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. soybean futures climbed to a 1-1/2 month high on Wednesday, extending gains from the prior session after the U.S. Department of Agriculture forecast a much smaller autumn harvest than previously expected.
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.
U.S. agrichemicals company Corteva raised its annual adjusted profit forecast on Wednesday, following strong performance in the first half of the year.