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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.

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.

The Bank of Canada held its key policy rate at 2.75 per cent for the third time in a row on Wednesday, as expected, and said the risk of a severe and escalating global trade war had diminished.

Australia has lifted a 22-year-old ban on the import of Canadian beef and beef products, the Canadian Food Inspection Agency said in a statement on Tuesday.

Chicago Board of Trade wheat futures fell on Wednesday amid signs of profit-taking and reports of ample global supplies, which are outweighing concerns over smaller Russian crop estimates, market analysts said.

This year’s soft wheat crop in France, the European Union’s biggest producer, is expected to rise to 33.40 million metric tons, up 30 per cent from a rain-hit harvest last year, Argus Media said on Tuesday.

Chinese authorities have pledged to rein in hog production and reduce soymeal use in animal feed to stabilize hog prices.

Chicago corn and soybean futures fell on Tuesday for a third straight session as forecasts for cooler Midwest temperatures this week and continued periodic rains reinforced expectations for ample U.S. harvests, analysts said.

Chicago Board of Trade corn futures ticked up on Thursday on signs of short-covering and consolidation, with traders hopeful that President Donald Trump will get foreign buyers to purchase more U.S. farm goods, market analysts said.

Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.