CME Livestock Daily Options Report

By: PJ Quaid, Senior VP, Agricultural Commodities

Thu, 16 Apr 2026, 21:00

The U.S. is advancing trade discussions with Mexico ahead of the upcoming review of the United States–Mexico–Canada Agreement, as U.S. Trade Representative Jamieson Greer travels to Mexico City for high-level meetings. The visit will include talks with Mexican President Claudia Sheinbaum and Economy Minister Marcelo Ebrard, signaling continued engagement between the two countries on trade policy, rules of origin, and broader economic cooperation. The timing underscores efforts to align positions and manage key issues before the formal USMCA review process.

Canada is signaling a push toward a broader, more comprehensive trade agreement with the U.S., rather than resolving disputes through smaller, one-off deals. Trade Minister Dominic LeBlanc indicated that Canada is willing to address longstanding U.S. concerns raised by Jamieson Greer, including its supply-managed dairy system and regulations impacting U.S. technology firms. However, any concessions would need to be part of a larger framework that reduces tariff pressures and provides more certainty ahead of the United States-Mexico-Canada Agreement review process, underscoring Canada’s preference for a coordinated reset of trade relations rather than piecemeal negotiations.

Fertilizer prices are expected to remain elevated in the near term, with USDA Secretary Brooke Rollins indicating it could take “a couple months” before any meaningful relief materializes. The USDA is working to accelerate fertilizer movement and is preparing to deploy resources aimed at boosting production and supply, though officials caution that price declines will not happen quickly. The administration is actively engaging with major fertilizer companies, signaling a coordinated effort to address supply constraints, but the timeline suggests farmers will continue facing high input costs through much of the early growing season.

Trade estimates for the April 17 Cattle on Feed report point to a largely steady current supply picture with on-feed expected at 99.5% of last year, while placements are projected sharply lower at 92.9% following a strong February, signaling a slowdown in new cattle entering feedlots. Marketings are seen at 93.8%, reflecting solid but not aggressive movement. Overall, the setup suggests stable near-term supplies but a tightening pipeline ahead due to reduced placements, which is supportive for deferred cattle markets even if the front end remains relatively unchanged.

PepsiCo beat earnings and revenue expectations, driven by a recovery in salty snack volumes after recent price cuts. That rebound is supportive for agricultural demand, as higher snack production lifts usage of key inputs like potatoes, corn, and vegetable oils. Overall, it signals improving downstream food demand after a period of price-driven volume pressure.

Hogs

Sold 150 Dec 84 straddles @ 10.075

Bought 200 April27 90 puts paid 6.10 up to 6.15

Bought 250 Aug 110 calls paid 2.55 up to 2.625

Sold 300 Aug 96/88 put spreads @ 1.025

Sold 100 June 104/110/116 call fly @ .975

Sold 200 June 96 puts @ .925 covered 101.80 On a Block

Sold 400 July 96/84 put spread @ .90

Sold 200 June 108 puts @ 7.5 down to 7.35

Sold 350 June 104 calls @ 2.00 down to 1.875

Bought 200 Oct 90 puts paid 4.775 up to 4.85

Bought 100 July 100 puts paid 2.125 up to 2.250

Sold 200 July 96/82 put spreads @ .950 down to .875

Live Cattle

Sold 100 Oct 246 calls @ 5.825

Bought 500 Aug 250 calls paid 4.90 up to 5.225

Bought 250 Dec 240 straddles paid 21.80 On a Block

Sold 250 May 242/248/249/253 Iron Condor @ 3.30

Bought 700 May 246 puts paid 2.3250 up to 2.4750

Bought 250 June 242 puts paid 3.50 up to 3.55

Bought 500 Dec 240/Oct 232 put spread paid .05 up to .45

Sold 300 Aug 260/280 call spread @ 2.25 down to 2.025

Bought 200 June 238/234 put spreads paid .55

Sold 150 Dec 232/226 put spread @ 1.875

Sold 500 Feb 260 calls bought 500 Oct 240/232 put spreads @ .30 down to Even

Sold 200 Aug 260 calls @ 2.55

Bought 400 Aug 242/230 put spread paid 3.425 up to 3.45

Bought 300 May 250 puts paid 4.025 up to 4.050

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Meats & Livestock

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Perspective: Morning Commentary for August 13

August 13 – The major stock indices traded quietly mixed overnight ahead of this morning’s weekly job numbers and producer price index data. Like Wednesday, this morning’s data was considered good as well, providing support for stocks while generally allowing Treasury yields to slip a bit lower. The VIX is trading near 14.4, which is just above yesterday’s new low for the year. The dollar index is trading near 99.8. Yields on 10-year Treasuries are trading near 4.64%, while yields on 2-year Treasuries are trading near 4.15%. WTI crude oil is trading near $81 per barrel, while Brent trades near $87 per barrel. Wheat prices again firmed overnight on geopolitical risks in the Black Sea Region, while corn and soybean prices pulled back modestly from yesterday’s big gains.

Arlan SudermanThu, 13 Aug 2026, 13:35

Grains & Oilseeds
Energy
Dairy
Renewable Fuels
Cocoa
Coffee
Cotton
Sugar
Meats & Livestock
Forest Products

Perspective: Morning Commentary for August 12

August 12 – Today’s focus is on inflation, with the July consumer price index data out this morning. We have this, and one more month of data, ahead of the next Federal Reserve meeting. Of course, headlines from the Middle East and the Black Sea wars also have an ongoing influence on the markets. Stock futures posted gains this morning, while the VIX traded just below 15. The dollar index traded near 99.7. Yields on 10-year Treasuries are trading near 4.66%, while yields on 2-year Treasuries are trading near 4.18%. WTI crude oil is trading near $83, while Brent trades near $88 per barrel. The grain and oilseed markets rebounded from yesterday’s losses ahead of today’s highly anticipated WASDE crop report that is due out at Noon Eastern Time.

Arlan SudermanWed, 12 Aug 2026, 13:33

Grains & Oilseeds
Energy
Dairy
Renewable Fuels
Cocoa
Coffee
Cotton
Sugar
Meats & Livestock
Forest Products

Perspective: Morning Commentary for August 11

August 11 – It was generally a quiet night for the markets until early this morning when a headline hit that Iran and Oman were close to reaching a deal. Stock futures rallied, while the dollar index followed Treasury yields lower, along with active selling in the energy- and food-based commodities. The headline had limited impact though in a world that has become skeptical of promises of peace. Stock futures remain steady to firmer at this hour, while the VIX trades near 16 – just above 2026 lows. The dollar index is trading near 99.8 this morning, after recovering from its early morning selloff over the following hour of trade. Yields on 10-year Treasuries are trading near 4.69%, while yields on 2-year Treasuries trade near 4.22%. WTI crude oil is trading near $82 per barrel at this hour, while Brent trades near $88. The grain and oilseed markets are mostly weaker, after failing to recover from this morning’s early selloff that started in the crude oil market.

Arlan SudermanTue, 11 Aug 2026, 13:21

Grains & Oilseeds
Energy
Dairy
Renewable Fuels
Cocoa
Coffee
Cotton
Sugar
Meats & Livestock
Forest Products

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