Corn futures closed lower on Thursday. The market staged a half-hearted attempt to move higher early in the session, but once again gains faded and prices moved lower instead. Futures traded to a new contract low and posted a new low close. September ended 2 1/2 cents lower at $2.19. December settled 2 1/2 cents lower at $2.35 1/2.



Soybean futures ended slightly lower on Thursday. Weekly export sales came in above expectations at 26.2 million bushels and futures are technically oversold. However, rally attempts continue to be overshadowed by favorable weather for crop development and pod filling in the Midwest. September ended 3/4 of a cent lower at $5.51 1/2 and November was 1/2 lower at $5.64 1/2.



Wheat futures were lower on Thursday. The markets ran into renewed speculative long liquidation today, with Chicago futures sagging through light chart support. Kansas City and Minneapolis managed to hold above Monday's lows but those markets also staggered to a weak close. Export sales were within expectations, but are barely adequate for this time of year. CBOT Sep fell 8 cents to close at $3.63 1/2. KCBT Sep was down 5 1/2 cents to close at $4.46 3/4. MGE Sep was 4 cents lower at $4.46 3/4.



Cattle futures were mixed on the close Thursday. After rallying early, profit-taking trimmed gains and pushed some contracts lower. Expectations for firm cash prices this week contributed to the early strength. However, slightly lower beef cutout values attracted selling interest on ideas beef prices are establishing a near-term top. October gained 25 points to close at $92.05 while December was 5 points lower at $90.90. October feeder cattle were up 40 points to close at $117.22.



Lean hog futures closed higher on Thursday as cash prices stayed firm and ideas circulated about declining hog supplies. Hog weights last week averaged just below 260 pounds, about 1 pound more than last year at this time. This indicates that there is no backlog of heavyweight hogs. October gained 95 cents and closed at $65.73. December ended 45 cents higher at $62.63.