Bevan Everett Grain Recap Chinese Report 061026
Bevan Everett Grain Recap Chinese Translation
Grains Team Asia - Bevan Everett Chinese Translation
- Grains & Oilseeds
CBOT Grains Daily Options Report
By: PJ Quaid, Senior VP, Agricultural Commodities
The Goldman Roll begins today, with index funds systematically shifting positions out of nearby contracts into deferred months over a five-day window. This creates mechanical pressure, with selling in the front month and buying in later contracts. In grains, that means the May contract is being rolled into July, which can weigh on May futures while offering support to the spread.
President Trump announced a conditional two-week ceasefire with Iran, tied to reopening the Strait of Hormuz, signaling that negotiations are advanced and based on a 10-point proposal viewed as workable for a broader peace agreement. Iran has agreed to participate in talks beginning April 10 in Islamabad, while emphasizing the ceasefire does not end the conflict and maintaining military readiness. Israel is expected to join the pause, though activity on the ground remains inconsistent with continued strikes and missile reports, underscoring fragile enforcement. The Strait of Hormuz remains central as both a strategic and economic lever, with potential coordinated passage arrangements, while Pakistan plays a mediating role and Russia and China’s UN veto highlights geopolitical divisions. Overall, this sets up a high-stakes two-week window where de-escalation is possible but far from guaranteed, keeping geopolitical and energy market volatility elevated.
The Federal Reserve is set to release minutes from its March 17–18, 2026 meeting today at 1:00 PM CT, offering a deeper look into the internal dynamics behind the decision to hold rates steady at 3.50%–3.75% in an 11–1 vote. The focus for markets will be on how divided policymakers are around the timing of potential rate cuts, particularly as inflation remains persistent and geopolitical risks—most notably the Middle East conflict and its impact on energy prices—continue to cloud the outlook. With seven participants already signaling a preference to keep rates unchanged through all of 2026, the tone of the minutes will be critical; any shift toward a more flexible or hawkish stance could drive volatility across rates, energy, and broader risk assets. Attention will quickly turn to the next FOMC meeting on April 28–29 for confirmation of any evolving policy bias.
U.S. automakers are pushing back against proposed European Union safety regulations, arguing the measures would effectively block larger American pickup trucks from accessing the European market. The dispute centers on Brussels’ effort to tighten rules governing a niche category of imported vehicles, which U.S. manufacturers claim disproportionately targets “supersized” pickups that fall outside typical European vehicle dimensions and safety standards. From the U.S. industry’s perspective, this is being framed less as a safety update and more as a trade barrier that limits market access, adding another point of tension in ongoing transatlantic trade relations.
Chicago Fed President Austan Goolsbee warned that rising oil prices are creating a stagflationary shock, hitting the economy before earlier tariff-driven inflation has faded, leaving the Fed in an uncomfortable position with no clear policy playbook. While he sees the labor market as stable, he is increasingly cautious, noting that a move toward $5 gasoline could start to pressure supply chains and broaden inflation. Meanwhile, New York Fed President John C. Williams struck a more measured tone, acknowledging energy will lift headline inflation but emphasizing that core inflation trends remain intact and should ease later this year. He views policy as appropriately positioned to wait, highlighting lagged effects of tightening, with expectations for moderate growth and a stable labor market.
Overnight options activity
Corn
S 600 n 480 c 10 1/8 vs 455
B 100 n 480/500 cs 3 7/8
S 500 n 470 c 13
B 100 n 450/440 ps 4 3/4
B 100 n 405 p 2 1/8
B 2500 k 460 c 2
S 800 q 600 c 3 to 2 7/8
B 400 z 480/510 cs vs s 445 p collecting 10
S 1450 u 550/600 cs 3 5/8 to 3 1/2
B 500 m 450/470 cs 7 ½ to 7 5/8
S 1000 k 465 p 23 to 20
S 1000 k 460 p 19 to 17
S 700 k 450 p 10
B 100 m 500/515 cs 1
S 500 k 440 p 5
S 400 k 460 c 2 1/4
S 500 k 455 p 15
B 100 m 480/490 cs 1 5/8
S 175 sd q 490 c 18 ¼
S 200 n 560 c 2
B 900 n 500 c 2 5/8 to 2 7/8
Beans
B 800 m 1200/1250 cs 8 1/2
S 500 n 1170/1120 ps 23
S 500 k 1160 p 21
B 250 m 1160 p 24 3/4
S 500 sd k 470 c 3 ¼ to 3
B 300 k 1080 p 1
S 500 k 1100 p 2
S 200 w2 1120 p 1 1/8 to 7/8
B 1500 w2 1120 p 1 ¼ to 1 3/8
Bean oil
B 200 n 72 c vs s n 66p and k 77 c collecting 1.400 to 1.255
B 100 n 75 c 1.085
B 500 k 63 p .335 to .370
Wheat
B 200 k 560 p 7 1/4
B 400 k 580/590 cs 3 7/8 to 4
B 200 k 590/600 cs 3
S 100 u 600 p 44
S 100 m 840 c 1
Open interest changes
Corn
May 460/470 1x2 call spread buy was rolling a long.....may 470 call buy and may 520 call buys were new....july 560 call buy was closing
Beans
May 1170 put sale and july nov +40/+80 call spread buy vs sale of even puts were new....short dated may 1170 call buy was closing
Soymeal
May 325 call buy was closing.....may 310/300 put spread buy was rolling a long
Bean oil
July 75 call buy, may 70 call sale, may 69/75 call spread sale and may 56 call sales were closing....may 75 call buy and may 65 put buys were new
Wheat
May 610 call buy, dec 605/505 put spread buy, dec 715/950 call spread buy and dec 550/500 put spread buys were new
Live cattle
June 210 put buy was closing
Cvol
Ags 21.04% up .50%
Corn 22.74% up .64%
Beans 17.04% up .10%
Soymeal 21.53% down .15%
Bean oil 30.46% up .78%
Wheat 38.12% u p 3.13%
Feeder cattle 19.48% down .01%
Live cattle 16.70% down .04%
Lean hogs 18.65% down .64%
Class 3 milk 21.90% up .64%
Corn
Beans
Soymeal
Bean oil
Wheat
Kc wheat
Miax wheat
Oats
Rough rice
Feeder cattle
Live cattle
Lean hogs
- Grains & Oilseeds
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