Corn futures ended lower on Thursday. Futures retracted previous gains as technical selling and bearish fundamentals pressured prices. Disappointing weekly export sales and planting remaining ahead of normal are currently negative factors. July ended 4 cents lower at $2.13.

Soybean futures ended lower on speculative long liquidation and technical selling. The market opened firm and there was nervousness about the Asian rust case being confirmed in some Georgia soybeans, but that was unable to hold the market up the entire session. July fell 8 1/2 cents to $6.25 1/4.

Wheat futures were slightly lower Thursday. Forecasts for precipitation in the Plains weighed on the market. Losses were trimmed by a report that Iraq plans to buy half of its wheat import needs from the U.S. CBOT Jul was down 2 cents to close at $3.27 1/4. KCBT July was 1/2 cent lower at $3.31. MGE May fell 1 3/4 cents to close at $3.44.

Cattle futures were narrowly mixed Thursday. Futures traded in a quiet sideways range as market participants reassessed the situation following the steep selloff yesterday. Concerns that the cash market is softer than expected this week kept buyers cautious. June closed 2 points lower at $85.60.

Lean hog futures closed mixed but mostly higher on Thursday. Higher cash hog prices continued to provide support. Futures prices appear to have bottomed and will probably move higher as hog supplies tighten seasonally. June hogs posted a 23 cent decline and closed at 76.70.