Corn Corn futures settled fractionally mixed on Thursday. A bearish Weekly Export Sales report and spillover weakness from soybeans pressured corn prices much of the day. Export commitments of 13.3 million bushels were below trade expectation and were more than 50% below the previous four-week average. Losses were limited late in the day by short-covering. May closed 1/4 of a cent lower at $3.65 1/4 and July was 1/4 of a cent lower at $3.76 1/4.
Soybeans Soybean futures were sharply lower on Thursday. Fund selling was triggered by the bearish Weekly Export Sales report. Commitments for the current marketing year were a negative 4.3 million bushels due to the cancellation of sales from China. Increased harvest activity in South America and the expectations of record crops there were also bearish factors. May ended 27 1/2 cents lower at $9.30 1/2 and July closed 26 1/2 cents lower at $9.39.
Wheat Wheat futures closed lower on Thursday. Future fell to five-month lows on spillover pressure from soybeans and continued bearish reaction to the USDA reports on Wednesday. USDA raised their U.S. wheat ending stocks projection to over 1 billion bushels. Weekly export sales of reported this morning at 15 million bushels of 2009/10 crop wheat were within trade expectations and above the pace needed to reach USDA's export forecast. But USDA's export number would be the smallest total since 1971-72. CBOT May was 2 3/4 cents lower at $4.78 3/4, KCBT May ended 1 1/2 cents lower at $4.89 1/2 and MGE May closed 2 cents lower at $5.04 1/2.
Cattle Cattle futures closed mixed on Thursday. The market was choppy today as traders were waiting for the cash market to develop. Cash cattle traded at mostly $92 last week. The unwinding of bear spreads was supportive for the June contract while bearish for most deferreds. April ended 5 cents lower at $93.83 and June was 23 cents higher at $91.95.
Hogs Lean hog futures were lower on Thursday. The market was pressured by the weak tone in the cash market and the 67 cent drop in pork cutouts on Wednesday. Russia approved 11 U.S. pork plants to resume pork shipments, but little pork is expected to be exported there until pork prices decline. April closed 68 cents lower at $71.88 and June was 45cents lower at $80.20.
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