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CBOT Grains Daily Options Report

By: PJ Quaid, Senior VP, Agricultural Commodities

President Trump and Chinese President Xi are reportedly preparing to extend the current U.S.–China trade truce by as much as one year during their anticipated April meeting in Beijing, according to the South China Morning Post, citing sources familiar with the discussions. The move would signal continued stabilization in trade relations and reduce the risk of near-term tariff escalation, providing businesses and markets with greater policy clarity while broader structural negotiations remain unresolved.

 

The United States and Taiwan are reportedly set to sign a reciprocal trade agreement on February 13, marking a step toward deeper economic ties between the two sides. The agreement is expected to strengthen bilateral trade cooperation and could carry broader geopolitical significance, given ongoing U.S.–China tensions and Taiwan’s strategic role in global supply chains.

 

Fed Governor Miran said the latest jobs report does not prevent the Fed from cutting rates and argued that stronger supply growth and deregulation could help lower inflation by expanding output and easing past supply-driven price pressures. In contrast, Cleveland Fed President Hammack said the labor market appears stable and balanced but stressed that inflation remains too high, emphasizing the need to return it to the Fed’s 2% target. She described current policy as near neutral and supported keeping rates on hold for now rather than making adjustments.

Treasury Secretary Scott Bessent said U.S. economic growth may have reached roughly 3% in 2025, reflecting stronger momentum than previously expected. He pointed to continued gains in construction employment and projected that manufacturing jobs should begin to pick up in the coming months. The remarks signal confidence in the resilience of the domestic economy, particularly in labor-intensive sectors tied to infrastructure, industrial activity, and reshoring trends.

 

President Trump warned that any Republican in the House or Senate who votes against tariffs would face serious political consequences, including potential primary challenges. He argued that tariffs have strengthened U.S. national security and negotiating leverage, claiming that even the threat of tariffs has pushed other countries to concede to U.S. demands. Trump emphasized that Republicans should not undermine what he views as a powerful economic and strategic tool.

Outside Markets

Price

Change 

% Change

 

 

Dow

                      50,336

             131.00

0.26

 

 

Crude

                         64.39

                (0.24)

-0.37

 

 

US Dollar

                    96.7200

             (0.001)

0.00

 

 

Gold

                  5,065.52

          (18.870)

-0.37

 

 

US 2/10 Swap

                    66.1540

             0.3160

-

 

 

VIX

                         17.44

                (0.21)

-

 

 

 

 

 

 

 

 

CBOT Ags Volume & Open Interest

 

 

 

 

 

Previous Volume

Change in OI

Options Volume

 Change in Options OI 

 

Corn 

                    578,673

             23,996

                     85,939

                                    16,163

 

SRW

                    308,594

          (24,052)

                     17,895

                                       1,620

 

HRW

                    144,855

                       47

                                -  

                                       4,713

 

Soybeans

                    425,372

                1,840

                     87,297

                                    20,268

 

Meal

                    227,073

             (2,093)

                     17,252

                                       2,511

 

Oil

                    248,216

             (1,765)

                     40,763

                                    11,540

 

Feeders

                      25,904

                1,247

                       5,103

                                       2,509

 

Live Cattle

                      72,376

                4,080

                     19,516

                                       4,760

 

Hogs

                      64,632

             (2,261)

                     15,325

                                        (131)

 

 

 

 

 

 

 

 

 

Overnight options activity 

Corn

S 500 h 430 p 4 7/8 

B 1200 h 430 c 2 ¾ to 3

B 100 n 500 c 5

 

Beans

S 1000 w2 1126 p 2 1/2

B 500 h 1180/1200 cs 1

S 500 k 1120/1080 ps 11 5/8 vs 1150 3/4

B 1000 h 1150 c 6 ¼ to 6 7/8 

B 100 sd n 1100 c 45

B 150 j 1200 c 11

B 100 k 1140/1160 cs 9

B 200 k 1100/1080 ps 5

S 400 h 1100/1120 cs 15

B 175 h 1120/1100 ps 5

 

Soymeal

S 200 h 295 p .70

B 500 h 315 c 1.90 to 2.00

B 100 h 300 p 1.05

 

Bean oil

B 125 k 5150 p .780

S 400 k 47 p .230 to .185

B 250 k 57/52 ps 1.970

B 200 h 55 c 2.680

B 500 h 60 c .265

 

Wheat

B 200 h 560 c 1 7/8 

S 1000 j 500 p 1 ½ to 1 3/8 

B 200 h 580 c vs s h 520 p paying even 

 

 

Open interest changes

Corn

Sept 420p/465c strangles sale, march 460 call buy and sept 375 put buys were closing....may 450 call sale, march27 430p/540c strangle sale and  sept 420/375/350 put fly buy were new...march 435/440 call spread buy was rolling a long

 

Beans

July 1300 call buy, july 1200/1260 call spread buy, aug 1180 call buy vs sale of short aug 1140 call, may 1050 put sale and may 1300 call buys were new.....may 1200 call sale and may 1260 call sales were closing

 

Soymeal

March 310 call buy was new....july 300 put buy was closing ....march 312/320 call spread buy was rolling a long

 

Bean oil

May 65 call sale was new....may 57 call sale was closing ...may 56/60 call spread buy was rolling a short

 

Kc wheat

April 560 call buy was closing....april 550/600 call spread buy was new

 

Live cattle 

June 200 put buy was new....april 244/240 put spread buy was rolling a long 

 

Cvol

Ags 18.51% down .16%

Corn 15.16% down .01%

Beans 16.86% up .17%

Soymeal 21.93% up .83%

Bean oil 31.65% up .67% (3 month high)

Wheat 22.82% up .94%

Feeder cattle 17.98% down 1.02%

Live cattle 17.20% down .93%

Lean hogs 19.29% up .04%

Class 3 milk 19.18% down .10%

Corn

image-20260212070627-1

Beans

image-20260212070700-2

Soymeal

image-20260212070718-3

Bean oil

image-20260212070742-4

Wheat

image-20260212070811-5

Kc wheat 

image-20260212070834-6

Miax wheat 

image-20260212070922-7

Oats

image-20260212070944-8

Rough rice

image-20260212071000-9

Crush

image-20260212071023-10

Feeder cattle

image-20260212071042-11

Live cattle 

image-20260212071102-12

Lean hogs

image-20260212071129-13

sources
news bloomberg
options data globex
charts bloomberg

 

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