Workers at the JBS beef plant in Greeley, Colorado are preparing to launch what could become the nation’s first major meatpacking strike in decades, citing unsafe working conditions and an expired labor contract as the primary issues. The union is also advocating for Haitian immigrant workers who may lose Temporary Protected Status. If the strike moves forward, it could disrupt operations at one of the country’s largest beef processing facilities, potentially tightening slaughter capacity, increasing boxed beef volatility, and creating short-term uncertainty in cattle markets depending on how long the work stoppage lasts.
McDonald's reported better-than-expected fourth-quarter results, driven by solid customer traffic and continued pricing strength. From an agriculture standpoint, steady sales volumes support ongoing demand for key commodities including beef, poultry, dairy, wheat, and potatoes. McDonald’s scale makes it a major end-user of ground beef and chicken, so stable performance reinforces protein demand through the cattle and broiler supply chains, while also underpinning grain usage tied to feed demand. The results suggest the company is effectively managing food input costs while maintaining strong throughput across its supply network.
China’s Commerce Ministry announced it will lower tariffs on European Union dairy products to as much as 11.7%, down from 42.7%, effective February 13. At the same time, China extended the investigation period on Canada’s canola anti-dumping case to March 9, keeping uncertainty in place for that trade flow. Officials also signaled ongoing diplomatic engagement, with China stating it will maintain close communication with the U.S. through established trade and economic consultation mechanisms, while chief trade negotiator Li Chenggang met with Mexico’s deputy economy minister in Beijing, underscoring continued efforts to manage and shape key agricultural trade relationships.
China’s Commerce Ministry announced that the anti-dumping investigation into Canadian canola has been extended to March 9th, delaying a final decision on potential tariffs. The extension keeps uncertainty hanging over Canadian canola exports to China, a key demand outlet, and continues to cloud trade flows and pricing in the global oilseed market. Until a ruling is issued, crushers and exporters will likely remain cautious, with potential implications for canola spreads, basis levels, and broader vegetable oil trade dynamics.
President Trump posted that Canada has taken advantage of the United States on trade for many years, calling it “among the worst in the world to deal with,” particularly regarding issues at the northern border. The remarks signal renewed trade tension rhetoric between the two countries and could foreshadow tougher negotiating positions or tariff threats. Given the deep integration of U.S.–Canada supply chains — especially in agriculture, autos, energy, and dairy — any escalation would carry meaningful cross-border trade implications.
Corn
S 2000 h 425/435/445 call flies 3 3/8
B 2500 k 450 c 7 7/8 to 8 1/4
B 1000 n 500 c 5 3/8 vs 446 1/2
S 4200 h 430/440/450 call flies 2 1/8 to 1 7/8
B 1500 z 475 c 23 5/8 vs 461
B 200 j 435 straddles 17 3/4
S 1000 k 430 straddles 25 ½ to 25 1/4
S 1000 k 440 straddles 25 1/8
B 200 m 480/520 cs 4
Beans
S 2500 n 1130p 31 3/8 to 29 1/2
S 1200 k 1060 p 4 ½ to 4 3/8
B 2000 n 1200/1260 cs 15 vs 1164
B 1000 k 1100 p 12 to 12 1/4
B 500 n 1200/1300 cs 21 3/4
B 1000 x 1100 c 64 ¾ to 65 1/2
B 500 n 1200 c 35 3/4
S 1000 h 1120 p 4 ½ to 4 1/4
B 500 n 1000 p 2 5/8
S 100 k 1090/1120 cs 26
B 500 h 1120 p 4 ½ to 4 5/8
S 500 h 1130 c 14 1/4
On a block
B 2000 k 1100 p 12 3/8
Soymeal
S 200 k 310/340 cs 8.00
B 500 n 325 c 11.40 to 11.85
B 500 h 300 c 8.95 to 9.00
B 400 h 310 c 3.25 to 3.40
B 250 kn even cso c .60 covered with a 10 delta vs 4.20 in the spread
Bean oil
S 1000 h 55 c 2.830 to 2.820
B 900 j 50 p , j 63 c and k 62 c paying 3.00
S 350 n 65/75 cs 1.370 to 1.340
S 200 n 60 c 3.420 to 3.415
On a block
S 250 m 56 p 2.435 vs 5836
Wheat
S 250 j 565 c 10 1/8
B 200 u 580 c vs s 400 u 640 c 1 7/8 cr
S 250 j 525p/580c strangles 12 6/8
Kc wheat
B 125 h 545 straddles 15 1/2
sources
news bloomberg
options data globex
This material should be construed as the solicitation of an account, order, and/or services and represents the opinions and viewpoints of the individual authors or presenters. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers.
The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.
References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.
StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.
R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.
StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.
This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.
StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).
SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.
StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.
StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.
StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
© 2026 StoneX Group Inc. All Rights Reserved.
