Lean hog futures traded strongly lower on Thursday. Profit-taking and talk of lower cash prices next week weighed on the market. Pork cutouts were 85 cents lower on Wednesday and packer margins are tight. Losses were extended by news of another earthquake in Japan, which raised concern about export demand. Japan is the largest buyer of U.S. pork, but earthquake damage could hurt their economy and thus lower pork imports. April ended $1.23 lower at $92.75 and June was $1.40 lower at $100.10.
Corn futures closed lower on Thursday. The market traded higher early on Thursday on positioning ahead of the Supply/Demand. Trade estimates look for USDA to cut ending stocks to around 600 million bushels from 675 million last month, which would put the stocks-to-use ratio at the lowest levels since the 1930s. But profit-taking on recent gains pushed prices lower and most commodities were pressured by news of another earthquake in Japan. May ended 4 cents lower at $7.59 and December was 3 1/4 cents lower at $6.44 1/4.
Soybean futures traded lower on Thursday. Futures fell to the lowest level in over a week on positioning ahead of USDA's Supply/Demand report and on pressure to commodity markets from news of another earthquake in Japan. The quake shook the commodity markets on concern about their economy and the potential negative effect on demand. The Supply/Demand report due out Friday morning is expected to maintain or cut slightly the very tight ending stocks estimate. May closed 13 cents lower at $13.63 1/2 and November was 10 3/4 cents lower at $13.65 1/2.