Corn futures closed strongly higher on Thursday. Heavy fund buying pushed prices higher on support from outside markets and ideas that the global economy will benefit from an agreement from EU leaders to deal with the euro zone debt crisis. The stock market and crude oil were strongly higher while the dollar index was sharply lower. Gains were limited at timed by the bearish weekly export sales report. Sales last week of 14.2 million bushels were well below trade expectations. December ended 14 1/4 cents higher at $6.51 1/2 and March was 14 cents higher at $6.63 1/2.
Soybean futures traded sharply higher on Thursday. Commodity markets were supported by optimism about the global economy following news that EU leaders had agreed on a plan to deal with euro zone debt. The dollar index was down sharply while the stock market and crude oil futures traded higher. The market was able to shrug off disappointing weekly export sales. Export commitments last week of 9.4 million bushels were the lowest in four months and well below pre-report trade expectations. November closed 24 1/2 cents higher at $12.35 and January was 24 1/4 cents higher at $12.44.
Wheat futures closed strongly higher on Thursday. Broad based commodity support came from news of a deal by European leaders to deal with the debt crisis in Greece. The U.S. dollar index traded sharply lower, which is bullish for wheat prices. However, poor weekly export sales reported this morning limited gains at times. U.S. wheat is struggling to compete with wheat from the Black Sea region. Weekly export sales last week of 11.6 million bushels were at the very low end of trade expectations. CBOT December closed 24 1/2 cents higher at $12.35, KCBT December was 22 cents higher at $7.38 and MGE December ended 12 3/4 cents higher at $9.23.
Cattle futures closed mostly lower on Thursday. Futures were supported early in the session by strength in the stock market and weakness in the dollar index. Outside markets were supported by reports that European leaders had reached a deal to deal with the debt problems in Greece. But concern that higher beef prices will hurt demand and uncertainty about the cash market pushed futures lower. October closed 30 cents lower at $120.75 and December was 53 cents lower at $119.90.
Lean hog futures traded mostly lower on Thursday. Strength in the stock market and weakness in the dollar provided some support to the market. However, most months were lower due to the recent weakness in pork cutout values and increased market ready hog supplies. There is concern that cash and pork cutout values have peaked. December closed 38 cents lower at 486.65 while February was 3 cents higher at $89.68.