Corn futures settled lower on Thursday. After early gains, the market turned lower on spillover weakness from soybeans and forecasts for continued favorable crop weather. Weekly export sales of 32.8 million bushels fell below the range of pre-report trade expectations. September ended 6 1/4 cents lower at $3.24 1/2 and December ended 4 1/4 cents lower at $3.32.

Soybean futures turned strongly lower on Thursday. After some strength this morning, futures were pressured by profit-taking and favorable crop weather in most soybean growing regions. The market fell despite very tight old-crop stocks and a better than expected weekly export sales report this morning of 37.5 million bushels. China remains the dominate buyer. September closed 27 1/4 cents lower at $10.65 1/4 and November was 25 1/4 cents lower at $10.18 3/4.

Wheat futures traded lower on Thursday, with futures hovering around contract lows. Bearish fundamentals and spillover pressure from soybeans and corn weighed on the market. The increased world and U.S. production estimates from USDA on Wednesday and ample global wheat stocks weighed on the market. Further losses were limited by better than expected weekly export sales this morning of 17.4 million bushels and further weakness in the dollar. CBOT Sep closed 8 3/4 cents lower at $4.81 1/2, KCBT Sep was 10 1/2 cents lower at $5.08 1/2 and MGE Sep ended 13 cents lower at $5.55.

Cattle futures closed lower on Thursday. Profit-taking and uncertainty about this week's cash market pressured futures. In addition, boxed beef prices were lower at midday, with choice cutouts down 44 cents. Light cash trade has developed this week in Nebraska. A few $132 bids on a dressed basis were reported on Wednesday, but mostly $130-$131 bids were reported today. August ended 25 cents lower at $84.18 and October was 15 cents lower at $88.20.

Lean hog futures posted strong gains on Thursday. A short-covering rally from oversold conditions supported the futures market. However, cash fundamentals remain mostly bearish. Hog marketings remain ample for packer needs and hog weights continue to rise. In addition, pork cutouts fell $1.34 on Wednesday, slipping to the lowest level in a month. August closed $1.05 higher at $48.80 and October was $1.43 higher at $45.40.