Soybean oil sinks 3.3% on biofuel jitters, WTI slides 2.4% on eased Hormuz risk, and gold grinds higher ahead of Jackson Hole.
Monday, August 24, 2026.
A split session: corn caught a bid on a bearish crop tour number while the rest of the soy complex.
Canola got hit by a veg oil selloff, energy backed off on eased Middle East supply risk, and gold ground higher into Jackson Hole while silver lagged.
The Board
t.
Grains & Oilseeds
🌽 Corn · Dec: 515.50 · +7.00 · +1.38% 🟢⬆️
🫘 Beans · Nov: 1224.25 · −15.25 · −1.23% 🔴⬇️
🥣 Meal · Dec: 328.60 · +2.80 · +0.86% 🟢⬆️
🧴 Oil · Dec: 67.31 · −2.27 · −3.26% 🔴⬇️
🌾 SRW · Dec: 699.50 · +0.25 · +0.04% 🟢⬆️
🌾 HRW · Dec: 767.25 · −5.25 · −0.68% 🔴⬇️
🌾 HRS · Dec: 721.25 · −3.25 · −0.45% 🔴⬇️
🌰 Oats · Dec: 342.25 · −1.50 · −0.44% 🔴⬇️
Prairie Crops
🌱 Canola · Nov: C$770.60 · −C$28.50 · −3.57% 🔴⬇️
🐮 Barley · cash †: C$270–310/tonne delivered Lethbridge (sources conflict) · softer on harvest pressure ➖
Energy
🛢️ WTI · Oct: 85.01 · −2.05 · −2.35% 🔴⬇️ †
🔥 NatGas · Oct: 2.835 · +0.024 · +0.85% 🟢⬆️
Metals
🥇 Gold · Dec: 4,697.80 · +17.20 · +0.37% 🟢⬆️
🥈 Silver · Sep: 68.594 · −0.936 · −1.35% 🔴⬇️
The Read
🌽 Corn: 515.50, +7.00 (+1.38%) 🟢⬆️ $CORN ( ▲ 1.11% )
Pro Farmer's Crop Tour landed bearish for yield, bullish for price: scouts pegged the national corn yield at 173.2 bu/acre, a 7.5 bu/acre cut from USDA's August number.
That trims the production estimate to roughly 15.3 billion bushels, tighter than the market had been pricing.
So what: a smaller crop means less corn to move at harvest, a supportive setup for basis (the gap between your local cash bid and the futures price) even with combines about to roll.
Watch: whether the final Pro Farmer tour summary and USDA's September WASDE confirm the cut or walk it back.
🫘 Soybeans: 1224.25, −15.25 (−1.23%) 🔴⬇️ $SOYB ( ▼ 1.14% )
Odd session: the same crop tour cut the soybean yield estimate to 53.3 bu/acre, and China bought another 712,000 tons of new-crop beans (plus 720,000 tons to unknown destinations), both bullish on paper.
Beans sold off anyway, dragged lower by a soybean oil rout that hit the crush math (the margin a processor earns turning beans into meal and oil).
So what: the fundamentals (tour, China) still favor the bull case; today's slide looks more like profit-taking after a run of contract highs than a change in the story.
Watch: Thursday's export sales report for whether the China pace holds.
🥣 Soybean Meal: 328.60, +2.80 (+0.86%) 🟢⬆️
Meal carried the crush today, holding firm while soybean oil cratered; the two "legs" of the crush pulled in opposite directions.
Protein-feed demand stayed steady into the pullback.
So what: if you're buying meal for the ration, today's strength is a reminder the feed side of the complex isn't following oil down.
Watch: hog and cattle feeding margins for any pullback in protein demand.
🧴 Soybean Oil: 67.31, −2.27 (−3.26%) 🔴⬇️
The day's biggest complex mover: soybean oil got hit on biofuel-policy jitters even as USDA held its 2026/27 biodiesel-use forecast steady in the August WASDE.
It's on a tight leash to crude, and WTI's 2.35% slide today didn't help.
So what: cheaper soy oil is a direct input cost break for biodiesel blenders, but it's bad news if you're long board crush.
Watch: any EPA signal on the finalized 2026-27 blending mandate that shifts feedstock demand.