Corn futures were mixed on Thursday. Futures opened higher, but similar to trade all week, the market quickly reversed from its initial direction. Losses centered on the nearby contract while new-crop months managed to maintain slight gains. May closed 3 cents lower at $4.21 1/2 while new-crop December was up 1 1/2 cents at $4.10 3/4.

Soybean futures closed slightly higher on Thursday. Futures were able to push higher as the market tries to bounce back from recent losses. Technical buying was given part of the credit but a higher than expected export report this morning also gave the market some strength. May settled 1 3/4 cents higher at $7.59 and November ended 2 1/4 cents higher at $7.97 1/2.

Wheat futures ended narrowly mixed on Thursday. Futures held in a narrow trading range today. The market bounced a few cents higher through late morning but once again failed to show any real enthusiasm for the upside. News that Argentina has temporarily suspended wheat exports provided light support. CBOT May was 2 1/2 cents lower at $4.75 1/2. KCBT May was down 1/4 cent at $5.02 1/4 while MGE May was 1/4 cent higher at $5.13 1/2.

Cattle futures closed sharply higher on Thursday as contracts posted new highs. The April contract surged above the $100 benchmark to reach the highest level for any futures contract since October of 2003. The big jump in boxed beef prices and reports of $98 cash trade helped rally the market. April was 247 point higher at $101.02 and June was 192 points higher at $98.75. March feeder cattle climbed 147 points to close at $104.85.

Lean hog futures posted big gains on Thursday. Spillover from stronger cattle futures and stabilizing cash prices helped rally futures. Price gains were also fueled by fund buying and short covering. April ended up 208 points at $67.75 and June was 205 points higher at $78.18.