DTN Closing Grain Comments 03/04 13:49
4 Mar 2020
DTN Closing Grain Comments 03/04 13:49 Corn and Soy Get a Boost, Equities Recover Losses, Wheat Sinks Despite the acceleration of COVID-19 virus cases outside of China, and a new and higher mortality rate (3.4%), corn, soybeans and equities all rose on Wednesday, aided by the 50-basis point interest rate cut from the Federal Reserve. Corn was likely helped by China buying 110,000 metric tons (mt) of U.S. sorghum for 2019-20, and that kept phase-one buying hopes alive. Soybeans and soy oil jumped on a sharp rise in palm oil futures (5.2%), and news that Argentina was poised to raise export taxes on all soy and products by 3%, likely to be announced later on Wednesday.