Grain markets are closed tomorrow day and night. Hard open on Friday and we have a full trading day.
LTD for all jan grain options is Friday.
The U.S. Department of Agriculture plans to host six agribusiness trade missions in 2026, spanning Indonesia, the Philippines, Vietnam, Saudi Arabia, Turkey, and Australia, as part of a broader push to diversify U.S. agricultural exports and reduce dependence on a small number of major buyers. The focus is clearly on fast-growing, import-reliant regions where rising incomes and protein consumption support long-term demand for U.S. soymeal, corn, DDGS, wheat, and animal proteins, with Southeast Asia and the Gulf states offering the most meaningful upside. While the announcement has little near-term price impact, it reinforces a strategic shift toward building export demand infrastructure for the 2026–2028 period—an important signal as U.S. soybean crush capacity expands and corn and ethanol markets seek incremental growth beyond traditional destinations.
Corn
B 5000 f 445 p ¼ to 3/8
B 5000 f 440 p 1/8
S 500 g 450 p 8
B 1000 n 440 straddles vs s 1000 n 460 straddles 3/8 db vs 461
B 400 k 455 c 18 ¾ vs 458 3/4
S 100 z 470 straddles 63
B 375 z 550 c vs s sd k 460 p even
B 250 z 500 c vs s sd k 460 p 10 db
B 250 k 430p/490c strangles 12 3/8
B 200 n 440 straddles vs selling the n 460 straddles 1 ¼ db
B 300 g 435 p 2 5/8
B 200 k 460/440 ps 9 1/2
S 150 u 430p/485c strangles 37 ½ vs 456 1/4
S 250 w1 440 p 3/8
B 200 h 450 c 10 5/8 to 10 3/4
S 200 g 445 p 6
S 200 n 505 c 10 1/8
S 200 u 460 straddles 57 3/8 to 57 1/4
B 500 h 450 c 11
B 500 g 460 c 4 1/2
B 400 h 455 c 8 1/8
B 250 u 460 c vs s n 460 c 2 3/8
Beans
B 300 h 1080 32 1/8 vs 1076 3/4
B 250 h 1160 c 4 3/8
B 300 k 1060 p 22 1/2
S 300 h 1130/1140 cs 1
B 100 g 1050/1020 ps 5 3/8
B 400 h 1020 p 5 1/2
B 100 h 1060/1070 cs 5 1/8
On a block
S 500 h 1110 c 10 vs 107
Soymeal
B 500 h 330 c 2.80
B 750 g 310/330 cs 4.40 to 4.45
B 100 g 410 c 5.55 vs 307.9
B 250 g 305 p 5.15
B 200 h 310/330 cs 4.80
Bean oil
B 200 h 48/45 ps .790
B 500 g 51 c .615 to .665
B 150 h 58 c .250
B 500 n 5750/75 cs and 500 n 50/41 ps paying 3.880 vs 5007
S 200 n 50 straddles 6.420 to 6.400
B 100 k 49/52 cs 1.150
S 100 h 47/45 ps .505 to .490
B 300 k 54 c 1.280
Wheat
S 500 g 635 c 1/4
S 100 h 500 p 7 vs 523
S 500 h 505 p 9 ½ to 8 3/4
B 200 h 500 p 7 3/4
S 200 n 550/570/650/670 call condors 4 3/4
On a block
S 800 h 520 c 18 ¾ vs 523 1/2
S 300 h 520 p 15 3/8 vs 523
Kc wheat
S 250 g 550 c 5
S 200 g 505 p 2 1/4
S 200 g 520 p 6 ¾ to 6 5/8
S 325 g 540 c 8 ¾ to 8 1/2
Hogs
Bought 100 April 90 calls paid 3.750
Bought 200 April 86/80 put spread paid 1.60
Sold 150 Fe/April 84/90 call spread @ 1.10
Sold 500 Feb 82/88 call spread v. puts @ 2.725 down to 2.70
Bought 125 July 102/118 call spread paid 5.125
Sold 250 Jan 84 puts @ 1.10 down to 1.075
Sold 150 Feb 90 calls @ .60 down to .5750
Sold 200 April 84/80 put spread @ .925 down to .8750
Live Cattle
B 4000 g 224/216/200 put trees paying 1.650 to 1.675
Bought 100 June 230/260 call spread v. 200 puts paid 2.525
Bought 300 Feb 231/226 put spread paid 2.40 up to 2.425
Sold 125 June 222 puts @ 10.40 down 10.30
Bought 1200 Feb 230/220 put spread paid 3.60 up to 3.725
Bought 200 Jan 227 puts paid 1.40
Bought 300 Feb 227/221 put spread paid 1.975
Sold 500 Aprill 210 puts @ 2.75 down 2.50
Class III Milk
Sold 125 Jan 14.00/15.00/16.00 Iron Fly @ .42 down to .39
news: bloomberg
options data: globex
vols:bloomberg
This material should be construed as the solicitation of an account, order, and/or services and represents the opinions and viewpoints of the individual authors or presenters. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers.
The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.
References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.
StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.
R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.
StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.
This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.
StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).
SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.
StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.
StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.
StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
© 2026 StoneX Group Inc. All Rights Reserved.
