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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 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.

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.

As the rest of July plays out, United States soybeans and corn will remain in a weather market, said Sean Lusk, vice-president of Walsh Commodity Hedging Services in Chicago.

The Chinese embassy in Ottawa criticized duties slapped by Canada this week on Chinese imported steel, saying on Friday they violated World Trade Organization (WTO) rules and disrupted the global trade order.

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.