Corn futures closed higher on Thursday, rebounding from early losses. The market opened lower on ideas of an increased USDA production estimate next week and seasonal harvest pressure. However, the short-covering bounce came as traders began evening positions ahead of the USDA report and on forecasts for rain in the Midwest that could slow early harvest activity. December closed 5 cents higher at $2.45 3/4 and March ended 4 1/4 cents higher at $2.59 3/4.



Soybean futures settled higher on Thursday. Futures fell to new contract lows this morning in most deferred contracts as favorable August weather continues to drive increased production talk. The average trade estimate is 165 million bushels above USDA's August estimate. But the market made a short-covering bounce on position evening ahead of the USDA release next week. November ended 3 1/4 cents higher at $5.50 and January was 3 1/2 cents higher at $5.63 1/4.



Wheat futures were higher on Thursday. The higher close suggests that the round of profit taking is now complete. Anticipation of a positive set of world supply and usage estimates from USDA in the Supply/Demand report due out Tuesday morning contributed to renewed buying interest. CBOT Dec climbed 3 1/4 cents to close at $4.20 1/4, KCBT Dec was 6 1/2 cents higher at $4.84. MGE Dec was up 2 cents at $4.65.



Cattle futures closed lower on Thursday. Futures ran into a bout of profit taking today following the recent climb to contract highs. Ideas that cash prices may be steady this week rather higher contributed to the setback. October was down 70 points at $93.75. December was 85 points lower at $93.00. October feeder cattle fell 30 points to close at $118.80.



Lean hog futures closed lower on Thursday with the declines attributed to profit taking and worries about the high level of pork production. The pork cutout dropped nearly $2 on Wednesday causing concern that current cash hog prices won't be able to hold. October lost 75 cents and closed at $67.08. December was down 48 cents at $64.68.