Corn futures closed higher on Thursday. Spillover support from soybeans helped rally the market although futures could not push above recent highs. Ample world feed grain supplies and relatively sluggish export sales continue to limit gains. March ended up 2 1/4 cents at $1.99 1/4.



Soybean futures shot higher today. Concern about dry conditions in southern Brazil and updated forecasts today showing less rainfall provided strength. Short-covering helped futures extend the gains late in the session. March ended 17 cents higher at $5.52.



Wheat futures were higher on Thursday. Stronger than expected weekly export sales of 20 million bushels provided support. Futures held the morning gains despite news that the EU raised its export subsidy. CBOT Mar was up 3 cents at $2.95 1/2. KCBT Mar climbed 3 1/2 cents to close at $3.28 3/4 and MGE Mar was 3 cents higher at $3.33 3/4.



Cattle futures were mostly lower on Thursday. Early expectations for higher cash prices provided support but the futures market turned lower after midsession when USDA reported that boxed beef cutout values were down $2. April was down 37 points at $87.30.



Lean hog futures closed slightly lower today. The market traded in a very narrow range with no new news to move the market. Higher cash bids helped to support futures prices, but traders are well aware that futures prices are already far above cash. April fell 5 cents to close at $73.85.