The rally in U.S. equities continues to build momentum, with the Nasdaq Composite extending its winning streak to 11 consecutive sessions and the S&P 500 closing at a fresh record high. The move reflects sustained investor confidence, supported by resilient economic data, strong corporate earnings, and continued enthusiasm around growth sectors, particularly technology. The length of the Nasdaq’s streak highlights persistent dip-buying behavior and strong positioning in risk assets, while the S&P’s new high reinforces the broader market strength underpinning the current rally.
The March 2026 National Oilseed Processors Association (NOPA) crush came in at 226.2 million bushels, falling short of the 230 million trade estimate but still well above both last month (208.8 mb) and last year (194.6 mb), reinforcing the underlying strength in U.S. processing demand despite a modest miss versus expectations. Soybean oil stocks were reported at 2.039 billion pounds, slightly below estimates and down from last month, suggesting continued tightness in the oil balance sheet, while production held firm at 2.644 billion pounds with yield ticking up to 11.69 lbs/bu. Overall, the report leans supportive on the products side, particularly oil, while the crush miss is marginal in the context of still historically strong throughput and solid year-over-year demand.
U.S. ethanol production came in at the high end of expectations for the week ended April 10, with data from the Energy Information Administration showing average output at 1.12 million barrels per day, up 4,000 bpd week-over-week and near the top of analyst estimates. Stocks also built to 26.7 million barrels, rising 646,000 barrels on the week and likewise landing on the high side of forecasts. The production pace marked a record for this point in the year, reinforcing strong near-term grind despite rising inventories. In reaction, CBOT corn futures moved modestly higher, with prices up around 1.1% in early trade, reflecting supportive demand signals from the ethanol sector.
Recent reports confirm New World screwworm cases in northern Mexico, now detected within roughly 90 miles of the U.S. border, marking a continued northward progression that has raised industry concern. While there are still no confirmed cases inside the U.S., the trend of infections moving closer to Texas has prompted heightened surveillance, sterile fly release programs, and tighter controls on cattle movement. For the market, this remains a risk-building story rather than an immediate disruption, but the implications are significant if it crosses the border, including potential cattle supply constraints, trade flow interruptions with Mexico, and added support to livestock prices through elevated biosecurity risk.
Brazil’s Supreme Court justice Alexandre de Moraes has ordered a criminal investigation into Flávio Bolsonaro over allegations that he made slanderous statements against President Luiz Inácio Lula da Silva. The probe comes amid an already highly charged political environment ahead of Brazil’s 2026 election, where Flávio is emerging as a leading challenger. While the investigation centers specifically on alleged defamation, it adds to broader legal and political pressure surrounding the Bolsonaro family and intensifies tensions between Brazil’s judiciary and right-leaning political figures.
China has suspended beef imports from a single Brazilian processing plant after detecting a prohibited substance, according to Bloomberg. The move is targeted rather than a broad restriction on Brazil beef, highlighting China’s strict enforcement of sanitary standards on imported protein. While the action may disrupt flows for specific exporters in the near term, China continues to rely heavily on Brazilian supply, and similar plant-level suspensions have historically been temporary with limited broader market impact.
PIMCO purchased the full $400 million bond issuance from a private credit fund managed by Blue Owl Capital, signaling a notable vote of confidence in a private credit market that has recently come under pressure from rising redemptions and concerns around valuations, liquidity, and transparency. The deal comes amid a broader selloff that has pushed spreads to multi-year highs, forcing issuers to offer more attractive terms—here, roughly 20 basis points of additional yield, well above the typical new issue concession. The transaction underscores both the stress in the space and the opportunity for large institutional buyers to step in at more favorable pricing, even as uncertainty remains around credit quality and secondary market liquidity.
Hogs
Sold 1000 June 105 calls @ 1.85 down to 1.75
Bought 250 May 95/97/99 call fly paid .20 up to .225
Sold 200 Aug 102 puts @ 3.40 covered 105.00
Bought 300 June 102/96 put spreads paid 2.025 On A Block
Bought 400 June 104/98 put spread paid 2.60 up to 2.650
Bought 150 Oct 82 puts paid 1.925
Sold 300 May 96 calls @ .80 down to .70
Bought 300 June 104 calls paid 2.0750 up to 2.10
Bought 300 June 104 calls paid 2.075 up to 2.10
Bought 100 Aug 110/100 combo paid .10 buying the call
Sold 100 Oct 94 calls @ 3.55 down to 3.00
Sold 100 Aug 106/104 put spread @ .975
Live Cattle
Bought 850 Dec 210/200 put spread paid .95 up to 1.00
Bought 200 June 245 puts paid 3.20
Sold 400 May 250 puts @ 2.725 down to 2.4250
Bought 200 Aug 250/255 call spread paid 2.025
Bought 350 June 250/260 call spread 1x2 paid 1.925
Bought 250 June 250 straddle paid 11.425 up to 11.60
Bought 250 Oct 236/246 call spread paid 5.50 up to 5.60
Sold 300 Oct 238 puts @ 7.675 down to 7.55
Sold 400 Oct 240/212 put spread v. 256 calls @ 3.125 down to 3.10 selling the put spread
Bought 350 June 220 puts paid .375
Bought 250 Aug 238 puts paid 4.95 covered 246.350 On A Block
Bought 150 June 230/200 put spread paid .750
Bought 300 June 230 puts paid .8750 up to .90
Sold 100 May 250 puts @ 2.80
Bought 500 May 250/254 call spread paid 1.80 up to 1.85
Bought 200 May 255 calls paid 1.625 up to 1.65
Feeder Cattle
Bought 200 May 376/370 put spread paid 2.95 up to 3.025
Bought 350 April 360 puts paid .55
This material should be construed as the solicitation of an account, order, and/or services and represents the opinions and viewpoints of the individual authors or presenters. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers.
The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.
References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.
StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.
R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.
StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.
This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.
StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).
SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.
StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.
StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.
StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
© 2026 StoneX Group Inc. All Rights Reserved.
