The U.S. is expected to lift its ban on Mexican cattle imports, according to a Wall Street Journal report cited by Reuters. The restrictions were imposed because of concerns over New World screwworm, and reopening the border would allow Mexican cattle shipments into the United States to resume.
The latest CFTC report shows managed money aggressively adding bullish exposure across the grain and soybean complex during the week ended July 21. Funds bought nearly 50,000 corn contracts to reach a net long of 92,909 and added more than 52,000 soybean contracts to build a net long of 124,900, confirming that weather, export demand and geopolitical risk are attracting speculative capital. Buying also extended into soybean meal, soybean oil and Kansas City wheat, while Chicago wheat remained modestly net short but saw significant short covering. Producers and merchants increased their short hedges, particularly in corn and soybeans, suggesting the rally encouraged additional farmer and commercial selling. Livestock positioning was more cautious, with funds reducing their live cattle net long by nearly 21,000 contracts, while lean hog traders covered shorts but remained net bearish.
U.S. business activity accelerated in July to its strongest pace in eight months, supported by solid consumer demand for services and increased spending tied to the World Cup and July 4 holiday. The S&P Global flash composite PMI rose to 53.6, with the services index also reaching 53.6, its highest level since November 2025. Manufacturing remained softer as factory production cooled, supply-chain delays increased and costs rose, but stronger overall demand improved business confidence and encouraged companies in both the services and manufacturing sectors to resume modest hiring.
The Trump administration is facing a new legal challenge over its latest round of global tariffs, which took effect Friday. Two small businesses filed suit in the U.S. Court of International Trade, arguing that the administration unlawfully used Section 301 of the Trade Act of 1974 to replace earlier tariffs that had been struck down by the Supreme Court. The lawsuit adds another layer of uncertainty around the new tariff program and could eventually affect how long the duties remain in place and how broadly they can be enforced.
USDA’s livestock reports were mixed but leaned supportive for cattle prices over time. The total U.S. cattle and calf inventory was unchanged at 94.2 million head, but the 2026 calf crop was projected 2% smaller at 32.5 million head, while beef replacement heifers increased 3%, signaling early herd rebuilding that could tighten slaughter supplies. July 1 cattle on feed rose 2% to 11.37 million head, although June placements and marketings were both about 3% below last year. Beef cold-storage inventories declined to 389.2 million pounds from 400.3 million a year ago, while pork stocks increased sharply to 458.2 million pounds from 418.7 million, making the report more favorable for beef than pork.
Corn
S 100 n 570 c 22 3/8
S 100 n 560 c 24 5/8
B 1250 v 485 p 20 ½
S 500 u 485 c 6 5/8 vs 462 1/2
B 2400 v 480/510 cs 11 1/8 to 11 ¼
S 2000 z 480 c 31 ¾ to 29 1/4
B 1000 z 400 p 2
B 250 n 530/630 cs 21 3/4
B 250 z 525 c vs s h 465 p ¾ db
B 500 z 470 p 18 3/4
S 3000 z 520 c 15 ½ to 15 3/8 vs 485 1/2
S 100 n 440 p 9 3/4
S 1000 z 450 c 44 7/8 to 42 1/4
B 1500 x 550/600 cs 4 to 4 1/2
B 2000 z 550 c 10 5/8 to 11
S 3500 z 410 p 3 1/8
B 3000 z 450/420/400 put flies 4 5/8 to 5 1/4
S 1000 z 500 c 18 7/8
B 500 sdu 480 p 14 1/2
B 1000 z 470 p 18 3/4
S 2000 z 440 p 9 3/8 to 8 1/2
B 2000 u 450/420 ps 8 1/8
B 1000 u 480 c 6 3/8
B 500 f 520 c 19 3/8
S 250 z 500 c 18 3/4
B 200 h 540/500 cs 10 1/2
B 400 u 400 p 3/4
beans
B 300 f 1300/1500 cs 35 1/4
B 700 f 1300/1500 cs vs s u 1280 c 19 ½ db
S 200 u 1300 c 10 1/2
B 500 x 1350/1460 cs 11 7/8
S 1000 x 1320 c 28 1/4
B 1000 x 1100/1050 ps 2 3/8
S 450 f 1240 c 64 5/8
S 250 n 1360/1560 cs 26 ¾ vs 1262
B 500 u 1360 3 3/4
B 1200 v 1150 p 6 7/8 to 7
B 1500 x 1400/1600 cs 10 1/2
S 750 f 1260 c 54 1/2
B 200 xn -30 cso p 5 1/4
On a block
S 800 x 1320 c 22 7/8
B 1000 v 1150 p 7
S 450 f 1210 straddles 119 7/8 vs 1268
Soymeal
S 600 z 310p/345c 17.50 vs 334.1
B 100 u 305 p 1.05
B 800 z 300p/340c strangles 16.95 to 16.85 vs 333.9
Bean oil
S 500 z 85 c .715 to vs 7215
S 50u u 72 p 1.040 vs 7377
S 500 u 80 c .350
B 200 v 76 p .275
B 1200 u 73 p 1.380 vs 7400
B 2000 u 72/67 ps .860 vs 7401
B 200 z 74 c 2.800
B 400 z 78 c 1.710
S 500 v 75/80 cs 1.180
On a block
B 250 u 73 p 1.040 vs 7377
Wheat
B 950 h 790 c 41 to 41 3/8 vs 708 1/2
S 500 u 830 c 2 1/2
S 500 u 740 c 8
S 500 u 660 c vs b 1500 u 750 c 4 cr vs 677
B 500 u 620p/745c strangles 17 1/2
S 500 u 700 c 15 1/8
S 1000 u 800 c 5 1/8
B 2000 u 790 c 5 1/8 to 6
B 200 u 800c vs s 500 u 830 c 2 1/8 cr
B 1500 z 650/600 and 620/600 ps 13 1/8 to 13 1/4
S 3000 u 700 c 23 5/8 to 15
S 200 u 650 c 33
S 500 u 620 p 6 ¼ to 6 1/8
S 500 u 630 p 9 5/8
S 1000 u 800 c 4 5/8 vs 676
Kc wheat
S 2000 u 800 c 16 ¼ to 16
B 200 z 1300 c 3 1/2
B 200 u 1000 c 2 3/8
B 2500 z 690/640 ps 16 to 16 3/4
B 300 z 900/1000 cs 9 1/2
B 300 z 740/800 cs 19 3/4
S 2500 u 800/850 cs 7 ½ to 7
Hogs
Bought 250 Aug 103/105 call spread 1x2 paid .35 up to .375
Bought 300 Aug 85 puts paid .025
Sold 500 Oct 85 puts @ 1.525 covered 89.20
Sold 200 Dec 80/78 put spread @ .85
Bought 200 Dec 84/86 call spreads paid .70
Bought 1200 Oct 80 puts paid .525
Bought 500 Oct 76 puts paid .2750
Bought 100 Oct 94/82 put spread paid .45
Sold 400 Aug 103 calls @ 1.05 down to .70
Live Cattle
Sold 400 Dec 220 puts @ 8.10 down to 8.05
Bought 250 Aug 272 calls paid .025
Bought 250 Feb 250 calls paid 2.20 up to 2.250
Sold 150 Dec 234/230 put spread @ 2.55
Sold 500 Dec 220 puts @ 8.10 down to 8.05
Bought 1000 Aug 226/222 put spread paid 1.00 up to 1.10
Bought 200 Aug 236 calls paid .375 up to .40
Bought 100 Aug 246 calls paid .10
Bought 200 Sept 223/230 call spreads paid 2.525 up to 2.60
Bought 200 Aug 232/227 put spreads paid 3.45
Bought 200 Feb 260 calls paid 1.2250
Sold 200 Aug 234 calls @ .70
Bought 200 Aug 229/224 put spread paid 1.90 up to 1.925
Feeder Cattle
Bought 250 Aug 340 put paid 4.6250 up to 4.750
Bought 100 Oct 354/310 put spread paid 20.10
Sold 400 Oct 370 calls @ 2.75 On a Block
Bought 500 Sept 335 puts paid 5.90 up to 6.00
Sold 100 Sep 340 puts @ 8.20 down to 8.00
Bought 125 Aug 330 puts paid 1.125 up to 1.225
Bought 100 Jan 322 puts paid 15.00
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