US Dollar Soars Amid Trade Tensions and Commodity Price Volatility

The US dollar index rose 15 points to 98.95 as the global markets opened on August 24, 2026.

Corn prices continued their upward trend overnight, with December corn reaching new contract highs. The next key resistance level for corn is at $5.25, while support lies at the 10-day moving average of $4.98 ¾ and last week's low close of $4.88.

Soybeans, however, failed to move higher as soy oil saw significant losses overnight. Initial resistance for November soybeans is in the area of last week's high at $12.44 1/2, backed by resistance at the July high of $12.56 1/2. Support is at the 190-day moving average of $12.17 ½ and then the $12.00 mark.

The US-Canada trade negotiations have unraveled, with 50% tariffs on Canadian goods totaling around $20 billion. Prime Minister Mark Carney vowed to retaliate 'dollar for dollar' in a dispute that is poised to intensify.