Soybean prices hit 7-mth high on prolonged Argentina drought

U.S. soybean futures climbed to their highest level in almost seven months on Thursday, propped up by fears that adverse weather conditions in Argentina. Argentina could harvest fewer than 50 million tonnes of soybeans in the 2017-18 crop year as a prolonged drought looks set to continue harming yields.The dryness in the heart of Argentina’s Pampas grains belt is likely to persist through the second half of February. The most-active soybean futures for March delivery on the Chicago Board of Trade were up 0.3 percent at $10.19-3/4 a bushel.