TOP STORIES:

Soybean Futures Approach Year-High

Soybean futures climbed toward the highest point in a year as traders bet a drought in Argentina would dent global supplies.

The South American country's crop belt has struggled with a lack of rain for large portions of the growing season, and recent weather forecasts showed that deficit intensifying. Analysts said on Wednesday the drought could continue into March, with stress on growing corn and soybean crops getting more acute. That could result in notable crop losses, they said.

Concerns that global oilseed buyers will need to source more soybeans from elsewhere--particularly the U.S.--have nevertheless prompted a recent rally in the futures market. Soybean futures for March delivery rose 0.8% to $10.34 1/4 a bushel at the Chicago Board of Trade, closing at the highest point since last March.

STORIES OF INTEREST:

Oil Pipeline Companies' New Foe: Texas Farmers -- Market Talk

15:27 ET - Oil and gas pipeline companies already battling Native Americans and environmentalists may soon also be fighting Texas farmers. Gene Hall, communications director for the 500,000 member-strong Texas Farm Bureau says companies are using eminent domain to force pipelines through farmers' lands, and says the bureau aims to take it up with the legislature in 2019. "Low-ball things are going on right now and pipeline companies are among some of the worst offenders," Hall tells a Lions Club luncheon in Ennis, Texas. "They'll come out and offer you a ridiculously low price for the land or the property, and then if you say 'That's not enough' they'll say 'Fine, come to court.' And what they know is their pockets are deep and yours are not." (dan.molinski@wsj.com)

THE MARKETS:

Cattle Futures Ease Off Recent Highs; Cash Prices Fall

Cattle futures tumbled from multimonth highs, while meatpackers negotiated lower prices with feedyard operators for slaughter-ready animals.

The cash trade for physical cattle rose sharply last week. Meatpackers paid an average of $130 per 100 pounds, up $4 from the previous week. The futures market also rose, as traders looked to tighter short-term supplies of slaughter-ready cattle.

February live cattle contracts fell 0.5% to $1.2965 a pound at the Chicago Mercantile Exchange, briefly shooting lower on Wednesday morning before recouping most of those losses.

Hog futures rose, bouncing from recent lows. Cash prices have fallen every day for over two weeks. CME April lean hog contracts rose 1% to 69.9 cents a pound.

(END) Dow Jones Newswires

February 21, 2018 17:34 ET (22:34 GMT)

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