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CME Livestock Daily Options Report

By: PJ Quaid, Senior VP, Agricultural Commodities

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Russia has intensified attacks on the Greater Odesa port system, striking key grain-export infrastructure around Odesa and Chornomorsk over several consecutive days. Damage to terminals, vessels and fuel facilities has disrupted operations and increased the risk of slower Ukrainian corn, wheat and vegetable-oil shipments through the Black Sea. The repeated attacks are supportive for grain markets because they could tighten near-term export availability while raising freight, insurance and logistics costs.

China’s second-quarter economy was mixed, with GDP growth slowing to 4.3% from 5.0% and coming in just below expectations. June industrial production was a bright spot at 5.3%, while retail sales improved to 1.0% and unemployment eased to 5.0%. However, fixed-asset investment remained weak at negative 5.7%, highlighting continued pressure from property and broader domestic investment, while home prices were still down 3.3% from a year earlier. Chinese officials attributed the GDP slowdown largely to short-term and external factors and said first-half growth still provides a solid foundation for meeting the full-year target. Overall, the data point to resilient manufacturing but continued weakness in investment, property and domestic demand, which keeps the outlook for Chinese commodity demand mixed.

The U.S. House voted 308–117 to make daylight saving time permanent, advancing legislation that would end the twice-yearly clock changes and provide later sunsets throughout the year. The bill now moves to the Senate, where passage remains uncertain, and no change will take effect unless it clears the chamber and is signed into law. States would retain the ability to remain on permanent standard time rather than adopt year-round daylight saving time.

Federal Reserve officials welcomed the softer-than-expected June inflation report but stressed that one encouraging month is not enough to declare victory. Fed Chair Warsh said the central bank remains committed to returning inflation to 2% and cautioned against overreading or selectively focusing on a single CPI report, noting that considerable work remains. Chicago Fed President Goolsbee called the data surprisingly benign and pointed to encouraging services inflation, but said he would need several similar CPI and PCE readings before becoming significantly more confident that inflation is moving sustainably lower. He also described the labor market as stable but not especially strong. Separately, Fed Governor Barr highlighted the uncertainty surrounding artificial intelligence’s economic effects, saying AI could materially reshape employment, income and wealth distribution, but it remains unclear whether it will broadly raise living standards or widen inequality.

Japan is considering lifting its ban on U.S. potato imports, according to Nikkei. The move would expand market access for American agriculture and could create a new export opportunity for U.S. potato growers and processors. While details on timing and import requirements remain unclear, the proposal is another potentially positive development for U.S.-Japan agricultural trade.

Tensions between the U.S. and Iran escalated further Tuesday, with President Trump saying American strikes will continue until he decides Iran has been sufficiently weakened. Trump warned that Iran could face heavier attacks Wednesday night and that power plants, bridges and eventually energy infrastructure could be targeted next week unless Tehran returns to negotiations. U.S. officials said additional strikes were carried out against Iranian military targets and emerging threats to commercial shipping, while CENTCOM confirmed another completed round of attacks aimed at degrading Iran’s ability to disrupt traffic through the Strait of Hormuz. The U.S. also reportedly resumed its naval blockade of vessels moving to and from Iranian ports. Strikes and explosions were reported across southern Iran, including near Qeshm Island, Bandar Abbas, Hengam Island and Bandar Imam Khomeini, while air defenses were activated near the Bushehr nuclear facility. Trump backed away from charging a transit fee in the Strait, saying Gulf countries preferred offering additional investment instead. The overall message remains clear: Washington is increasing military pressure while leaving Iran a narrowing path back to negotiations, keeping crude oil, shipping, insurance and broader risk markets highly sensitive to further escalation.

image-20260715055646-1

 

Overnight option activity 

Corn

B 4000 u 470/490 cs 2 1/2

S 250 z 530 c 7 1/4

B 675 u 485 c 3 1/2

S 500 z 490/500 cs 2 5/8 

B 1000 z 500 c 12 3/8 to 12 3/4

S 300 sd u 480 c 9

 

Bean oil

B 400 v 7150/7550 cs vs s 6750 p .110 cr to even

B 100 z 65 p 1.550

 

Wheat

B 250 u 700/750 cs 8 ¾ to 10 3/8 

B 400 u 640 p 19 ½ vs 662 1/2

B 300 u 700/755 cs vs s 600 p 3 to 6 5/8 db

B 1400 u 660/700 cs vs s 605 p 2 to 3 ¼ db

B 300 u 670 c 23 to 26

 

Open interest changes

Corn

Sept 420/300 put spread sale was rolling a long.  Dec 430 put sale and sept 460 call sales were new.  Sept 450/540 call spread buy and aug 450 call sales were closing. 

 

Beans

Short aug 1192 straddle sale, short sept 160 put buy, sept 1150 put sale and nov 1480 call buys were new.  Nov 1250/1300 call spread buy was closing.

 

Soymeal

March 315 put buy was new.  Aug 320/330 call spread buy was rolling longs.

 

Bean oil

Oct 72/78 call spread sale was closing. Sept 70 put buy was new. Sept 73/76 call spread buy was rolling a long.

 

Wheat

Sept 660 call buy, sept 670 call buy, sept 600 put buy, sept 700 call buy and dec 640 put sales were new. 

 

Kc wheat

Sept 700 call buy, dec 800 call sale, sept 700/750 call spread sale and dec 750/800 cs sale were closing

 

Cvol

Ags 22.14% down .05%

Corn 26.05% down .88%

Beans 18.73% up .03%

Soymeal 22.43% down .53%

Bean oil 27.16% up .04% (1 month high)

Wheat 35.38% up .62%

Feeder cattle 17.81% up .92% (1 month high)

Live cattle 16.95% up .67% (1 month high)

Lean hogs 23.91% down .52%

Class 3 milk 22.19% down .77%

 

Corn

image-20260715055646-2

Beans

image-20260715055646-3

Soymeal

image-20260715055646-4

Bean oil

image-20260715055646-5

Wheat

image-20260715055646-6

Kc wheat

image-20260715055646-7

Miax wheat

image-20260715055646-8

Oats

image-20260715055646-9

Rough rice

image-20260715055646-10

Cotton

image-20260715055646-11

Canola

image-20260715055646-12

Feeder cattle

image-20260715055646-13

Live cattle

image-20260715055646-14

Lean hogs

image-20260715055646-15

 

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