In Bean oil the March 60/65 call spread sale on the block , may 60/65 call spread sale on the block and july 58 call buys were closing....march 60/65 call spread sale on globex was arbing the block.
China’s Commerce Ministry said it is open to working with the United States on a potential new round of trade talks, emphasizing a willingness to uphold and implement the key consensus reached by the two countries’ heads of state. Responding to questions about renewed negotiations, a MOFCOM spokesperson said China remains prepared to engage constructively with the U.S. side, according to the Global Times, signaling continued openness to dialogue despite ongoing trade frictions.
Senate Majority Leader John Thune said there is still a possible path to avoiding a government shutdown by the end of the week after Senate Minority Leader Chuck Schumer laid out Democrats’ demands related to Immigration and Customs Enforcement. According to CNN, Thune expressed cautious optimism that negotiations could still produce an agreement, though Democratic conditions tied to immigration enforcement and DHS funding remain a key sticking point, keeping the risk of a shutdown elevated but not yet certain.
German Chancellor Merz said Germany is not prepared to accept any deterioration of the EU–US trade deal, adding that the basis for ratifying the agreement remains in place.
UK Prime Minister Keir Starmer said the UK and China need to take a mature approach to their relationship, adding that both sides must manage their differences as part of maintaining stable ties.
China has resumed purchases of Canadian canola, with crushers in China booking cargoes for loading over the next few months, according to Bloomberg citing sources.
U.S. Treasury Secretary Scott Bessent said he believes relations with Canada will ultimately end up in a good place, adding that USMCA talks are coming up, according to CNBC.
USTR Greer said that during meetings with Mexico’s Economy Secretary, both sides recognized substantial progress in recent months and agreed to continue intensive engagement to address non-tariff barriers. They also agreed to begin formal discussions on possible structural and strategic reforms as part of the first USMCA joint review. The talks will include stricter rules of origin for key industrial goods, deeper cooperation on critical minerals, and closer alignment on external trade policy, signaling a push to strengthen and tighten the framework of the USMCA going forward.
U.S. Treasury Secretary Scott Bessent said there is no trade deal with South Korea until it is formally ratified, making clear that any agreement remains incomplete until Seoul finishes its domestic approval process. He also criticized the European Union, calling it disappointing for freezing a trade deal during President Trump’s Davos speech, signaling rising frustration in Washington with Europe’s trade stance. Separately, a South Korean presidential adviser said they cannot rule out the United States again raising the possibility of tariff hikes in the future, particularly if new disagreements arise over investment issues, underscoring ongoing trade uncertainty.
The Fed held rates steady at 3.50–3.75% as expected, with a 10–2 vote as Governors Miran and Waller dissented in favor of a 25 bp cut, signaling that while easing is being debated, the Committee is not yet convinced. The January statement was modestly more upbeat, upgrading growth language to “solid,” acknowledging job gains have remained low but stabilized, and simplifying inflation language while removing December’s reference to rising downside risks to employment—overall framing risks as balanced across the dual mandate. Chair Powell reinforced that message, saying the economy is on firm footing, consumer spending is resilient, inflation remains somewhat elevated, and current policy is appropriate, with rates viewed as within or at the upper end of a plausible neutral range. In Q&A, Powell emphasized improved data since the last meeting, diminishing distortions, and a stronger overall outlook, while reiterating that policy decisions will remain meeting-by-meeting and data-dependent. He acknowledged tariffs could temporarily lift goods prices but suggested that if those effects peak and fade as expected, it would open the door to policy easing, while stressing that no one sees hikes as the base case—even as nothing is formally ruled out.
| Outside Markets | Price | Change | % Change | | |
| Dow | 49,223 | 56.00 | 0.11 | | |
| Crude | 64.70 | 1.49 | 2.36 | | |
| US Dollar | 96.2150 | (0.059) | -0.06 | | |
| Gold | 5,539.47 | 122.260 | 2.26 | | |
| US 2/10 Swap | 67.1970 | 0.5980 | - | | |
| VIX | 16.61 | 0.26 | - | | |
| | | | | | |
| CBOT Ags Volume & Open Interest | | | | |
| | Previous Volume | Change in OI | Options Volume | Change in Options OI | |
| Corn | 390,075 | 20,796 | 65,660 | 22,281 | |
| SRW | 214,022 | 4,552 | 46,352 | 14,530 | |
| HRW | 97,590 | (490) | - | 3,279 | |
| Soybeans | 291,509 | 12,031 | 84,155 | 15,158 | |
| Meal | 159,016 | (866) | 13,549 | (2,041) | |
| Oil | 178,446 | (2,981) | 99,057 | (16,115) | |
| Feeders | 21,152 | 1,417 | 8,024 | (1,199) | |
| Live Cattle | 55,171 | 1,066 | 20,318 | 4,052 | |
| Hogs | 68,585 | 525 | 21,889 | 1,806 | |
| | | | | | |
Overnight options activity
Corn
B 300 h 420 p 1 7/8
Beans
B 100 k 1190 c 4 3/4
Soymeal
B 1000 h 305/310 cs 1.10
Bean oil
S 200 k 55/63 cs vs b k 48 p 1.640 to 1.630 cr
Wheat
B 100 h 540/515 ps vs s 550 c even
B 200 k 675 c 2 7/8
Open interest changes
Corn
Sept 480 call buy and march 435 call sales were new....march 420 put buys were closing....march 435/445 call spread buy was rolling a long
Beans
July 1200 call buy and july 1000 put buys were new....march 1020 put buy, march 1080 straddle buy and short dated april 1070 call buys were closing
Soymeal
March 300 call buy was closing
Bean oil
March 60/65 call spread sale on the block , may 60/65 call spread sale on the block and july 58 call buys were closing....march 60/65 call spread sale on globex was arbing the block.....march 5350/50 put spread buy, march 56/60 call spread sale and may 53/49 put spread buy were rolling longs.....may 52/47 put spread sale was rolling a short
Wheat
March 550 call buy, march 510 put buy, march 600 call buy and march 530/520 put spread sales were new.....march 540 call buy was closing
Kc wheat
March 530/510 put spread buy was rolling a long
Lean hogs
June 114 call buy and april 96 call buys were closing
Cvol
Ags 17.12% up .40%
Corn 15.13% up .57%
Beans 13.53% up 94%
Soymeal 20.45% up .80%
Bean oil 26.45% down .98%
Wheat 24.09% up 2.63%
Feeder cattle 16.87% down .19%
Live cattle 15.12% down .07%
Lean hogs 20.69% up .99%
Class 3 milk 21.34% down .43
corn
beans
soymeal
bean oil
wheat
kc wheat
miax wheat
oats
rough rice
crush
feeder cattle
live cattle
lean hogs
sources
news bloomberg
options data globex
charts bloomberg
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