DTN Closing Grain Comments 02/27 13:40
27 Feb 2020
DTN Closing Grain Comments 02/27 13:40 Soybeans, Meal Buck Bearish Trend Amid Continued Meltdown Despite the ongoing meltdown in world financial and commodity markets, soybeans and soybean meal were able to rebuff bearish influences to close higher. The likely impetus for that strength was twofold: Argentina's decision to suspend export licenses, along with expectations for a 3% rise in soy and product export taxes, and the fact that on Tuesday China will begin to accept tariff-free license requests to import U.S. soybeans and ag products. The Dow Jones average at one point on Thursday had plunged 10 1/2% from the recent high, while spot crude has plunged nearly $9 from the high six days ago.