--- title: Daily comment for Thursday, August 27 description: Following its limit up close yesterday, wheat spiked as much as 18 cents higher overnight on continued chatter that Russia is threatening to draw NATO... image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-thursday-august-27#main-content) [![CLAYTON POPE COMMODITIES 3-3](https://blog.claytonpopecommodities.com/hs-fs/hubfs/CLAYTON%20POPE%20COMMODITIES%203-3.png?width=300&height=135&name=CLAYTON%20POPE%20COMMODITIES%203-3.png "CLAYTON POPE COMMODITIES 3-3")](https://www.claytonpopecommodities.com/) [All posts](https://blog.claytonpopecommodities.com/newsletters/all) October 13, 2026 # Daily comment for Thursday, August 27 ![Picture of Taylor Pope](https://blog.claytonpopecommodities.com/hs-fs/hubfs/1728420772119.jpg?width=50&name=1728420772119.jpg) By  [Taylor Pope](https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope)  ·  4 minute read | CONTRACT | CLOSE | NET CHANGE | | --- | --- | --- | | Sep '26 Corn | 510 3/4 | -3 1/4 | | Dec '26 Corn | 534 1/4 | -2 1/4 | | Sep '26 Beans | 1256 1/2 | +2 1/4 | | Nov '26 Beans | 1268 3/4 | +2 3/4 | | Sep '26 Chi Wheat | 744 1/2 | +14 | | Sep '26 KC Wheat | 805 | +13 | | Dec '26 Cotton | 92.34 | +3.20 | | Crude Oil (spot futures) | 83.62 | +1.37 | | US Dollar Index (spot futures) | 99.08 | +0.010 | | Dow Jones (spot futures) | 53,613 | +92 | ## Daily Glance Following its limit up close yesterday, wheat spiked as much as 18 cents higher overnight on continued chatter that Russia is threatening to draw NATO into the war, a claim President Trump moved quickly to knock down today. Corn and beans opened quiet, but sold off overnight and into this morning, corn down roughly a nickel and beans giving back well over a dime, before buying slowly worked its way back during the day with beans actually making a new high for the move eventually. ### Want the rest of today's comment? Leave your name and email to read the full daily market comment, including technicals, weather and trade implications. Soybean oil continues to be volatile with a pending EPA announcement on SRE exemptions bringing out all sorts of rumors on how large it will be. More exemptions are bearish, but today's rumor was that it could be less which rallied it aggressively and pulled beans up with it. The announcement is supposedly on September 1st. T-Storm downgraded both corn and soybeans to Slightly Unfavorable today, the first change to either rating in some time, as the crop looks to finish up. Following its big time selloff on Tuesday, crude has gained the majority of that back the last couple of days with peace talks continuing to go nowhere with Iran. ## Key Points/Developments **Technicals:** Dec corn eased 2 1/4 cents to 534 1/4, a quiet pause that kept trade inside yesterday's range after finding buyers well off its overnight lows. Support falls back to 530, then 524, then 510 to 512, while 545 stands as the next real target above. Nov beans added 2 3/4 cents to 1268 3/4, a marginal fresh high for the move and its best level in more than three years, the second time in three sessions beans have opened weak only to come roaring back into new high ground. That said, each fresh push looks a bit smaller than the last, a sign this leg of the rally may be starting to lose some steam. Support now comes in at 1250, then 1238 to 1240, then 1222. **Spreads:** The Sep/Dec corn spread widened a cent to 23 1/2 cents, while the Dec/Mar corn spread narrowed three quarters of a cent to 13 1/2. The Sep/Nov bean spread widened slightly to 12 1/4 cents, and the Nov/Jan bean spread held steady at 14 3/4. **Weather:** TStorm downgraded both corn and soybeans to Slightly Unfavorable today, the first change to either rating in some time, while winter wheat held at neutral. Both crops are dealing with the same warmer than normal pattern taking shape, with some thunderstorm chances mixed in, more so in the north than the south. The bigger story is the heat wave building for this weekend, one that could make the next two weeks the second warmest 30 day stretch for corn and soybeans in the last 48 years. A brief break hinted at around September 5 likely does not stick for more than a day or two before the heat resumes, with any real relief not expected until closer to mid September. ## Markets/Trading Implications Early trade in corn and soybeans today looked like the kind of pause we would expect after a late rally yesterday in response to a limit up wheat trade with a bit of a "pain trade" for those that chased it. Dips continue to be bought, however, especially in soybeans which is up nearly 50 cents from Monday's low. The one item worth watching is China's purchase of Brazilian corn today instead of ours. We would not read too much into a single cargo, especially with some making the case that it says more about how tight our own balance sheet already is than it does about any loss of demand. We are getting more calls asking whether to push new crop sales above 40 percent given how the market has acted this week, and for now we are comfortable staying at that level rather than chasing it higher. That said, anyone still working to get up to 40 percent, or who has bushels that need to move over the scale regardless, should be using this strength to get there. Call anytime. ## Other Notes - The EPA is expected to announce its small refiner exemption decision as soon as Tuesday. Rumors this morning of 1.2 to 1.4 billion RIN gallons, smaller than the 1.8 billion some had feared, sparked short covering in soyoil and beans, though nothing is official yet. - Export sales for the week ending August 20 came in at 14.8 million bushels of wheat, 43.2 million of corn, and 93.8 million of soybeans. Only a few days remain in the old crop marketing year, with 168 million bushels of old crop corn and 55.3 million of old crop soybeans still needing to move. ## Static Notes - Commitment of Traders report released Friday, August 21, covering positions through Tuesday, August 18, showed funds piling on even more length across the board. Corn's net long jumped to about 182,000 contracts, up roughly 56,000 on the week, funds buying about 9,000 new longs and covering another 47,000 of shorts. Soybeans saw a similar swing, net long growing to about 152,000, up 43,000, while wheat's net short narrowed to about 25,000, a shift of roughly 8,000. - That buying came right into a week that was already rallying hard, not against it. In the seven market days since Tuesday's cutoff, corn has added 46 1/4 cents, beans 52 1/2, and wheat 80, an extraordinary run for a week and a half of trade. Have a nice evening! Clayton and Taylor --- **RISK DISCLAIMER:** Trading in futures products entails significant risks of loss which must be understood prior to trading and may not be appropriate for all investors. Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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