LTD for all August grain options is Friday.
Goldman Sachs expects China’s late-July Politburo meeting to deliver stronger economic-support signals as growth, consumption, investment and equities weaken and local governments face financing pressure. The most likely first step is faster deployment of already approved fiscal resources, including an 800 billion yuan policy-financing facility and the remaining government bond quota, with additional support possible if conditions deteriorate. However, Goldman expects Beijing to remain cautious about a large stimulus package because of high debt, fiscal deficits, implementation problems and its continued focus on national security and technological development.
U.S. export inspections were supportive for corn but weak for soybeans and wheat. Corn inspections totaled 1.550 million metric tons, nearly unchanged from the prior week but 57% above last year, with strong movement to Japan, South Korea, Mexico, Spain and Venezuela. Marketing-year corn inspections have reached 73.8 million tons, up 25% from last season. Soybean inspections fell to 297,000 tons, down 34% for the week and 21% from last year; China accounted for roughly 66,000 tons, while Germany, Japan, Mexico and the Philippines were also notable destinations. Wheat inspections dropped to 214,000 tons, down 46% week over week and 71% from a year ago, with Mexico, Chile, St. Lucia, South Korea and Haiti among the leading buyers. Overall, the report reinforces strong U.S. corn export demand, while soybean and wheat shipments remain behind last year’s pace.
CME has launched 90% and 50% Lean Beef Trim futures and options, giving the beef industry a direct way to hedge the two main components used in ground beef. The 90% contract targets lean trim and imported-beef exposure, while the 50% contract covers domestic fat-trim pricing, helping packers, processors, retailers and importers manage blending margins and ground-beef price risk more precisely.
ADM appointed Jeff Rowe as its new Executive Vice President and Chief Operating Officer, effective August 17, 2026—not CEO. Rowe, currently CEO of Syngenta Group, will oversee ADM’s commercial businesses, global manufacturing and research and development, while reporting to ADM Chairman and CEO Juan Luciano. The newly created COO position strengthens ADM’s leadership structure and gives Rowe broad responsibility for day-to-day operations and execution of the company’s growth strategy.
Paris corn surged to a seven-week high, with the most-active contract gaining as much as 3.6% to €256.50 per metric ton after Russian missiles struck a cargo ship carrying Ukrainian corn as it departed Odesa. The attack adds a fresh Black Sea shipping-risk premium at the same time drought is reducing European production prospects, helping extend Paris corn’s rally to six consecutive weeks and supporting Chicago futures. The immediate market impact is bullish, particularly for European feedgrain prices, but the size and duration of the move will depend on whether attacks materially slow Ukrainian exports or remain isolated incidents.
USDA reportedly revised a weekly 2026 U.S. beef export-sales figure lower by more than 90% after identifying a reporting error. The article links the mistake to concerns over reduced USDA staffing, noting a 15% decline in the agency’s civilian workforce since 2025. Cattle producers argue that inaccurate government reports can create unnecessary futures-market volatility and affect hedging and marketing decisions. The correction is damaging to confidence in the data, but it represents a reporting issue rather than proof that actual U.S. beef demand suddenly fell by 90%.
Corn
B 250 z 525 c vs s h 445 p ¼ db
B 1500 u 435/425 ps 3 vs 450
B 250 z27 550/650 cs 13 7/8
S 200 h 470 straddles 58 1/4
S 1000 z 475 straddles 50 1/8
B 500 z 470/430 ps vs s 510 c 2 3/8 to 3
B 100 v 475 calls vs s v 460 p 3 5/8
B 300 sd q 475 c 4 5/8
S 200 z 470/440 ps 13 1/4
S 200 z 470/450 ps 9 5/8
B 100 z 440 c 42 ¾
B 100 z 470 c 26 1/4
B 1000 u 450 c 15 ½ to 15 5/8
B 200 v 435 p 5 1/2
B 500 u 485 c 4 1/8
S 4000 z 425 p 6 1/4
B 400 v 460 p 13 1/8
B 1000 z 500 c 15 ¼ to 16 1/8
S 200 u 430/450 cs 11
B 4000 v 450 p 9 ¼ vs 472
Beans
B 2000 q 1250/1260 cs 1 1/4
B 700 v 1220/1250 cs 12
B 700 x 1160/1140 ps 5
S 850 x 1180p/1300c strangles 44 1/4
S 300 x 1200 c 58 3/4
B 800 sd v 1240/1300 cs vs s 800 sd u 1220/1300 cs 16 ¼ to 16 cr
B 1300 sd u 1160 p 8 vs 1215 1/4
B 1000 u 1200/1150 ps vs s sd u 1210/1160 ps paying even
B 500 v 1240/1340 cs 22 ½ 1225 1/4
S 300 f 1190 c 77 1/8 to 76 7/8
B 200 xf -12 cso c vs s xf -20 cso p 2 db
S 500 x 1140 p 10 ¼ vs 1224
S 1000 x 1300 c 22 1/4
B 200 f 1200/1240 cs 18 1/2
S 1500 sd q 1200/1230/1270/1300 call condors 9 ½ to 9 cr
S 3200 x 1200/1240 cs 17 ¼ to 17 1/8
B 100 f 1140/1100 ps 6 3/4
B 600 x 1340 c 15 1/4
S 800 q 1200/1210 cs 7 3/4
S 100 x 1220 straddles 88
B 200 x 1250 c 35
S 825 f 1260 c 44 5/8
B 1800 x 1200/1180 ps 9 vs 1222
B 200 u 1150 p 5 3/4
B 1000 u 1300/1360 cs 3 7/8 to 4 3/8
S 500 q 1220 c 10 1/8 vs 1220
B 500 x 1140 p 12 1/8 to 12 ¼ vs 1215
S 500 x 1200/1300 cs 32 ¾ to 32 1/2
S 300 x 1220/1180 ps 19 7/8 to 19 1/2
B 2000 x 1120/1050 ps 5 ¼
On a block
B 300 v 1240 c 32 7/8 vs 1225 1/2
S 250 x 1220 straddles 87 7/8
Soymeal
S 100 v 330 c 8.30 vs 321.2
B 250 q 330 c vs s 500 q 335 c .05 cr
S 500 z 315 p 9.10 vs 326.8
S 750 k 330 c 16.60 vs 326.0
B 1000 z 370 c 4.10 to 4.85
S 125 u 315 c 5.25
Bean oil
S 500 q 73 c 1.270
B 125 q 76 c .360
B 650 v 75/8250 cs vs s q 75/8250 cs .750 to .870 db
S 200 z 80 c 1.480
B 450 z 74 c 3.120
On a block
S 300 u 71 p 1.095 vs 7321
S 200 v 70 p 1.765 vs 7231
Wheat
B 250 z 900 c 11 3/4
S 500 u 680 c 29 7/8 vs 676
S 150 h 1200/1400 cs 2 1/4
B 1500 u 700/750/800 call flies 5 ¾ to 6
B 100 h 850/900 cs 6 3/4
B 300 u 700 c 22 ½ to 23
B 500 u 670 c 33 5/8 to 35
S 200 u 675 p 31 1/4
S 400 q 730 straddles 32 1/4
On a block
S 600 z 800 c 23 1/8
S 1600 z 750 c 33 5/8
S 800 z 700 c 49
Kc wheat
S 725 z 800 c 37 5/8
S 100 v and z 730 p 86 3/8 cr vs 743 1/2
Hogs
Sold 300 Aug 98/95/92 put fly @ .125
Bought 100 Dec 79/70 put spread v. 87 calls paid 1.425 up to 1.45
Sold 450 Aug 101/110 call spread 1x2 v. 98 puts @ 1.25 down to1.00
Bought 200 Oct 84/92 call spread v. 77 puts paid 3.40 up to 3.45
Bought 200 Aug 105 calls paid .425 up to .450
Bought 350 July 98 puts paid 6.40
Bought 250 Feb 80 puts paid 3.75
Live Cattle
Bought 300 Aug 225 puts paid 2.65 up to 2.675
Sold 150 Oct 255 calls @ .35
Sold 150 Dec 148 calls @ 1.25
Bought 200 Aug 240/228 put spread paid 10.25
Bought 400 Aug 224 calls paid 3.225 up to 3.60
Bought 200 Aug/Sept 240/228 call spread paid 2.075 up to 2.10
Bought 150 Aug 260 calls paid .05
Sold 300 Aug 230/226 put spreads @ 2.675 down to2.65
Feeder Cattle
Sold 150 Aug 370 calls @ 1.15
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