Corn futures closed lower on Thursday. Spillover weakness from soybeans and forecasts for some much needed rainfall in Argentina this weekend pressured the market. Demand for corn remains sluggish. But losses were limited by the rebound in crude oil futures and the stock market from early session losses. March ended 2 3/4 cents lower at $3.87 1/2 and May ended 2 1/2 cents lower at $3.98 1/2.

Soybean futures ended lower on Thursday. Profit-taking pressured the market following the gains on Wednesday. Weather forecasts call for some much needed rainfall in Argentina this weekend, although hot and dry weather is expected to return next week. Outside markets also encouraged the losses although crude oil and the +stock market recovered from early losses. March ended 8 1/2 cents lower at $10.12 and May closed 9 3/4 cents lower at $10.19 1/2.

Wheat futures were mostly lower on Thursday. Winter wheat markets were pressured by profit-taking from yesterday's gains as outside markets and corn and soybeans were mostly lower. Losses were limited by concern about dry conditions in the southern Plains HRW wheat areas. CBOT March was 5 cents lower at $5.66 3/4, KCBT March was 3 1/2 cents lower at $5.97 while MGE March was 4 1/4 cents higher at $6.51 1/2.

Cattle futures settled mostly higher on Thursday, although the nearby contract was slightly lower. Weakness in boxed beef prices and some lower cash trade so far this week pressured the front end. But deferreds were able to climb higher on short-covering as crude oil futures and the stock market recovered from losses earlier in the day. Traders are also positioning ahead of the Cattle on Feed report due out Friday afternoon. February closed 8 cents lower at $82.28 and April was 20 cents higher at $85.40.

Lean hog futures were mixed on Thursday. Front end contracts were higher while summer month contracts ended lower. Strength in the cash market and firm pork cutouts values provided support. But concern about the economy remains a bearish factor for deferreds given the weakness in the stock market today. February was 33 cents higher at $59.65 while June ended 33 cents lower at $77.13.