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.
Grain prices at the Chicago Board of Trade were on the weaker side for the week ended July 16 due to last week's USDA report and ongoing trade tensions.
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.
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 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.