CBOT Grains Daily Options Report
Recap of day's options activity and data.
PJ Quaid
- Grains & Oilseeds
CBOT Grains Daily Options Report
By: PJ Quaid, Senior VP, Agricultural Commodities
USDA report this morning. CME Group CVOL has soybean vol making 52-week high.
China’s soybean imports during January–February fell 7.8% year over year to 12.55 million metric tons, reflecting slower early-year arrivals despite strong overall Chinese trade activity. The decline is largely attributed to tight Brazilian export availability early in the season, logistical delays tied to the timing of the South American harvest, and weaker crushing margins that reduced near-term buying interest from Chinese processors. While the drop suggests softer short-term demand, it is widely viewed as a timing issue rather than a structural demand shift, with imports expected to rebound later in the spring as Brazil’s harvest progresses and shipments accelerate.
China’s January–February trade data came in significantly stronger than expected, with the trade surplus widening to $213.6 billion versus expectations of $179.6 billion and well above the prior $114.1 billion. Exports surged 19.2% year-over-year, far exceeding forecasts of 7.1%, while imports also jumped 19.8% compared to expectations of 6.3%. The stronger-than-anticipated growth in both exports and imports suggests a sharp rebound in global trade demand and improving domestic consumption within China, signaling stronger economic momentum early in the year and potentially supportive demand for global commodities and raw materials.
U.S. officials signaled several measures aimed at stabilizing energy markets as oil prices rise amid geopolitical tensions. Energy Secretary Chris Wright said the administration is discussing a coordinated release from the Strategic Petroleum Reserve (SPR), while emphasizing that restricting U.S. oil exports is not being considered as a way to control prices. Interior Secretary Doug Burgum added that the recent spike in oil prices is expected to be temporary, noting the United States has ample domestic supply. Reports also suggest the U.S. believes a coordinated global release of roughly 300–400 million barrels of crude from strategic reserves could be appropriate, with G7 energy ministers scheduled to meet Tuesday to discuss potential reserve releases. In addition, the Trump administration is reportedly evaluating further easing of sanctions on Russian oil, a move that could help increase global supply and reduce upward pressure on energy prices.
President Donald Trump told attendees at a Republican conference that the U.S. military campaign against Iran will be a short-term “excursion,” saying the United States is making major progress toward its objectives and is far ahead of the initial timeline. Trump stated that Iran’s military capabilities have been heavily degraded, with its missile capacity reduced to roughly 10% or less and only limited launch capability remaining, while U.S. forces continue striking drone production facilities and other strategic targets. He said the U.S. has already achieved significant success but will continue operations until “total victory” is secured, noting that some of the most important targets have intentionally been left for later. Trump also warned that if Iran attempts to disrupt global oil flows through the Strait of Hormuz, the U.S. would respond with force “twenty times harder” than previous strikes, while emphasizing that the U.S. intends to keep the strait open and secure for global energy markets. He added that while the war may not end immediately, it is expected to conclude soon, and any renewed aggression from Iran would trigger even stronger retaliation.
Overnight options activity
Corn
S 12,000 k 470/480 cs 1 7/8 to 1 5/8
B 1900 j 440 p 4 5/8
B 100 n 420/400 ps 3 1/2
B 300 k 475 c vs s 600 k 500 c ¼ db
B 100 m 515/555 cs 2 5/8
S 1100 k 505/555 cs 1 ½
S 2500 j 460/470 cs 1 5/8
B 1000 j 430 p 1 3/4
S 2000 j 450/460 cs 3 to 2 1/2
Beans
B 500 k 1110 p 7 ¼ to 7 1/2
Bean oil
B 100 k 61 p 1.360
Open interest changes
Corn
July 445/430 put spread buy was rolling a long....short july 460/450 put spread sale and may 490/520 call spread sales were rolling shorts....dec 500 call buy and sept 400p/500c strangle sales were closing....may 440 put buy, may 530 call sale, march 430p/540c strangle sale, may 455 straddle sale, may 600 call buy and short may 600 call buys are new
Beans
May 1100 put buy was new....april 1250 call sale, short july 1140 call sale and may 1200 call sales were closing.....july 1200/1250 call spread buy was rolling a short
Bean oil
May 70/75 call spread sale and w2 64/63 put spread buys were rolling longs...april 65/70 call spread sale was closing
Wheat
July 700 call buy and may 570 put buys were new
Kc wheat
May 500 put buy was closing
Live cattle
April 220 put buys were closing
Lean hogs
Oct 86 put buys were new
Cvol
Ags 24.99% up .53% ( 1 year high)
Corn 24.49% down .39%
Beans 23.98% up 1.05% (1 year high)
Soymeal 26.67% down .34%
Bean oil 39.02% down 1.66%
Wheat 46.85% down 3.52%
Feeder cattle 22.40% up 1.50% ( 3 month high)
Live cattle 20.99% up 1.64% (3 month high)
Lean hogs 19.36% up 1.08%
Class 3 milk 23.14% up .09%
Corn
Beans
Soymeal
Bean oil
Wheat
Kc wheat
Oats
Rough rice
Crush
Feeder cattle
Live cattle
Lean hogs
- Grains & Oilseeds
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