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World food commodity prices rose in July to their highest in over two years, as a jump for vegetable oils and record levels for meat outweighed falling cereal, dairy and sugar prices, the United Nations' Food and Agriculture Organization said.

Chicago Mercantile Exchange cattle futures continued to rally on Tuesday, with feeder contracts setting new all-time highs, as U.S. cash prices remained firm and domestic supplies of replacement animals continued to shrink, market analysts said.

U.S. soybean futures climbed to a 1-1/2 month high on Wednesday, extending gains from the prior session after the U.S. Department of Agriculture forecast a much smaller autumn harvest than previously expected.

Chicago Mercantile Exchange live and feeder cattle futures hit contract highs for the second day in a row on Thursday as strong cash cattle prices and resilient consumer demand continued to fuel a rally, analysts said.

U.S. agrichemicals company Corteva raised its annual adjusted profit forecast on Wednesday, following strong performance in the first half of the year.

The United States will sell “so much” beef to Australia, U.S. President Donald Trump said on Thursday after Canberra relaxed import restrictions, adding that other countries that refused U.S. beef products were on notice.

A Chinese state-run trading firm has booked a cargo of about 50,000 metric tons of new-crop Australian canola, two traders told Reuters, just days after Beijing imposed temporary levies on top supplier Canada.

Chicago soybean and corn futures chopped up and down on Wednesday as traders monitored results from a U.S. Midwest field tour that initially confirmed strong yield prospects, traders said.

Corn yield potential and soybean prospects are significantly above average across Illinois and western Iowa, though plant diseases could threaten final yields, scouts on an annual crop tour of the Midwest said on Wednesday.

The production potential of Ohio's corn crop is the highest in at least 22 years, scouts on the annual Pro Farmer tour of top U.S. producing states found on Monday, but dry conditions could limit yields by the time the autumn harvest rolls around.