Bevan Everett Grain Recap Chinese Report 06042026
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 starts tomorrow.
Private credit is back under pressure as redemption requests have picked up again, ending what had been a brief period of calm. The stress began earlier this spring with large withdrawal requests at major private credit vehicles, including Blackstone’s BCRED and Blue Owl funds, and has now resurfaced with Cliffwater’s flagship fund reporting investors sought to pull 17% of capital in the second quarter. Blackstone also moved to limit BCRED redemptions to 5%, reinforcing concerns that liquidity is tightening across the sector. The broader takeaway is that investors remain uneasy about private credit valuations, liquidity, and rising defaults, suggesting the industry’s adjustment may be longer and more difficult than many expected.
Greer’s comments signal that the White House wants to keep existing trade deals intact while still moving forward with new tariff enforcement tied to forced-labor concerns. Countries like the EU and Japan that negotiated capped tariff rates appear to have some protection, with Greer emphasizing that “a deal’s a deal.” However, the broader proposal to apply at least 10% tariffs on roughly 60 economies adds uncertainty for countries without those agreements. For markets, the takeaway is that trade policy remains fluid: capped deals may limit downside for some partners, but the use of Section 301 tariffs keeps the risk of retaliation, renegotiation pressure, and added costs in global supply chains firmly in play.
Mercuria’s $1.42 billion deal for Raizen’s Argentina fuel assets is a major vote of confidence in Argentina’s energy market under President Javier Milei. The acquisition gives Mercuria control of the Dock Sud refinery and roughly 700 gas stations, representing about one-fifth of Argentina’s nationwide fuel sales. Strategically, this moves Mercuria deeper into downstream energy, giving it physical refining and retail distribution rather than just trading exposure. It also highlights Argentina’s improving investment appeal as Milei pushes market-friendly reforms, while Raizen appears to be selling assets amid financial pressure. For Argentina, the deal is supportive because it brings in foreign capital, reinforces confidence in long-term fuel demand, and could lead to operational investment across refining and distribution.
USDA export sales were mixed but generally supportive for corn and soybeans, while wheat was messy because of heavy old-crop cancellations. Corn was the clear positive, with old-crop sales of 883,300 tons and new-crop sales of 243,700 tons, putting total crop sales at about 1.127 MMT. That is supportive because old-crop corn demand remains active while new-crop interest is also building. Soybeans were also respectable, with old-crop sales near 276,900 tons and new-crop sales near 243,000 tons, for total sales around 519,850 tons; not explosive, but still a decent demand signal. Soymeal was softer at 169,300 tons old crop and roughly 62,400 tons new crop, totaling about 231,750 tons, while soybean oil was essentially flat at 27 tons, showing very little export demand there. Wheat was the weakest headline on the old-crop side, with old-crop net sales negative 642,200 tons, but that was offset by new-crop sales of 838,500 tons, leaving total wheat sales slightly positive near 196,270 tons. That points to old-crop cleanup/cancellations, but better forward demand. In proteins, pork export sales were strong near 38,940 tons, while beef sales were light around 5,020 tons, keeping the pork side much more constructive than beef from an export-demand standpoint. Overall, the report leans friendly corn, neutral-to-slightly supportive soybeans, weak nearby wheat but better new-crop wheat, soft soy oil, and positive pork demand.
Corn
S 2000 q 450/500 cs 7 vs 431
B 1500 sd n 480 p 31
B 2000 nu -10 cso p 1 1/4
S 250 sd q 455 c 14 1/2
B 1500 u 410 c vs s n 420 p 1 ¼ db
B 250 zz +10/+30 cso cs 1 1/2
S 5000 n 435 p 16 ¼ to 15 3/8
S 1000 n 450 p 28 7/8 to 28
B 3000 sd u 440 p 13 3/8 to 13 3/4
B 150 q 310 p vs s u 550 c 4 5/8 db vs 433 1/2
B 1000 q 430 c vs s u 550 c 16 db vs 433
B 1000 u 460/500 cs 5 7/8 vs 432 1/2
B 2000 z 440 p 19
B 500 u 450 c vs s 1000 u 500 c 4 3/8
B 500 z 450p/620c strangles 32
S 1500 z 470 p 37 to 36 1/2
B 250 h 500/570 cs vs s 430 p ¼ cr
B 1500 n 450/480 cs 1 5/8 vs 425
S 1000 u 425/400 ps 9 1/8
S 5000 n 435 p 16 3/8 to 15 3/8
S 1500 n 500 c 3/8 vs 423 1/4
B 500 z 470 c 20
B 3000 n 480 c 5/8
B 2000 z 450 p vs s z 500 c 10 ¼ to 13 db
B 1000 sd n 475 c 3 1/4
B 100 u 460/520 cs vs s 410 p even
B 1500 z 440/420 ps 7 7/8 to 8 3/8
B 2000 u 470/500 cs 3 3/4
B 3000 q 450 c vs s 6000 q 500c 4 7/8 to 5
B 3300 n 445 p 23 ½ to 23 ¾ vs 424 1/2
S 3000 n 430 p 13 1/8 vs 423 ¼
S 2000 n 420 p 6 3/8
S 2000n 425 p 8 3/4
B 1500 n 450/480 cs 1 5/8 vs 425
S 300 v 500 c 8 7/8
B 1500 q 460/500 cs 5
S 300 v 450 p 20
S 400 z 390 p 3 5/8
B 900 x 460 c 21 to 21 1/2
On a block
S 10,000 u 440 p 21 to 20 7/8 vs 436 3/4
B 6000 z 450/500 cs 13 ½ vs 451
B 6000 u 450/530 cs 10 vs 431 1/2
B 1750 u 435 c 17 ¾ vs 431 3/4
B 950 u 405 p 7 ¼ vs 431 3/4
Beans
B 2500 n 1140/1180 cs 7 5/8 to 8 vs 1128
B 1000 x 1280/1400 cs 7 3/4
S 1500 n 1180 c 3 to 2 7/8
B 1000 x 1300/1340 cs 2 ¾ to 3 1/8
B 2000 n 1200 c 1 ¾ to 2 3/8
B 500 sd n 1190 c 3 to 3 1/8
B 800 sd u 1160 c 29
S 2200 n 1140/1180 cs vs 1126 from 8 to 7 3/8
B 2000 x 1200/1250/1300/1350 call condors 6 3/8 vs 1143
S 200 u 1140/1120 ps 9 1/2
B 1200 x 1200/1270 cs 14 1/8 to 14 5/8 vs 1155
S 1000 x 1150 p 48 ¾ vs 1143 3/4
B 2000 q 1100 p 13 1/8 to 13 1/2
S 1000 n 1200 c 2 1/8
S 500 n 1160 c 6
Soymeal
B 500 q 325/340 cs 2.40 vs 316.2
S 600 u 310 straddles 22.25
S 750 n 324/346 cs 1.60 vs 312.2
B 1500 n 320 c 2.55 to 3.25
B 200 u 330/340 cs 1.70
S 400 n 300 p 1.35 to 1.25
S 250 u 340 c 3.40
B 300 u 370 c 1.20
S 200 n 340 c .60
B 200 u 300/280 ps 4.60
B 500 n 320/330 cs 1.90 to 2.20
S 200 n 335 c .80
S 750 q 320 c 6.35 to 6.30 vs 313.0
B 1000 n 300 p 1.15 to 1.35
B 500 n 329 straddles 13.70 to 14.05
B 500 n 320/330 cs 1.90 to 2.20
S 200 n 335 c .80
S 750 q 320 c 6.35 to 6.30 vs 313.0
B 1000 n 300 p 1.15 to 1.35
B 500 n 329 straddles 13.70 to 14.05
B 200 q 315/310 ps 2.75
B 200n 320/315 ps 3.15
B 200 n 320/330 cs 2.20
On a block
B 750 z 340 c 7.70 vs 313.60
Bean oil
B 250 n 7350/70 ps .500
S 775 n 80 c .500 vs 7605
S 1000 n 78 c .925 to .900
B 100 q 73/68 ps .1.265
B 500 n 72/65 cs .290
B 100 q 8250/8550 cs .330
B 200 q 82/85 cs .375
B 250 n 7950 c .700 to .710 vs 7660
B 800 n 77 c vs s n 75 p .175 to .290
B 600 q 69/63 ps .510
S 1000 n 81 c .390 to .380 vs 7630
Wheat
B 500 z 2000 c 3/8
B 1000 h 800/900 cs vs s 550p 7 7/8 cr vs 630
B 500 n 620 c 3 1/2
S 200 n 585 straddles 28
B 1300 n 570 p 6 ¾ vs 587
B 1000 z 520 p vs 621 vs s 1000 k 550 p vs 649 collecting 7 1/2
B 1000 n 570 p 6 5/8 vs 587
On a block
B 1500 z 700/750 cs 7 3/4
Kc wheat
S 750 u 680 c 14 1/4
S 150 n 630 p 20 1/8
S 500 z 600 p 20 1/2
B 500 u 800 c 3
Hogs
Sold 1000 July 110 calls @ .375 down to .35
Sold 750 Oct 200/230/240/264 Iron Condors @ 11.30 down to 11.15
Sold 750 Jun/July 96/98 put spread @ .225 down to .175 covered 95.150
Sold 800 June 98 calls @ .0750 covered 95.425
Bought 350 July 104/110 call spread paid 1.175 covered 101.675
Bought 200 Aug 88 puts paid .75
Sold 250 July 104 calls @ 1.175 down to 1.15
Bought 125 July 100/96 put spreads paid 1.30
Live Cattle
Sold 400 Oct 202 puts @ 1.50 down to 1.40
Sold 200 July 234/246 strangle @ 4.150
Sold 400 June 249 calls @ .900
Sold 150 Aug 244/235 combo @ 1.25 down to 1.15 selling the call
Sold 200 Oct 254 calls @ 2.025 down to 1.975
Bought 200 July 242 calls paid 4.05 up to 4.125
Sold 200 Aug 250 calls @ 3.375 down to 3.25
Bought 150 Aug 240/230 put spread paid 3.30 up to 3.325
Bought 150 Aug 228/223 put spread paid 1.375
Sold 400 Aug 238/222 put spread v. 262 calls collected 5.00 to 2.75
Bought 125 Aug 220 puts paid 1.2250 up to 1.25
Feeder Cattle
Bought 200 Aug 300 puts paid .825 up to .950
Bought 200 Oct 334 puts paid 12.55 up to 12.70
- Grains & Oilseeds
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