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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.

The United States will sell “so much” beef to Australia, U.S. President Donald Trump said on Thursday after Canberra relaxed import restrictions, adding that other countries that refused U.S. beef products were on notice.

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.

With dry conditions in Australia’s southern production regions, the United States Department of Agriculture attaché in Canberra projected reduced wheat production for 2025/26. The attaché wrote in their report released on July 28 that Western Australia, South Australia and Victoria had low soil moisture levels going into wheat planting and there was below-average autumn rains.

Chicago Board of Trade wheat futures fell on Wednesday amid signs of profit-taking and reports of ample global supplies, which are outweighing concerns over smaller Russian crop estimates, market analysts said.

This year’s soft wheat crop in France, the European Union’s biggest producer, is expected to rise to 33.40 million metric tons, up 30 per cent from a rain-hit harvest last year, Argus Media said on Tuesday.

Chicago corn and soybean futures fell on Monday on forecasts for crop-friendly rain in U.S. grain belts this week.

Chinese authorities have pledged to rein in hog production and reduce soymeal use in animal feed to stabilize hog prices.

Chicago Board of Trade corn futures ticked up on Thursday on signs of short-covering and consolidation, with traders hopeful that President Donald Trump will get foreign buyers to purchase more U.S. farm goods, market analysts said.

Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.