Lean hog futures traded mostly higher on Thursday. Despite strong losses in nearly all other commodity markets, lean hog futures were able to turn higher on short-covering following recent losses. Ideas that pork prices have fallen enough to help demand improve was supportive. The tone in the cash market remains lower, but tightening supplies of market ready hogs should help the cash market recover. June closed 28 cents higher at $92.43 and October was 15 cents higher at $86.93.
Corn futures closed strongly lower on Thursday. The corn market was pulled lower by the broad-based selloff across commodity markets. Crude oil futures fell sharply and slipped below $100 per barrel on the front end contract. The decline in precious metals and energy markets encouraged additional fund long liquidation in corn. However, new-crop losses were limited by continued concern about corn plantings. Wet conditions in the eastern Corn Belt are expected to keep corn planting progress slow, although some progress has been made this week in the central and western Corn Belt. July ended 20 3/4 cents lower at $7.08 3/4 and December was 9 1/2 cents lower at $6.55 3/4.
Soybean futures traded sharply lower on Thursday. Sharp losses in crude oil futures and precious metals caused spillover selling in soybeans. Poor export demand remains a fundamental bearish factor. China has slowed purchases and global demand has shifted to the large soybean crops in South America. The Weekly Export Sales report released this morning showed only 0.8 million bushels of new commitments. July closed 30 1/4 cents lower at $13.21 3/4 and November was 31 3/4 cents lower at $13.06 3/4.