Corn futures closed lower on Thursday. Futures were supported much of the day by strong weekly export sales reported this morning and talk that China had purchased more corn. Export sales were a marketing year high last week. But after posting 6-week highs, the market fell on sharp losses in soybeans, strength in the dollar and weakness in crude oil and equities. July ended 1 3/4 cents lower at $3.71 1/4 and December was 4 1/2 cents lower at $3.84 3/4.
Soybean futures were sharply lower on Thursday. The market was hit hard today by the sharp rally in the dollar and weakness in crude oil and equities. In addition, favorable planting conditions are raising ideas of the potential for a big soybean crop this year. Weekly export sales this morning were at the low end of trade expectations at 10.4 million bushels of old-crop and 7.7 million bushels of new-crop. July closed 22 3/4 cents lower at $9.45 1/2 and November was 26 3/4 cents lower at $9.28 3/4.
Wheat futures traded lower on Thursday. The lack of supportive news, strength in the dollar and spillover pressure from soybeans weighed on the wheat market today. Financial markets were spooked by continued concern about the financial problems in Greece and ideas that the problems may spread in Europe. Further losses were limited by concern about potential frost damage this weekend to the winter wheat crop and the Wheat Quality Council tour so far showing yield potential slightly below year-ago. CBOT July closed 3 3/4 cents lower at $5.08 1/4, KCBT July was 4 1/2 cents lower at $5.19 1/2 and MGE July fell 6 1/2 cents to $5.37.
Cattle futures closed lower on Thursday. Strength in the dollar and sharp losses in stock market weighed on futures. Financial markets are reacting to the crisis in Greece. Losses were limited by strength in cash cattle trade this week and firm boxed beef prices at midday and the discount of futures to current cash prices. June closed 85 cents lower at $95.85 and August was 80 cents lower at $94.45.
Lean hog futures were mixed on Thursday. Front end futures were pressured by strength in the dollar, which may slow exports, and ideas that pork prices may have topped. Pork prices were down 70 cents on Wednesday. But some deferred contract pulled higher on short-covering despite the sharp decline in the stock market. June closed 38 cents lower at $84.10 while August ended 30 cents higher at $85.05.