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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. wheat futures rose more than one per cent on Wednesday as signs of a hardening conflict between Ukraine and Russia and worries about dryness in China appeared to spark a round of short-covering, 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 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.

Chicago corn futures fell on Thursday as beneficial weather patterns moved through growing areas, analysts said.

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.

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.