futures were lower on the close Thursday. The lack of cash market activity and concerns about the risk for a bearish Cattle on Feed report from USDA Friday afternoon sparked speculative long liquidation. December fell 65 points to close at $87.20. February was 57 points lower at $89.95. October feeder cattle fell 40 points to close at $106.70.



Lean hog futures closed lower on Thursday. The sharp decline in pork cutouts and lower cash prices weighed on prices today. Losses were extended once the December contract fell through technical support before prices bounced a little into the close. December closed 58 cents lower at $58.68 and February fell 53 cents to $61.18.