Wheat hits a three-year high on Black Sea risk, soybean oil jumps 3.7% on biofuel demand, and Warsh's hawkish debut slams gold and silver.
Friday, August 28, 2026.
Precious metals took the day's hardest hit after Fed Chair Kevin Warsh's first Jackson Hole speech leaned hawkish, while wheat pushed to a three-year high and the soy complex ripped on biofuel demand.
The Board
Grains & Oilseeds
🌽 Corn · Dec: 536.50 · +3.00 · +0.56% 🟢⬆️
🫘 Beans · Nov: 1288.00 · +20.00 · +1.58% 🟢⬆️
🥣 Meal · Dec: 348.90 · +8.00 · +2.35% 🟢⬆️
🧴 Oil · Dec: 71.06 · +2.55 · +3.72% 🟢⬆️
🌾 SRW · Dec: 784.00 · +23.25 · +3.06% 🟢⬆️
🌾 HRW · Dec: 844.25 · +22.25 · +2.71% 🟢⬆️
🌾 HRS · Dec: 769.25 · +11.50 · +1.52% 🟢⬆️
🌰 Oats · Dec: 374.75 · +12.00 · +3.31% 🟢⬆️
Prairie Crops
🌱 Canola · Nov: C$823.70 · +C$19.70 · +2.45% 🟢⬆️
🐮 Barley · cash †: C$350-360/tonne delivered Lethbridge · unchanged, no new weekly print ➖
Energy
🛢️ WTI · Oct: 83.40† · −0.13 · −0.16% 🔴⬇️
🔥 NatGas · Oct: 2.888 · −0.026 · −0.89% 🔴⬇️
Metals
🥇 Gold · Dec: 4,529.90 · −134.10 · −2.88% 🔴⬇️
🥈 Silver · Dec: 67.79 · −2.45 · −3.49% 🔴⬇️
The Read
🌽 Corn — 536.50, +3.00 (+0.56%) 🟢⬆️ $CORN ( ▲ 0.76% )
Corn caught a modest lift off the broader grain complex's Black Sea-driven rally, the smallest gain of the eight U.S. contracts today.
December corn is still digesting last week's Pro Farmer Crop Tour yield read, with wheat stealing today's spotlight.
So what: a quiet day for corn next to wheat's fireworks still nudges new-crop basis (the gap between your local cash bid and the futures price) a touch firmer.
Watch: next week's export sales report for whether demand is chasing the complex-wide strength or corn is just along for the ride.
🫘 Soybeans — 1288.00, +20.00 (+1.58%) 🟢⬆️ $SOYB ( ▲ 1.64% )
Beans jumped as the oilseed and grain complex rode today's Black Sea and biofuel-driven strength higher together.
China's soybean crush keeps running hot, up more than 6% year on year, giving the demand side real support under a record U.S. crop.
So what: demand doing this much lifting against a big crop is good news for cash bids, as long as the buying keeps showing up.
Watch: Thursday's export sales pace for confirmation China is still showing up at this size.
🥣 Soybean Meal — 348.90, +8.00 (+2.35%) 🟢⬆️
Meal outran beans today, up 2.35% as crush margins (the profit a processor earns turning beans into meal and oil) stay historically wide.
Chinese meal prices have actually fallen around 12% since March on weak hog margins there, a reminder that today's U.S. strength is a domestic story more than an export one.
So what: feed costs for livestock and poultry operations keep climbing even as the export picture is mixed.
Watch: U.S. cattle and hog feeding margins for the first sign the crush trade is getting squeezed from the feed-cost side.
🧴 Soybean Oil — 71.06, +2.55 (+3.72%) 🟢⬆️
Oil was the board's second-biggest percentage mover, extending a run that has it up roughly 50% on the year as biofuel demand runs the show.