Corn futures were about a penny lower today. The corn market is still relying on the soybean market for direction. The slow rebound during Thursday's trading session mirrors the price action in soybeans. May ended 1 cent lower at $2.18.



Soybean futures are recovered from early losses to closed steady to slightly lower. Initial losses were attributed to technical selling amid overbought conditions, but strong weekly export sales and continued weather problems in South America helped the market recover. May closed unchanged at $6.27 1/4.



Wheat futures were a few cents lower but the market recovered to finish on the high end of the daily trading range. The market continues to trade in sympathy with soybeans, which recovered from early losses late in the day. CBOT May was 2 1/2 cents lower at $3.38. KCBT May fell 3 1/4 cents to close at $3.48 1/4. MGE May wheat was also down 3 1/4 cents at $3.57.



Cattle futures were sharply higher on Thursday boosted by the Montana court ruling that will delay the proposed March 7 resumption of Canadian cattle imports. April futures surged 190 points to close at $87.70.



Lean hog futures closed solidly higher on Thursday with most months reaching contract highs. Strong gains in the cattle market and firm cash bids helped push futures higher. Pork cutouts were $1.99 higher on Wednesday. April closed 145 points higher at $76.10.