Placements in the latest Cattle on Feed report came in above expectations, while inventory and marketings were largely in line. The higher placements point to strong feedlot demand and could weigh on deferred cattle prices. However, overall supplies remain tight, keeping the broader bullish outlook intact—especially with drought conditions limiting pasture and forage, meaning the market still needs rain and grass to rebuild the herd.
Reports that the U.S. is preparing for the possibility of deploying ground troops in Iran signal rising escalation risk, though no full-scale invasion has been confirmed and current actions appear to be contingency positioning in the region. Markets are reacting sharply, with oil prices moving higher as traders price in the growing threat to global supply—particularly the risk of disruptions through the Strait of Hormuz, a critical chokepoint for crude flows. The move reflects an increasing geopolitical risk premium rather than confirmed ground operations, but it highlights how quickly the situation could shift toward a more severe supply shock if tensions continue to escalate.
Canadian beef producers are raising concerns that a potential trade deal between Canada and a South American bloc—particularly involving Brazil—could pressure their domestic industry at a time when the national herd is already rebuilding. The Canadian Cattle Association warns that allowing more Brazilian beef imports could not only weigh on domestic producers but also create friction with the United States, which has previously accused Canada of acting as a “back door” for third-party imports into North America. However, some market analysts downplay the impact, suggesting the actual volume of Brazilian beef entering Canada would likely be limited and have minimal effect on prices or overall market structure.
Rising grain prices—driven by geopolitical tensions and strength in energy markets—have shifted U.S. crop budgets back into profitability, according to Purdue University. At current levels near $4.70 corn and $11.30 soybeans, projected returns are roughly $253 per acre for corn and $325 for soybeans on average-quality land. However, these margins remain highly sensitive to volatile input costs and commodity price swings. Year-to-date gains of about 6% in corn, 11% in soybeans, and 18% in wheat highlight that the improved outlook is largely price-driven and could reverse if markets weaken.
Vietnam accelerating its shift toward ethanol blending in response to rising oil prices—driven by Iran-related supply risks—signals a broader global trend where energy volatility is boosting biofuel demand. While Vietnam alone is not a major player, it adds to growing momentum across Asia (including India and Indonesia), reinforcing stronger structural demand for ethanol and, by extension, corn. This dynamic tightens the global grain balance sheet on the margin and strengthens the linkage between energy markets and agricultural commodities, helping support prices and creating a more durable demand floor if crude oil remains elevated.
China is signaling a renewed push to stimulate domestic demand, particularly through consumption and services. The Commerce Ministry’s measures to boost travel services and expand inbound consumption point to efforts to revive tourism and increase foreign spending within China—an area that has lagged since reopening. At the same time, discussions around reforming the consumption tax system suggest a broader policy shift aimed at increasing household income and encouraging spending at the local level. Together, these moves indicate Beijing is leaning more aggressively on consumption-led growth to stabilize the economy amid ongoing external trade pressures and softer industrial momentum.
The Trump administration has reportedly delayed an executive order that would have required banks to collect and report customers’ immigration status, following significant pushback from Wall Street. Financial institutions raised concerns over compliance burdens, legal risks, and potential impacts on customer relationships and financial access. The delay suggests the administration may be recalibrating its approach, balancing immigration enforcement objectives with financial system stability and industry concerns.
Corn
B 1000 n 550 c 7 7/8 to 8 1/8
S 500 z 440 p 15 to 14 3/4
B 1000 n 440 p 9 5/8
B 500 n 600 c vs s n 400 p 2 1/8 db vs 475 1/2
B 500 k 460 p 12
S 500 u 580 c 12 to 11 3/4
B 300 n 475 p 25 7/8 to 26 1/4
S 300 z 530 c 27 3/4
B 150 z 440p/560c strangles 34
S 1000 k 440 p 4 3/8
B 2000 n 440 p 9 ½ to 9 5/8
B 400 j 430p/460c strangles 9 1/8
S 500 n 420 p 4 1/2
B 300 u 490/560 cs 16 5/8 to 16 3/4
S 500 k 455 p 9 5/8 vs 465
B 250 n 490/520 cs 8 1/8
B 900 u 400/375 ps 2 5/8 vs 479 1/4
B 1500 u 430/420 ps 3 1/8 to 3 1/4
S 300 sd k 520 c 7 to 6 7/8
B 250 sd m 520 c 11 3/8
B 1000 q 600 c 9 to 10
S 250 z 580 c 16 7/8 to 16 3/4
B 2000 n 480/560 cs vs s 440 p 8 ¼ to 8 7/8
B 700 u 500/550/600 call flies 5 to 5 1/8
S 500 n 620/650 cs 1
B 1000 z 500/600 cs vs s 450 p 3 ½ to 4 1/2
B 700 sd q 490/500 cs 3 5/8
B 500 sd u 540 c vs s sd k 520 c 14 3/8 db
B 500 sd u 540 c vs s sd m 520 c 9 ¾ db
S 400 nu -5 cso p 3 1/2
On a block
b 1600 z27 600 c 27
B 1600 z 470/550 cs 27 3/8
Beans
B 100 h 1140/1160 cs 8 3/8
B 200 n 1060 p 4 3/4
S 200 nx +30 cso c 21 1/4
S 3000 j 1170 p 15 ½ to 14
B 500 k 1230/1290 cs 4 5/8 to 4 ¾
S 500 n 1260/1400 cs 14 1/8
Soymeal
B 1000 n 340/400 cs 7.65 vs 325.8
B 1000 n 350 c 7.50
B 300 j 340 c 1.50 to 1.65
B 400 n 350/400 cs vs s 300 p .40 db
S 800 n 345 c 7.40
Bean oil
B 400 k 63/58 ps 1.130
B 500 n 70 c 2.735 to 2.745
B 600 m 70/75 cs 1.095
B 400 k 70 c 1.595 to 1.600
B 200 j 70 c .445
B 500 k 70/75 cs .930
S 200 u 64 c 4.795 vs 6389
S 500 j 6650 c 1.410 vs 6605
Wheat
B 2700 n 675 c vs s z 800 c 1 ¼ to 1 cr
S 200 u 760 c 18 1/4
B 200 n 600 p vs s 400 n 550 p 10 1/8 db
S 200 u 1000 c 5 1/2
B 500 k 700 c vs s 750 k 800 c 6 db vs 605 1/2
B 400 k 575 p 11
S 500 n 600 p 35
B 1000 j 610/650 cs 7 ¾ to 8 1/4
B 100 k 625/665 cs 9
B 100 n 650 c 30 ½
B 750 k 530 p 1 3/4
S 300 j 580 p 3
S 150 k 600 p 24 1/4
S 150 k 600 straddles 50 7/8
S 200 u 760 c 18 1/4
Kc wheat
S 3000 k 750 c 3 ¼ to 1 7/8
B 200 u 770 c 19 3/4
B 1700 n 700/750 cs 7 ¾ to 8
S 300 k 700/750 cs 3 1/8
B 2000 k 630/710 cs 15 3/8 vs 615
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