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CBOT Grains Daily Options Report

By: PJ Quaid, Senior VP, Agricultural Commodities

U.S. President Trump is set to deliver a national address Wednesday night at 8:00 p.m. CST from the White House, according to the Press Secretary. The speech is expected to highlight recent accomplishments while laying out what’s ahead, with possible teases of policy priorities for the new year. Markets and political observers will be listening closely for signals on trade, energy, and economic policy, even if no immediate announcements are made.

 

The long-negotiated EU-Mercosur trade deal is hanging in the balance as political resistance inside the European Union intensifies, according to the Financial Times. While the European Commission argues the agreement is critical for EU credibility, export growth, and strategic ties with South America, opposition—led by France and fueled by farmer protests—centers on fears of increased agricultural imports that could undercut EU producers and weaken environmental and food-safety standards. Efforts by EU lawmakers to tighten safeguards on farm imports have further complicated approval, raising the risk of delays or last-minute changes. With unanimity among member states still uncertain, the fate of what would be one of the EU’s largest trade agreements remains unresolved.

 

Starting February 2, 2026, Euronext will extend trading hours for its key agricultural futures—milling wheat, rapeseed, and maize—adding a new session from 11:30 a.m. to 1:30 p.m. Central Time, on top of its existing main session that runs from 3:45 a.m. to 11:30 a.m. CT, with settlement still set at 11:30 a.m. CT. This brings Euronext’s ag markets further into overlap with U.S. trading hours but still leaves them far more limited than CME Group, where grain and oilseed futures trade nearly around the clock, from 7:00 p.m. to 7:45 a.m. CT overnight and 8:30 a.m. to about 1:20 p.m. CT during the day. The change modestly improves U.S. accessibility and cross-market price discovery for European ag benchmarks, but CME remains the dominant venue for continuous global grain trading.

 

The U.S. told China it is prepared to defend its interests in the Indo-Pacific, according to Bloomberg, reinforcing Washington’s commitment to regional security and signaling a firm stance amid ongoing strategic and diplomatic tensions between the two countries.

 

The U.S. threatened retaliation against EU companies over the bloc’s digital tax, warning it will use “every tool” available to counter the measure. U.S. officials said potential responses could include new fees and restrictions on foreign services, underscoring an escalation in transatlantic trade tensions as Washington pushes back against policies it views as discriminatory toward American firms.

U.S. President Trump announced a blockade targeting sanctioned oil tankers entering and leaving Venezuela, signaling a sharp escalation in enforcement against Caracas’s energy exports. The move aims to tighten pressure on the Maduro government by disrupting crude shipments and deterring third-party buyers and shippers, potentially constraining Venezuelan supply flows into global markets. While the practical impact will depend on enforcement and compliance by insurers, ports, and flag states, the announcement adds geopolitical risk to oil markets already sensitive to supply balances and sanctions enforcement.

image-20251217051847-1

 

Overnight options activity 

Corn 

S 1000 g 440 c 7 1/4

B 100 n 660 c 1 1/8 

B 275 f 435 p 2

S 100 f 445 c 7 7/8 

 

Beans 

B 250 w2 1060 p 6 5/8 to 7 1/2

B 250 f 1080 c vs s f 1050 p 1 5/8 db

 

Wheat 

B 100 g 560 c 2 1/4

 

Open interest changes

Corn 

Jan 440/430 put spread sale was closing....feb 445 call sale and short july 455 call buys were new

 

Beans 

W3 1080/1070 put spread sale was rolling a long....jan 1040 put sale and jan 1050 put buys were closing...jan 1060 put buys were new.

 

Soymeal 

Jan 308/318 call spread sale and w3 305 call sales were closing

 

Bean oil

Jan 49 put sale, jan 4950 put sales, march 6250 call sale, march 55 call sale and march 60 call buys were closing.....jan 4750 put buy, jan 4850 call buy and jan 48 put buys were new.

 

Wheat 

Jan 500 put buy was new....march 550 call buy was closing.

 

Lean hogs

Feb 92 call buy was closing

 

Cvol 

Ags 18.03% up .24%

Corn 15.44% up .53%

Beans 14.99% up .35%

Soymeal 19.19% up .03%

Bean oil 24.70% up .02%

Wheat 20.96% up .52%

Feeder cattle 20.39% up .07%

Live cattle 18.43% up .04%

Lean hogs 20.56% down .03%

Class 3 milk 15.43% down .14%

 

 

Corn 

image-20251217051847-2

Beans 

image-20251217051847-3

Soymeal 

image-20251217051847-4

Bean oil

image-20251217051847-5

Wheat 

image-20251217051847-6

Kc wheat 

image-20251217051847-7

Miax wheat 

image-20251217051847-8

Oats 

image-20251217051847-9

Rough rice

image-20251217051847-10

Crush 

image-20251217051847-11

Oil share

image-20251217051847-12

Ethanol 

image-20251217051847-13

Feeder cattle

image-20251217051847-14

Live cattle 

image-20251217051847-15

Lean hogs

image-20251217051847-16

sources:
news bloomberg and newsquawk
trade data from globex and cme website
cvol is from cme website
vol charts are from bloomberg

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