The Daily Board, September 16, 2026
The Fed delivered its first rate hike since 2023 this afternoon, and the board split hard on the news:
Crude got hammered on a Saudi pipeline update.
Gold and silver caught a bid anyway, and all three wheat boards rallied into the close on a surprise StatCan crop cut.
The Board
Grains & Oilseeds
🌽 Corn · Dec — 534¼ · −1½ · −0.28% 🔴⬇️
🫘 Beans · Nov — 1320½ · +1¾ · +0.13% 🟢⬆️
🌱 Meal · Dec — 365.6 · +0.2 · +0.05% 🟢⬆️
🫗 Oil · Dec — 69.67¢ · −0.68 · −0.97% 🔴⬇️
🌾 SRW · Dec — 730¾ · +2¼ · +0.31% 🟢⬆️
🌾 HRW · Dec — 799½ · +3¼ · +0.41% 🟢⬆️
🌾 HRS · Dec — 756 · +7½ · +1.00% 🟢⬆️
🥣 Oats · Dec — 402¼ · +11¼ · +2.88% 🟢⬆️
Prairie Crops
🌻 Canola · Nov — C$826.90 · −2.40 · −0.29% 🔴⬇️
🐮 Barley · Cash — C$295 ➖
Energy
🛢️ WTI · Oct — $102.43 · −3.40 · −3.21% 🔴⬇️
🔥 NatGas · Oct — $2.891 · −0.028 · −0.96% 🔴⬇️
Metals
🥇 Gold · Dec — $4,387.50 · +54.70 · +1.26% 🟢⬆️
🥈 Silver · Dec — $64.92 · +1.06 · +1.66% 🟢⬆️
The Read
🌽 Corn — 534¼, −1½ (−0.28%) 🔴⬇️
Corn spent most of the session lower before late buying clawed back most of the loss as the grain complex used commodities as an inflation hedge after the Fed hike.
Ethanol production held steady at 323 million gallons last week, 4% above a year ago and using 108 million bushels of corn.
So what: new-crop sales are running 28% behind last year, so Thursday's export sales number matters more than usual for where this settles next.
Watch: Thursday's weekly USDA export sales (expectations 700,000 to 2.0 MMT for new-crop corn).
🫘 Soybeans — 1320½, +1¾ (+0.13%) 🟢⬆️
Beans notched a third straight higher close, recovering from early weakness on chatter that Presidents Trump and Xi could ease tariffs on ag exports.
A weak NOPA crush number (205.46 million bushels for August, an 11-month low) capped the upside, and cheaper crude pressured soy oil enough to keep a lid on the whole complex.
Conab trimmed its Brazilian 2025/26 crop estimate slightly to 180.41 MMT and flagged the slowest area growth in 20 years for 2026/27.
So what: any real tariff relief on China demand would matter more to your basis than a one-day crush miss.
Watch: follow-through (or denial) on the Trump-Xi tariff chatter.
🌱 Soybean Meal — 365.6, +0.2 (+0.05%) 🟢⬆️