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CBOT Grains Daily Options Report

By: PJ Quaid, Senior VP, Agricultural Commodities

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A recent development in the global soybean trade could introduce short-term uncertainty into export flows. Cargill has temporarily halted some soybean shipments from Brazil to China after Brazil’s Agriculture Ministry implemented stricter sanitary inspection requirements at China’s request. The updated rules require more rigorous checks for pests and weed contamination, and exporters are currently working through the new inspection and documentation procedures. Because Brazil normally supplies the majority of China’s soybean imports during this seasonal window, any slowdown in shipments could briefly tighten global supply chains. If delays persist, Chinese crushers may look for nearby coverage, which could shift some demand toward U.S. soybeans and provide near-term support to soybean futures and export basis. Even if the situation proves temporary, it introduces uncertainty into the Brazil-to-China trade flow that markets will be watching closely.

 

Office of the United States Trade Representative chief Jamieson Greer said the U.S. is launching a Section 301 investigation into 16 trading partners—including China, the European Union, Mexico, Vietnam, India, and Japan—which could result in retaliatory actions such as tariffs if unfair trade practices are identified. Greer said the U.S. has already consulted with these partners and suggested any policy response should not come as a surprise, while also criticizing the EU for making little progress on commitments tied to the bilateral trade agreement. Meanwhile, Scott Bessent reassured EU officials during a call with EU trade chief Maroš Šefčovič that Washington remains committed to the existing U.S.–EU trade deal and intends to follow through on the joint commitments. Separately, Donald Trump criticized the leadership of Spain and repeated a threat that the United States could cut off trade with the country, underscoring rising tensions in global trade relations.

 

Explosive-laden boats launched by forces linked to Iran struck two fuel tankers in Iraq’s waters, escalating tensions in the region and disrupting parts of Iraq’s energy infrastructure. An Iraqi official said the attack forced the country’s oil ports to completely halt operations, though commercial ports are still functioning. The incident highlights the growing risk to energy shipments and maritime security in the Persian Gulf region as the broader conflict intensifies.

 

The European Union has warned that the escalating conflict involving Iran could push inflation in the bloc back above 3% if energy prices remain elevated. Officials indicated that if Brent crude oil stays around $100 per barrel and natural gas prices remain high due to disruptions in Middle East energy flows, price pressures across Europe could accelerate again. In that scenario, inflation would rise above earlier forecasts and economic growth across the EU could slow, with estimates suggesting growth could fall by about 0.4 percentage points from prior projections.  

 

Recent comments from U.S. and Canadian energy officials suggest governments are preparing to respond to the recent surge in oil prices and supply risks tied to Middle East tensions. U.S. Interior Secretary Doug Burgum said he has been in discussions with energy companies about increasing domestic oil production and indicated that the proposal from the International Energy Agency (IEA)—which has been discussing coordinated actions such as strategic reserve releases—was reasonable given current market conditions. Meanwhile, Canada’s Energy Minister said Ottawa is working urgently with industry to evaluate how quickly and at what scale production or supply measures could be increased, with additional details expected in the coming days. Together, the statements signal that North American policymakers are looking at ways to stabilize energy markets and offset potential disruptions to global supply.

 

image-20260312053731-1

 

 

Overnight options trade

Corn

B 1000 sd k 525 c 6 to 6 1/8 

B 350 sd k 490 straddles 30 ¼ to 30 3/8 

B 500 z 590 c 13

B 200 k 420/400 ps 1 1/8 

B 500 z 530 c 24 ½ to 24 3/4

B 1000 u 550/600 cs 6 5/8 

B 1000 j 450/460 cs 6 3/8 

S 500 k 525 c 3 1/2

B 300 j 480 c 5

B 400 n 480/540 cs vs s 420 p 11 3/8 to 11 ½ db

B 1000 k 500/550 cs 4 3/8 

S 450 k 530 p 70 ½ to 69 5/8 

B 700 k k 500 p 43 1/8 to 43 3/4

B 400 k 500 c vs s k 400 p 6 1/8 vs 465 3/4

 

Beans

B 500 k 1250 c 28 1/2

S 200 k 1280 c 22

B 1000 k 1350 c 11

B 800 j 1270/1290 cs 3 1/2

B 200 k 1150/1050 ps 9 3/8 

S 100 q 1200 p 49 1/2

 

Soymeal

B 150 j 325/340 cs 3.00

 

Bean oil

B 200 j 69/74 cs 1.110

 

Wheat

B 100 k 780/830 cs 1 1/4

 

Open interest changes

Corn

July 550 call sale, july 500/530 call spread buy, sept 500 call buy, sept 550 call buy, sept 540 call buy and sept 550/600 call spread buys were new......may 475 call sale was closing 

 

Beans

July 1330 call buy, week 3 1270/1300 call spread buy and july 1100/1050 put spread buy was new....april 1200 put buy, may 1100 put sale, april 1100 put sale and april 1180 put sales were closing 

 

Bean oil

May 50 put buy, july 90 call sale and may 57 put buys were closing....aug 98 call buy, july 85 call buy, july 75/80 call spread buy, july 56 put sale and july 73/75 call spread buys were new

 

Wheat

May 570 put sale was closing ....may 630/635 call spread buy and may 680/695 call spread buys were new

 

Cvol

Ags 25.29% up 1.51% (1 year high)

Corn 26.57% up 3.12% (6 month high)

Beans 23.92% up 1.83%

Soymeal 27.02% up 2.48% (3 month high)

Bean oil 37.85% up .24%

Wheat 45.42% up 3.17%

Feeder cattle 22.46% up .49% (3 month high)

Live cattle 20.38% up .29%

Lean hogs 19.72% up .59%

Class 3 milk 22.83% down .56%

 

Corn

image-20260312053731-2

Beans

image-20260312053731-3

Soymeal

image-20260312053731-4

Bean oil

image-20260312053731-5

Wheat

image-20260312053731-6

Kc wheat

image-20260312053731-7

Miax wheat 

image-20260312053731-8

Oats

image-20260312053731-9

Rough rice

image-20260312053731-10

Crush

image-20260312053731-11

Feeder cattle

image-20260312053731-12

Live cattle 

image-20260312053731-13

Lean hogs

image-20260312053731-14

 

 

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