TOP STORIES:

Corn Higher on Adverse South American Weather

Corn for May delivery rose 2.4%, to $5.45 1/2 a bushel, on the Chicago Board of Trade Friday, in response to weather forecasts indicating that weather in South American growing regions will continue to challenge the health of the crop and farmers' ability to harvest it. Soybeans for May delivery rose 1.4%, to $14.30 a bushel. Wheat for May delivery rose 0.3%, to $6.53 a bushel.

BOT grain futures surged Friday, due in part to indications that dryness in Argentina and overwhelming precipitation in Brazil will not ease in the coming weeks. "The bull has returned to give it another go and at least finish out the week on a strong note," said Dan Hueber of the Hueber Report. Overall, corn and wheat in particular have been on the decline since late February, with today's movement bucking that trend.

STORIES OF INTEREST:

Nestlé USA Buys Essentia Water

Nestlé USA acquired Essentia Water, which had sales of $192 million last year.

The Nestlé SA unit said the purchase of the ionized alkaline water company is part of its increased focus on international premium and mineral water and "healthy hydration products." Its brands include Perrier, San Pellegrino and Acqua Panna. The transaction price wasn't stated in a press release.

Limoneira Up 7% After Stephens Upgrade

Limoneira Co. shares were recently up 7% to $16.94 after Stephens & Co. upgraded the company to overweight from equal-weight and raised its price target to $20 from $17.

The provider of lemons, avocados and oranges, with other operations including real estate, is slated to report first-quarter earnings Wednesday after market close.

THE MARKETS:

Cattle Futures Finish Week Higher -- Market Talk

1512 ET - Live cattle futures finished trading on the CME higher, with the most-active contract ending up 0.4% to $1.19025 per pound. The uptick in cattle futures comes as a joint report with the USDA/Statistics Canada show that Canada's beef cattle herd is at its lowest point in 30 years, suggesting that US exports of cattle to Canada will grow in the coming year, says Steiner Consulting. "The Canadian beef and pork industry has been shrinking in the last 10-15 years and the latest statistics show that little has changed in that regard," says the firm. Meanwhile, lean hog futures finished trading Friday down 0.1%, to 87.175 cents per pound. (kirk.maltais@wsj.com; @kirkmaltais)

(END) Dow Jones Newswires

03-05-21 1745ET