Daily Commodity Market Analysis -- 08/31/2026
Choppy day with lots of news items pointing different directions, ultimately ending with little changed corn and soybeans. Wheat was hit hard out of the gate, reacting to news that President Erdogan (Turkey) proposed a plan that would result in a ceasefire between Russia and Ukraine which would have the added benefit of opening up the grain export shipping lanes out of the Black Sea. Late in the session, traders became doubtful that such an agreement could be reached, helping wheat recover from a peak loss of 28 cents, but Presidents Putin and Erdogan are scheduled to meet tomorrow (timing will be close to the grain market day session open).
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