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 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 corn futures set contract lows and soybean futures sagged on Friday on expectations that beneficial weather for U.S. crops will lead to bumper harvests, analysts said.
Bargain buying and short covering lifted U.S. corn futures on Monday after the market slid to contract lows on expectations for strong U.S. output, traders said.
U.S. President Donald Trump's plan for a 50 per cent tariff on goods from Brazil will likely raise prices for the beef that is used in American hamburgers, traders and analysts said on Thursday, as food manufacturers increasingly rely on imports during a time of declining domestic production.
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
Chicago Mercantile Exchange feeder cattle futures extended gains to record highs on Wednesday while live cattle futures set a contract high before pulling back.
The flesh-eating livestock pest New World screwworm has advanced closer to the U.S. border with Mexico, the U.S. Department of Agriculture said, prompting Washington to block imports of Mexican cattle just days after it allowed them to resume at a port of entry in Arizona.