Corn futures traded higher on Thursday. Strength in crude oil and weakness in the dollar were supportive factors. Weekly export sales reported this morning at 34 million bushels were above trade expectations. Weather is somewhat supportive as cool and wet conditions in the eastern and southern Corn Belt will hamper emergence and will prevent some acreage from being planted to corn. July closed 5 1/4 cents higher at $4.41 and December ended 5 1/4 cents higher at $4.63 1/4.

Soybean futures were higher on Thursday, with the July contract rallying to nine month highs. Weakness in the dollar helped trigger additional fund buying. Very tight old-crop ending stock projections remains supportive despite net old-crop cancellations in the past two weekly export sales reports. July closed 21 cents higher at $12.67 and November ended 10 1/2 cents higher at $10.89.

Wheat futures were mixed on Thursday, with winter wheat lower and spring wheat higher. Profit-taking and looming harvest pressure weighed on futures. Export demand remains slow and USDA raised world wheat stocks projections this week. However, spring wheat held onto gains on concern about the spring wheat crop following the late or prevented planting. CBOT July closed 1 1/4 cents lower at $5.94 3/4, KCBT July was 3 1/2 cents lower at $6.44 1/2 while MGE July ended 7 1/2 cents higher at $7.34.

Cattle futures closed higher on Thursday. The discount of the June contract to expected cash trade this week, strength in the stock market and losses in the dollar index helped trigger some short-covering. However, gains were limited by further losses in beef prices at midday and ideas that cash trade will be steady to $1 lower compared to the $82 last week. June ended 35 cents higher at $80.10 and August was 63 cents higher at $81.45.

Lean hog futures were strongly higher on Thursday. Short-covering was triggered by technically oversold conditions, strength in the stock market and weakness in the dollar. There is some optimism that pork demand will improve as we head towards Father's Day and the 4th of July. Pork cutouts have been moving lower with losses of 93 cents on Wednesday. July closed $1.65 higher at $60.00 and October was 60 cents higher at $58.23.