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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.

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.

U.S. President Donald Trump ramped up his tariff assault on Canada on Thursday, saying the U.S. would impose a 35 per cent tariff on imports next month. Exceptions for goods under CUSMA, which includes many agricultural products, are expected to continue a White House official said.

The Chinese embassy in Ottawa criticized duties slapped by Canada this week on Chinese imported steel, saying on Friday they violated World Trade Organization (WTO) rules and disrupted the global trade order.

The U.S. Department of Agriculture lowered its U.S. corn supply forecast in a monthly supply-and-demand report on Friday and raised its outlook for U.S. exports of the grain this season to a record high following a strong pace of overseas shipments.

Germany's BASF said on Friday that it was lowering its full-year outlook, citing weaker-than-expected global economic growth and reduced demand for its chemicals due to U.S. tariffs.

Canada's International Trade Minister said on Thursday that there was interest from both sides to advance trade talks with South American bloc Mercosur, as Ottawa seeks new deals in a push to diversify from the U.S.

Brazilian meatpackers are weighing whether to make new shipments of beef products to the United States after President Donald Trump announced a 50 per cent tariff on Brazil last week, Roberto Perosa, president of Brazilian beef lobby ABIEC, said.

Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.

Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country's biofuel policy would boost demand for soyoil, analysts said.