Saw A real nice bounce in Soybeans post 10:00. A couple reasons for bounce. Informa Lowered forecasts for U.S. 2016 planted area forecast.2) Into the close of trading in Argentina’s peso it did rally 4% off of lows.3) Soy markets have been aware that the Peso was going to be devalued,so they have already dropped some 6.5% in anticipation of Event.(Sell the rumor buy the news) 4) A few stops were triggered on the move up as march soy cleared yesterdays high of 871’4. Chart below(daily)
Outside day on charts near a bottom,could indicate a short term turnaround in beans now that peso devaluation is out pf the way.
5 minute chart below :