The United States criticized India at its latest World Trade Organization trade-policy review for maintaining high agricultural tariffs, extensive farm subsidies and import restrictions that limit access for foreign producers. Washington argued that India’s price-support and public-stockholding programs can distort global markets, particularly in crops such as rice and wheat, while other WTO members also pressed New Delhi for greater transparency and fewer trade barriers. The criticism adds pressure on India to open its agricultural market, but meaningful changes remain difficult because protecting farmers and food security are major domestic political priorities.
Argentina will regain access to the European Union market for fresh poultry meat and poultry products beginning August 17 after the European Commission recognized the country as free of highly pathogenic avian influenza. The reopening gives Argentine poultry producers renewed access to a higher-value export market and could support domestic chicken production and feed demand, while adding another source of competition for poultry suppliers already serving Europe.
Brazilian chicken exports to the European Union surged to more than 189,000 metric tons during the first half of 2026, up 51% from a year earlier, as European processors stocked up ahead of a potential trade suspension. Brazil has until September 3 to prove that its livestock production complies with EU antimicrobial standards after being excluded from a May list of authorized suppliers. The accelerated buying is supportive for Brazilian poultry exporters in the near term, but failure to gain approval could disrupt roughly $1.8 billion in annual meat trade, tighten European chicken supplies and force Brazil to redirect more product into other global markets.
China is expanding its agricultural influence across Central Asia through new partnerships in Kazakhstan, Uzbekistan and Tajikistan. Projects include transferring Chinese technology, developing locally produced biopesticides, testing drought-resistant crop varieties, improving grain production and restoring grasslands, while also training local specialists. The effort strengthens China’s economic ties and food-security interests in the region and could gradually increase Central Asian agricultural productivity and grain supplies, although the near-term impact on global markets is likely limited.
Coca-Cola raised its full-year outlook after stronger-than-expected quarterly earnings and sales, helped by increased demand tied to its FIFA World Cup sponsorship. The company now expects organic sales growth of 5%, up from its prior 4%–5% range, and earnings-per-share growth of as much as 8%. North American organic sales rose 7%, supported by continued strength across sugar-free beverages, sports drinks and water.
U.S. consumer confidence weakened in July as Americans became more concerned about current business conditions and the labor market. The Conference Board’s confidence index fell 1.4 points to 90.8, below the 92.4 economist forecast, while the present-conditions measure dropped to its lowest level since 2021. Expectations for the next six months were unchanged, suggesting consumers are more cautious about the economy today but have not become materially more pessimistic about the outlook.
Bunge reports earnings tomorrow morning.
Corn
S 2500 z 440p/490c strangles 27 ¼ vs 481
S 2500 z 520 c vs b x 520 c 2 cr
B 2000 hz even/+40 cso cs 12
S 1000 v 470 c 23 to 22 1/2
B 500 h 550 c 13 3/8 to 13 3/4
B 1000 u 460 c 11 7/8 to 12 1/8
B 1000 u 510 c 1 ½ to 1 5/8
B 1000 v 480 c 19 to 19 1/2
S 1000 v 455 p 6 3/4
B 500 z 500 c 18 vs 482 1/2
B 300 v 450 p 5 3/8 vs 482 1/2
B 400 u 450 c 7 ½ vs 460 1/2
B 200 h 500 p vs s 400 h 400 p 9 7/8 cr
B 500 z 600 c 3
B 1000 z 500 c 16 5/8 to 17
B 1000 nu +25 cso c vs s +10 cso p 5 ½ db
S 1000 z 480/530 cs 15 3/8 vs 481
S 1000 w5 487 c 2 3/4
B 1000 w5 477 p 2 3/8 to 2 5/8
B 500 v 550/650 cs 2 3/8
B 2000 w1 500 c 1/2
S 200 z 440p/490c strangles 27 1/4
S 2000 u 480 c 4 ½ to 4 3/8 vs 478
B 300 z 490/530 cs 10 1/4
S 200 v 470 c 22 1/2
B 400 v 480 c 18
B 300 z 450p/520c strangles 21 7/8
S 200 z 500 c 16 ¼ vs 478 3/4
B 1000 v 470 p 14 ¼ vs 478
B 900 z 510 c vs s 1200 z 550 c 13 ¾ to 16 db
S 200 w1 460 straddles 14 3/4
S 500 z 500 c 18 vs 482 1/2
B 100 z 470 straddles 47 5/8 vs 479
B 200 z 480 puts 24 1/2
B 400 z 475/545 cs 14 3/4
On a block
B 1000 z 550 c 6 ½ vs 479
Beans
B 1000 v 1340 c 7 3/8 to 7 1/2
B 400 sd u 1340 c 2 1/2
B 500 v 1340 c 8 ½ vs 1223
B 100 f 1110/1050 ps 5 1/8
B 150 x27 1120 p 45 to 45 1/4
S 300 x 1160 p 17
B 200 x 1220/1260/1380/1420 call condors 11
B 500 u 1280/1380 cs 4
Soymeal
B 1000 u 350 c 1.15 to 1.25
B 500 z 340 c 10.05 to 10.20
B 100 uv +4.00 cso c vs s uv even cso p 1.25 cr
B 400 v 305 p 3.80
Bean oil
B 250 w1 69 p .630
B 750 w1 72 c .520 to .530
B 100 f 74/90 cs 1.700 vs 6850
B 500 u 67 p .570
B 1000 u 70 p 1.585 to 1.740
S 300 z 70 c vs b z 65 p 1.425 to 1.385 cr
B 100 z 79/73 ps vs s 86 c .700 db
B 500 z 80/85 cs .365 vs 6895
S 2000 u 72/67 ps 2.410 vs 70.00
B 400 u 74 c .555
B 100 v 68/61 ps 1.600
B 350 u 73/74 cs .185 to .190
B 400 f 78/85 cs .685
B 400 z 75 c 1.500
On a block
S 750 u 73 p vs b 1500 u 70 p .300 cr vs 70.00
Wheat
B 300 z 1200 c 1 3/4
S 100 v 635p/700c strangles 42 5/8 vs 681 1/2
S 300 u 700/740 cs 6 3/8
S 900 u 740/830 cs 4 to 3 7/8 vs 659
S 600 u 650/700 cs 16 ½ vs 659
B 2000 u 700 c 9 ¾ to 12 1/4
B 100 n 600 p 26
S 500 u 740 c vs b 1000 u 830 c 2 5/8 cr vs 660 1/4
On a block
S 500 z 600 c 56 1/2
Kc wheat
B 200 u 900 c vs s 400 u 1000 c 5/8 db
S 200 u 680 p 7 3/8
S 200 z 740/660 ps 36 3/8 vs 744 1/2
Hogs
Bought 2000 Oct 78 puts paid .425
Bought 500 Dec 80 puts paid 4.275 up to 4.30
Bought 200 Aug 100 puts paid .125
Sold 300 Oct 84 puts @ 1.425 down to 1.40
Bought 125 Aug 103/102 put spreads paid .425
Sold 100 Dec 79/73 put spreads v. 86 calls @ .70
Bought 200 Oct 86/80 put spread v. 92 calls paid even
Bought 400 Aug 102/101 put spread paid .25 up to .275
Bought 500 Oct 90 calls paid 2.20 covered 88.00 On a Block
Sold 100 Oct 74 puts @ .2250
Sold 150 Aug 102 calls @ 1.40 down to 1.35
Sold 200 Dec 78/82 call spreads @ 1.775 down to 1.75
Live Cattle
Bought 300 Dec 220/210 put spreads paid 3.375 up to 3.475
Bought 300 Dec 226 calls paid 7.125 up to 7.20
Bought 700 Aug 226 puts paid 1.40 up to 1.650
Bought 150 Dec 236/248 call spread paid 2.00
Bought 200 Dec/June 220/216 call spread Diag. Paid 2.75
Sold 250 Aug 234 puts @ 7.60 down to 7.50
Sold 500 Oct 220 puts @ 6.00
Bought 200 Aug 229 calls paid 1.50
Sold 150 June 240 calls @ 3.55
Bought 400 Dec 218 puts paid 9.15 up to 9.40
Sold 100 Sept 228/218 put spreads @ 2.075 down to 2.05
Bought 200 Aug 237/232 puts paid 4.675
Bought 200 Aug27 208 puts paid 13.25
Bought 150 June 212 puts paid 12.70
Feeder Cattle
Bought 100 Sept 340/356 call spread v. 320 puts paid 2.80 up to 2.90
Bought 150 Nov 370/420 call spread paid 1.30 up to 1.325 covered 319.00
Bought 400 Sept 330 puts paid 6.00 up to 6.075
Bought 100 Sept 360 calls paid 1.975 up to 2.0
Bought 200 Sept/Oct 380/384 call spread Diag. Paid .40 up to .425
Sold 200 Sept 355/330 put spreads @ 16.00
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