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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 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.

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.

The U.S. Department of Agriculture lowered its U.S. corn supply forecast in a monthly supply-and-demand report on Friday and raised its outlook for U.S. exports of the grain this season to a record high following a strong pace of overseas shipments.

Canada's minister of foreign affairs spoke with her Chinese counterpart while in Malaysia last week, the federal government said.

Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade.

Germany's BASF said on Friday that it was lowering its full-year outlook, citing weaker-than-expected global economic growth and reduced demand for its chemicals due to U.S. tariffs.

Canada and New Zealand have reached a “mutually satisfactory” resolution to a long-running dispute over access for dairy products, the Canadian government said in a statement on Thursday.

Brazilian meatpackers are weighing whether to make new shipments of beef products to the United States after President Donald Trump announced a 50 per cent tariff on Brazil last week, Roberto Perosa, president of Brazilian beef lobby ABIEC, 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.