Canadian Prime Minister Mark Carney said Canada and the U.S. will immediately intensify trade negotiations after President Trump ordered 50% tariffs on a broad range of Canadian exports, including agricultural products, alcohol, autos and hockey equipment, unless a deal is reached within 30 days. Carney rejected a piecemeal, sector-by-sector agreement and is pushing for a broader modernization of USMCA that addresses dairy protections, provincial bans on U.S. liquor and other trade disputes. Canada is also considering additional retaliation, but Carney said any reopening of provincial markets to American alcohol would only occur as part of a comprehensive agreement.
Analysts expect Friday’s July Cattle on Feed report to show July 1 feedlot inventories at 102.2% of last year, meaning cattle on feed are up 2.2%. June placements are estimated at 98.0%, down 2.0% from a year ago, while June marketings are projected at 97.0%, down 3.0%. The combination of placements falling less than marketings explains the larger on-feed inventory. For cattle futures, the report could be mildly bearish if USDA matches the average, since supplies remain above last year, but the lower placements would be supportive for deferred contracts. The biggest market reaction would likely come from placements: below 98% would be bullish, while a result near the high end of 99.8% or above would be bearish.
The yen’s slide to around 163 per U.S. dollar has strengthened its appeal as a low-cost funding currency for carry trades, where investors borrow cheaply and invest in higher-yielding emerging-market assets. Yen-funded positions have produced some of the strongest returns in 2026, but the decline has also revived concerns that Japanese authorities could intervene. To reduce that risk, some investors are diversifying by funding positions with euros and other currencies instead of relying entirely on the yen.
The London Stock Exchange plans to launch LSE 24, a new platform offering near-continuous trading outside normal market hours. The venue is expected to operate from 5 p.m. to 7:50 a.m. London time, with client testing planned by the end of 2026 and exchange-traded products scheduled to begin trading in the first half of 2027. Equities could be added later, subject to regulatory approval and market feedback. The move is aimed at attracting more international capital and competing with exchanges and alternative platforms that are expanding toward 24-hour trading.
Corn
B 1500 u 475 c 5 ½ to 5 5/8 vs 449 1/4
B 1000 sd u 500 c 5 5/8 to 5 3/4
B 3000 z 520 c 10 ¼ to 11 1/2
S 1500 z 630 calls 2 1/4
S 1000 sd u 450 p 5 to 4 7/8
S 900 u 470 c 6 ¾ vs 449 3/4
B 1000 u 460 c 9 7/8 vs 450 1/4
B 250 z 470 p 22 3/4
B 2000 u 520 c vs s u 425 p 2 3/8 cr vs 450 1/4
B 100 n 475/530 cs vs s 430 p 14 ¼ db
S 1000 zh -18 cso p 1
B 750 z 430/420 ps 2
B 300 z 510/530 cs 3 3/4
S 750 u 420 p 3 1/8
B 300 z 500/550 cs 8 ½ to 8 5/8
S 150 w5 new crop 475 p 8 5/8 to 8 1/2
B 500 v 450 p 9 1/8
S 1500 w1 new crop 475 straddles 19 ½ to 19 1/8
On a block
B 500 z 475 c 23 3/8 vs 473
Beans
S 500 q 1230 c 3 1/2
S 2000 x 1220 p 44
B 250 x 1240 c 37 to 37 1/2
B 100 x 1200/1140 ps 22 1/4
S 700 sd u 1240 c 19 3/4
B 500 x 1300 c 20
B 400 qx -5/+5 cso cs 2
S 300 x 1200 p 32 to 31 3/4
Soymeal
B 400 q 330 c 1.55
B 400 q 315 p .60
B 1000 u 310 p 2.95 to 3.05
S 150 z 330 c 14.65 vs 327.7
S 200 u 315 p 4.10
Bean oil
B 300 z 75/8250 cs 1.510
B 500 v 73/80 cs vs s 68 p .820 db
B 200 z 67 p 1.800
S 300 q 74 c .750
Wheat
S 1000 u 700 c 18 to 16 7/8
S 500 u 680/660 ps 11 7/8
B 200 u 620 p 7 1/8
S 1500 u 670/720 cs 14 1/4
B 150 u 740 c 10
B 1000 u 690/720 cs vs s 620 p 5/8 to 1 ¼ db
B 300 u 700 c 18
B 500 u 730/810 cs 9 3/8
Kc wheat
B 1000 q 740/760 cs 4 1/2
S 150 z 690 p 28 ½ vs 739
B 200 z 600 p 5 1/2
Hogs
Bought 100 oct 88/80 put spreads vs selling the 96 calls paying 1.700
Bought 20 july 98/90 put spreads 3.200 to 3.225
Bought 450 Aug 102/104 call spread 1x2 paid .25 up to .275
Bought 300 Aug 104c /98p combo paying .200 covered 101.60
Sold 200 Oct 80/94 calls spread @ 2.15 down to 2.125
Bought 500 Dec 76/72 put spread paid 1.225 up to 1.30
Sold 100 Sept 91 calls @ 1.80
Sold 150 Dec 70/85 strangle @ 3.05
Bought 500 Oct 90 calls pay 2.65 up to 2.80
Sold 200 Feb 80/82 Strangle @ 8.425 down to 8.40 covered 82.575
Sold 200 Oct 84 puts @ 1.725 down to 1.70
Sold 100 Dec 79/70 put spread v 87 calls @ 1.50
Bought 100 April 70 puts paid .65 up to .675
Sold 450 Oct 90 calls @ 2.525 down to 2.50
Bought 400 Dec 80 puts paid 4.60 up to 4.80
Live Cattle
Bought 650 Feb 230/200 put spread paid 10.40 up to 10.450 covered 224.425
Sold 300 Oct 231 puts @ 3.55 covered 224.15
Sold 100 Oct 210 puts @ 2.30 covered 222.50
Bought 200 Oct 248 calls paid .5750
Bought 250 Aug 212 calls paid 1.0250
Sold 100 Feb 210 puts @ 4.975 down to 4.95
Bought 400 Aug 220 puts paid 1.15
Bought 100 Oct 223/213 put spread v. 234 calls paid 1.35 up to 1.3750
Sold 150 Oct 230 calls @ 4.05 down to 3.75
Sold 200 Aug/Sep 239/226 call spread Cal @ 3.825 down to 3.775
Feeder Cattle
Bought 100 Sept 346/330 put spread paid 5.80
Bought 100 Sept 340/326 put spread paid 4.575
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