February soybean crush data from the National Oilseed Processors Association came in stronger than expected, with members processing 208.8 million bushels, well above the average trade estimate of 202.7 million and 17.4% higher than last year’s February crush. The report also showed soybean oil stocks at 2.08 billion pounds, sharply above expectations and the highest level in 13 years, reflecting strong oil production alongside the elevated crush pace. Based on the typical relationship between NOPA and nationwide data, analysts estimate total U.S. February soybean crush near 214 million bushels, putting marketing-year crush roughly 8% ahead of last year’s pace and suggesting the USDA’s 2.575-billion-bushel annual crush estimate may still be too low if current processing rates continue. The report also highlighted a record daily crush rate of 7.46 million bushels per day, underscoring strong processing demand despite rising soybean oil inventories.
The U.S. Securities and Exchange Commission (SEC) is preparing a proposal that would make quarterly earnings reporting optional, allowing companies to report financial results twice per year instead of every quarter if they choose. The proposal could be released as soon as next month, and regulators are already discussing potential rule adjustments with major stock exchanges. After publication, the proposal would go through a public comment period of at least 30 days before the SEC votes on whether to adopt it. Importantly, the rule would not eliminate quarterly reporting entirely but would instead give companies the flexibility to move to a semiannual reporting schedule.
Bloomberg Intelligence says U.S. soybean crush capacity continues to expand alongside stronger biofuel demand, with plants likely running near nameplate capacity if renewable fuel policies are finalized. Capacity is estimated at 8.18 million bushels per day as of February, about 2% higher than a year ago, driven by new plants and expansions from companies including Bunge, Dreyfus, and Incobrasa. Additional projects could lift nameplate capacity to roughly 3.1 billion bushels in 2026, supporting further investment if policy incentives remain in place.
China signaled a constructive tone following recent discussions with the United States, with state media reporting that both sides agreed to properly manage differences and strengthen dialogue. Chinese Vice Premier He Lifeng said Beijing hopes the U.S. will broaden areas of economic cooperation but reiterated that unilateral tariffs remain a key obstacle and should be removed. The messaging suggests talks remain active and have not broken down, though tariffs continue to be the central sticking point. For markets, the tone points toward continued engagement ahead of upcoming high-level meetings while keeping trade policy uncertainty in place until there is clearer progress on tariff issues.
USDA’s weekly export inspections came in solid across the board. Corn inspections totaled about 1.659 MMT, up from 1.523 MMT the previous week, indicating continued strong shipment pace as U.S. corn remains competitive in global markets. Soybean inspections were 966,082 MT, also higher than the 887,003 MT the week before, suggesting steady demand despite Brazil’s large harvest entering the pipeline. Wheat inspections were 343,022 MT, a moderate pace relative to corn and soybeans but still consistent with recent export trends. Overall, the data points to firm export movement for both corn and soybeans, reinforcing the idea that U.S. shipments are holding up well even as South American supply increases.
The United States and China are discussing the creation of a new mechanism—potentially called a “U.S.–China Board of Trade”—to oversee economic relations and address bilateral trade concerns. U.S. Trade Representative Jamieson Greer said the proposed framework would help formalize and manage trade flows between the two economies, while China’s Vice Commerce Minister Li Chenggang noted both sides discussed forming a working group to promote cooperation on trade and investment. The idea would effectively replace earlier engagement structures, such as the Strategic and Economic Dialogue that was ended during the Trump administration, and comes as officials prepare for a potential summit between Donald Trump and Xi Jinping.
India’s Trade Secretary said a U.S.–India trade agreement will likely be finalized once the United States completes its effort to re-establish a new global tariff framework, noting Washington is currently working on rebuilding what officials describe as a broader “global tariff architecture.” In the meantime, India is monitoring trade disruptions tied to the Middle East conflict, with exports to West Asia (the Gulf region) already being affected by shipping risks and regional instability. The government said it is considering support measures for exporters to help offset the impact of the conflict on trade flows to the Middle East.
Treasury Secretary Scott Bessent said any delay to a potential Trump–Xi summit would be due to logistics or the ongoing war situation, not China’s role in securing shipping through the Strait of Hormuz, calling reports to the contrary “false.” He also stressed that the U.S. Treasury is not intervening in oil or other commodity markets, noting it lacks legal authority to do so, and said any effort to stabilize energy markets would rely on traditional policy tools amid elevated crude prices and Middle East tensions.
Workers at a major beef processing plant owned by JBS in Greeley, Colorado—about 3,800 employees—have begun a two-week strike over alleged unfair labor practices after contract negotiations failed. The labor action could temporarily tighten U.S. beef supplies because the plant is one of the country’s major processing facilities and the industry is already operating with limited cattle availability due to the smallest U.S. herd in decades. Any slowdown in slaughter could reduce the amount of beef entering the market and push retail prices higher, though JBS said it plans to shift production to other plants to limit disruptions to consumer supply.
Corn
S 1000 n 500 c 16 to 15 7/8 vs 473 3/4
S 2000 n 550/600 cs 3 ½ to 3
S 1100 n 445/410 ps 8
S 500 n 475 straddles 50 ½ to 49 1/2
S 1000 j 460 c 5
B 300 k 460 straddles 28 to 29 1/8
S 3000 j 460/470 cs 3 3/8 to 3 1/4
S 3000 j 500 c 1/2
B 1500 w3 465/485 cs 1 ½ to 3
B 400 sd m 510 c 10 7/8
S 1000 w3 480 c 5/8
B 2000 n 450 c 30 ½ to 30 3/8
S 2000 sd n 455 c 37 1/8 to 36 1/4
B 400 n 500/550 cs vs s k 500 c 4 7/8 db
B 3000 k 500 c 3 3/8 to 3 7/8
S 1000 k 440 p 4 1/2
B 100 q 570 c 9 1/8
B 250 u 1000 c 1
B 500 k 455 p 3 7/8
B 2000 j 460/470 cs 3 ¼ to 3 3/8
B 1000 k 490 c 4 ½ to 4 3/4
B 1000 sd k 510/550 cs 1 3/4
B 1000 n 500 c 14 1/4
S 5000 n 470 c 27 to 23
B 500 j 450 c 6 1/4
B 1000 j 450 p 5 1/8 vs 455
B 250 u 520/620 cs 11 ½ to 12
B 500 k 455 straddles 29 1/8 vs 453 1/4
B 2000 n 435/415 ps and 2000 n 475/510 cs 14 ¾ vs 465 3/4
S 1000 n 455 c 28 ½ vs 464 3/4
B 1500 w3 485 c 1/2
Beans
B 2000 n 1050 p 4 7/8 to 5 1/4
S 900 k 1100 p vs b 1800 k 1050 p 2 ¾ cr
B 900 k 1100 p 7 vs 1177 1/2
B 500 k 1290/1300 cs 1
B 1000 k 1150 p 22 5/8
B 1000 n 1250/1330 cs 14 1/8 vs 1188
B 1000 n 1260/1340 cs 11 3/4
B 500 w3 1160 p 10 3/4
B 100 k 1190/1240 cs vs s k 1130 p ½ cr
B 200 n 1250/1350 cs vs s n 1130 p 5 cr
S 1500 k 1170 p 33 to 31 3/4
B 2000 j 1150 p 5 ¼ to 9 1/4
S 5000 n 1200 c 48 to 42 1/2
S 100 x 1150 straddles 122
S 200 x 1280 c 24 ¼ vs 1150
S 1000 x 1180 p 35 ¾ to 35
S 500 k 1280 c 9 1/4
B 500 k 1120 p 9 ¾ to 11
S 200 k 1190 c 32 ½ vs 1184 1/2
S 250 j 1220 c 10
S 1000 nx +80/+140 cso cs 9 vs 54 in the spread
S 1000 nx +70/+130 cso cs 10 ½ covered vs 54 in the spread
B 1000 q 1240 c vs s sd q 1180 c 3/8 db
S 1000 k 1160 p vs b 1000 k 1200 c 9 ¾ cr vs 1165
S 1000 j 1240/1290 cs 1 ¾ to 1 1/4
S 2000 j 1180/1150 ps 16 1/4
B 300 j 1180 c 9
S 650 k 1250/1350 cs 6 ½
B 200 n 1220/1320 cs vs s n 1100 p even
B 1000 j 1250 c 1 5/8
S 100 x 1000 p 11 ½ vs 1133
S 200 j 1140 p 9 ¾ to 9 5/8
On a block
S 250 x 1220 c 30 ½ vs 1130 3/4
Soymeal
S 2000 j 330 c 1.70 to 1.50
S 200 k 365 c 1.00
S 1000 j 310/305 ps 1.95 to 1.75
B 300 k 320 c 6.60 to 6.70
B 200 m 360 c 1.85 to 2.05
S 500 j 310 p 3.40 to 3.25
S 500 j 340 c .55
Bean oil
S 5000 k 70/75 cs .835 to .760
B 500 j 66 c 1.270
B 400 k 70/74 cs .690
S 200 k 69 c 2.225
B 400 n 6250 p 3.670 to 3.750
B 200 n 69/75 cs 1.470
B 1000 n 67/77 cs 2.126
S 2000 k 70 c 1.380 to 1.000
B 500 n 6750/75 cs vs s 60 p .580 to .030 cr
S 500 k 68 c 1.700
S 2000 k 70 c vs 6448 vs b 2000 n 62 p vs 6437 collecting 1.760
B 400 j 6425 p 2.030
B 400 k 64 p 3.130
B 400 j 6550 p 2.850
B 100 k 65 c 2.670
S 500 k 60 p 1.200
B 500 k 63/60 ps 1.200
Wheat
B 900 k 590/570 ps 9 1/2
B 100 z 800 c 23 3/4
B 500 n 630 straddles 91 ¾ to 93 3/8
B 200 k 550 p 5 ½ to 5 3/4
S 200 k 700 c 8 ¼ to 8
B 900 n 590/550 ps 16 1/2
S 150 j 630 c 8 1/8
S 100 n 600 c 46 1/2
S 250 n 605 straddles 84 ¼ vs 607 1/4
On a block
S 400 n 700c vs b 540 p 12 1/8 cr vs 616 1/2
S 1000 z 550 p 17 vs 644
Kc wheat
B 250 u 700/780 cs vs s 580 p 4 db
B 100 u 540 p 10 1/2
B 750 k 550 p 2 3/8 to 2 7/8
On a block
B 1000 z 560 p 15 ¾ vs 675
Rough rice
B 100 u 1120 p 23
| Corn | | | | | | | | | | |
| Month | Futures | Change | Strike | Implied Vol | Change in IV | Futures Range | Implied BE | Realized BE | 20D Historic Vol | Days to Exp |
| C J6 | 454.00 | -13.25 | 455 | 24.6 | 0.30 | 14.00 | 7.04 | 5.30 | 18.53 | 11 |
| C K6 | 454.00 | -13.25 | 455 | 24.7 | 0.00 | 14.00 | 7.06 | 5.30 | 18.53 | 39 |
| C M6 | 465.75 | -12.50 | 465 | 24.4 | 0.00 | 13.00 | 7.16 | 5.07 | 17.28 | 67 |
| C N6 | 465.75 | -12.50 | 465 | 25.5 | -0.30 | 13.00 | 7.48 | 5.07 | 17.28 | 102 |
| C Q6 | 467.25 | -12.00 | 465 | 27.8 | -0.10 | 13.75 | 8.18 | 4.79 | 16.26 | 130 |
| C U6 | 467.25 | -12.00 | 465 | 27.8 | -0.50 | 13.75 | 8.18 | 4.79 | 16.26 |
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