DTN Closing Grain Comments    02/20 13:50
   Volatility Spikes, Then Settles on Friday as Supreme Court Rules Against
Tariffs

   Corn and soybean futures traded both sides of even on Friday, with routine
trade interrupted at midmorning by reports the U.S. Supreme Court ruled against
President Trump's use of the 1977 International Emergency Economic Powers Act
(IEEPA) to implement widespread "reciprocal" tariffs through the first year of
his second term. While the initial minutes following the breaking story
featured a sharp reversal from daily highs, grain futures settled down and
eventually recovered through the session, with wheat futures remaining a
bullish beacon throughout with another double-digit surge higher. The exact
implications of the ruling will likely take weeks -- if not months -- to
determine, but for Friday equity markets initially moved higher on the news,
while the U.S. dollar softened. Crude oil prices relaxed on Friday near
six-month highs as traders await the next move in the standoff between the U.S.
and Iran, with President Trump on Thursday noting a ten-day deadline to reach a
deal on Iran's nuclear program.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   March corn closed up 1 3/4 cents and May corn was up 3 1/2 cents. March
soybeans closed down 3 1/2 cents and May soybeans were down 2 3/4 cents. March
KC wheat closed up 6 3/4 cents, March Chicago wheat was up 14 cents, March MIAX
Minneapolis wheat was up 4 3/4 cents.