Even before tariffs were imposed by United States President Donald Trump on March 4, the levies were having an impact on Western Canadian feed grain prices, said Jay Janzen of CorNine Commodities in Lacombe, Alta.
Grain prices at the Chicago Board of Trade were on the weaker side for the week ended July 16 due to last week's USDA report and ongoing trade tensions.
Chicago Mercantile Exchange cattle futures made gains today as trends indicate that while contracts have backed away from record highs, market fundamentals remain solid.
Chicago corn futures ticked up in rangebound trade on Thursday as stout export sales, weather concerns in Argentina and strong demand added support, analysts said.
Chicago soybean futures sank to life-of-contract lows on Tuesday as favorable crop conditions in Brazil and weak Chinese demand for U.S. soybeans hung over the market, traders said.
World food prices rose in October to an 18-month high as vegetable oils led increases seen in most food staples, United Nations' data showed on Friday.
China and Brazil are to further solidify their positions as the world's number two and three corn producers, according to attache reports from the United States Department of Agriculture.
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.