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.
Soybean futures eased on Monday on forecasts for rain in dry areas of top exporter Brazil and Argentina and on rising United States supplies as clear Midwest weather boosted harvesting.
China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed on Monday, driven by a surge in shipments from top supplier Brazil.
Global food commodity prices edged higher in June, supported by higher meat, vegetable oil and dairy prices, the United Nations' Food and Agriculture Organization said on Friday.
Chicago Mercantile Exchange feeder cattle futures dropped on Wednesday, while live cattle rose in a turnaround from losses during the previous session, according to analysts.
Chicago Mercantile Exchange live and feeder cattle futures rose on Wednesday as a strong cash market and a screwworm outbreak in Mexican cattle added support to futures, analysts said.