Corn futures were lower Thursday in lackluster trade ahead of USDA's Crop Production and supply/demand reports due out Friday morning. Losses were attributed to rainfall in the Corn Belt and forecasts for moderate temperatures and more rain over the next week. September ended down 1 cent at $2.38 3/4. December also settled 1 cent lower at $2.55 3/4.

Soybean futures ended lower on Thursday. It was another relatively choppy day in the bean pits as traders bide their time waiting to see the USDA production report Friday morning. Continuing rains and mild temperatures across the Midwest are putting a lid on any strength. September closed 5 1/4 cents lower at $5.61 1/4 and November was 5 3/4 cents lower at $5.74 1/4.

Wheat futures were slightly lower in most contracts on Thursday. Traders were getting positioned for the USDA reports due out Friday morning. The wheat production forecast is expected to fall around 40 million bushels from the 1.806 billion bushel July forecast. CBOT Sep was down 1 1/2 cents at $3.86 1/2, KCBT Sep fell 2 1/4 cents to close at $4.69 1/4. MGE Sep was 1/4 cent higher at $4.72 1/4.

Cattle futures were sharply higher on Thursday. August and October futures surged to new contract highs. The jump in the cash market and firm boxed beef prices helped rally the market. Cash prices are now up $7 to $8 since the summer lows were established in late July. Boxed beef cutout values have climbed $8 to $12 since late July. August surged 217 points to close at $88.47 while October was 192 points higher at $92.37. August feeder cattle climbed 132 points to close at $117.40.

Lean hog futures closed sharply higher on Thursday, with the rally fueled by big gains in the cattle market. The rally was mostly driven by outside factors as cash prices barely moved on Thursday. At one point the October contract was up $2.25, but the contract settled at $64.40, up $1.75. December hogs ended up $1.35 at $61.83.