Corn futures closed slightly higher on Thursday. Favorable crop weather weighed on prices much of the day, but spillover strength from soybeans and firm crude oil prices helped pull futures higher today. Weather conditions remain bearish as strong corn condition ratings are likely to improve again this week. July ended 1 cent higher at $3.49 1/2 and December was 1/2 cent higher at $3.70 1/4.
Soybean futures were solidly higher on Thursday. Strength in the cash market and support from soy products helped push prices higher. Soybean meal rallied due to tight supplies and soybean oil was supported by strength in crude oil. New-crop months were supported by a monthly report from the NOAA that showed favorable conditions for a transition to La Nina this summer. July closed 22 1/2 cents higher at $9.55 and November ended 16 1/4 cents higher at $9.19 3/4.
Wheat futures were mostly lower on Thursday. The market was unable to be pulled higher by spillover from soybeans due to seasonal harvest pressure as winter wheat harvest expands in the southern Plains, sluggish export demand and large world wheat stocks. CBOT July closed 3/4 cent lower at $4.41 3/4, KCBT July ended 2 1/4 cents lower at $4.71 1/2 while MGE July was 1/2 cent higher at $4.97 3/4.
Cattle futures closed mostly lower on Thursday. The nearby June contract was slightly higher amid steady to firm cash trade this week. But deferreds were pressured by profit-taking and concern about sliding boxed beef prices. Boxed beef prices were lower at midday, with choice cutouts losing another $1.26 this morning. June closed 5 cents higher at $92.10 while August was 63 cents lower at $90.13.
Lean hog futures settled mostly lower on Thursday. After the cash market rebounded yesterday, today’s bids were flat. The $1.31 drop in pork cutout values on Wednesday helped curb packer’s enthusiasm. Strength in the dollar and the stock market turning lower today were also bearish factors for the futures market. June ended 88 cents lower at $80.45 and August was 10 cents lower at $82.93.