Quarterly Commodities Outlook is available for free now.  Download your report  →

StoneX logo

CBOT Grains Daily Options Report

By: PJ Quaid, Senior VP, Agricultural Commodities

President Trump and Chinese President Xi are reportedly preparing to extend the current U.S.–China trade truce by as much as one year during their anticipated April meeting in Beijing, according to the South China Morning Post, citing sources familiar with the discussions. The move would signal continued stabilization in trade relations and reduce the risk of near-term tariff escalation, providing businesses and markets with greater policy clarity while broader structural negotiations remain unresolved.

 

The United States and Taiwan are reportedly set to sign a reciprocal trade agreement on February 13, marking a step toward deeper economic ties between the two sides. The agreement is expected to strengthen bilateral trade cooperation and could carry broader geopolitical significance, given ongoing U.S.–China tensions and Taiwan’s strategic role in global supply chains.

 

Fed Governor Miran said the latest jobs report does not prevent the Fed from cutting rates and argued that stronger supply growth and deregulation could help lower inflation by expanding output and easing past supply-driven price pressures. In contrast, Cleveland Fed President Hammack said the labor market appears stable and balanced but stressed that inflation remains too high, emphasizing the need to return it to the Fed’s 2% target. She described current policy as near neutral and supported keeping rates on hold for now rather than making adjustments.

Treasury Secretary Scott Bessent said U.S. economic growth may have reached roughly 3% in 2025, reflecting stronger momentum than previously expected. He pointed to continued gains in construction employment and projected that manufacturing jobs should begin to pick up in the coming months. The remarks signal confidence in the resilience of the domestic economy, particularly in labor-intensive sectors tied to infrastructure, industrial activity, and reshoring trends.

 

President Trump warned that any Republican in the House or Senate who votes against tariffs would face serious political consequences, including potential primary challenges. He argued that tariffs have strengthened U.S. national security and negotiating leverage, claiming that even the threat of tariffs has pushed other countries to concede to U.S. demands. Trump emphasized that Republicans should not undermine what he views as a powerful economic and strategic tool.

Outside Markets

Price

Change 

% Change

 

 

Dow

                      50,336

             131.00

0.26

 

 

Crude

                         64.39

                (0.24)

-0.37

 

 

US Dollar

                    96.7200

             (0.001)

0.00

 

 

Gold

                  5,065.52

          (18.870)

-0.37

 

 

US 2/10 Swap

                    66.1540

             0.3160

-

 

 

VIX

                         17.44

                (0.21)

-

 

 

 

 

 

 

 

 

CBOT Ags Volume & Open Interest

 

 

 

 

 

Previous Volume

Change in OI

Options Volume

 Change in Options OI 

 

Corn 

                    578,673

             23,996

                     85,939

                                    16,163

 

SRW

                    308,594

          (24,052)

                     17,895

                                       1,620

 

HRW

                    144,855

                       47

                                -  

                                       4,713

 

Soybeans

                    425,372

                1,840

                     87,297

                                    20,268

 

Meal

                    227,073

             (2,093)

                     17,252

                                       2,511

 

Oil

                    248,216

             (1,765)

                     40,763

                                    11,540

 

Feeders

                      25,904

                1,247

                       5,103

                                       2,509

 

Live Cattle

                      72,376

                4,080

                     19,516

                                       4,760

 

Hogs

                      64,632

             (2,261)

                     15,325

                                        (131)

 

 

 

 

 

 

 

 

 

Overnight options activity 

Corn

S 500 h 430 p 4 7/8 

B 1200 h 430 c 2 ¾ to 3

B 100 n 500 c 5

 

Beans

S 1000 w2 1126 p 2 1/2

B 500 h 1180/1200 cs 1

S 500 k 1120/1080 ps 11 5/8 vs 1150 3/4

B 1000 h 1150 c 6 ¼ to 6 7/8 

B 100 sd n 1100 c 45

B 150 j 1200 c 11

B 100 k 1140/1160 cs 9

B 200 k 1100/1080 ps 5

S 400 h 1100/1120 cs 15

B 175 h 1120/1100 ps 5

 

Soymeal

S 200 h 295 p .70

B 500 h 315 c 1.90 to 2.00

B 100 h 300 p 1.05

 

Bean oil

B 125 k 5150 p .780

S 400 k 47 p .230 to .185

B 250 k 57/52 ps 1.970

B 200 h 55 c 2.680

B 500 h 60 c .265

 

Wheat

B 200 h 560 c 1 7/8 

S 1000 j 500 p 1 ½ to 1 3/8 

B 200 h 580 c vs s h 520 p paying even 

 

 

Open interest changes

Corn

Sept 420p/465c strangles sale, march 460 call buy and sept 375 put buys were closing....may 450 call sale, march27 430p/540c strangle sale and  sept 420/375/350 put fly buy were new...march 435/440 call spread buy was rolling a long

 

Beans

July 1300 call buy, july 1200/1260 call spread buy, aug 1180 call buy vs sale of short aug 1140 call, may 1050 put sale and may 1300 call buys were new.....may 1200 call sale and may 1260 call sales were closing

 

Soymeal

March 310 call buy was new....july 300 put buy was closing ....march 312/320 call spread buy was rolling a long

 

Bean oil

May 65 call sale was new....may 57 call sale was closing ...may 56/60 call spread buy was rolling a short

 

Kc wheat

April 560 call buy was closing....april 550/600 call spread buy was new

 

Live cattle 

June 200 put buy was new....april 244/240 put spread buy was rolling a long 

 

Cvol

Ags 18.51% down .16%

Corn 15.16% down .01%

Beans 16.86% up .17%

Soymeal 21.93% up .83%

Bean oil 31.65% up .67% (3 month high)

Wheat 22.82% up .94%

Feeder cattle 17.98% down 1.02%

Live cattle 17.20% down .93%

Lean hogs 19.29% up .04%

Class 3 milk 19.18% down .10%

Corn

image-20260212070627-1

Beans

image-20260212070700-2

Soymeal

image-20260212070718-3

Bean oil

image-20260212070742-4

Wheat

image-20260212070811-5

Kc wheat 

image-20260212070834-6

Miax wheat 

image-20260212070922-7

Oats

image-20260212070944-8

Rough rice

image-20260212071000-9

Crush

image-20260212071023-10

Feeder cattle

image-20260212071042-11

Live cattle 

image-20260212071102-12

Lean hogs

image-20260212071129-13

sources
news bloomberg
options data globex
charts bloomberg

 

  • Grains & Oilseeds

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.

Satellite view of Earth at night showing illuminated cities across Asia and the Middle East

Discover more insights

Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.

Related articles for Grains & Oilseeds

Perspective: Morning Commentary for August 7

August 7 – The U.S. economy unexpectedly lost 23k jobs in July, dramatically below market expectations of an 80k increase and marking the worst Non-Farm Payrolls print since February. Furthermore, May and June were both revised sharply downward, with combined revisions showing 103k fewer jobs than previously reported. Outside of the healthcare sector, which added 22k jobs in July, the losses were very broad-based. Government payrolls saw the largest decline, shedding 53k jobs in July, the largest seen since October 2025, while June was revised down to show a loss of 10k jobs as well. The private sector at least saw growth, adding 30k jobs in July, now matching the month prior after it was revised down from the 49k initially reported, and substantially missing forecasts of 78k jobs being added. This is a sharp reversal in course from the largely better than expected U.S. labor data seen earlier this week.

Mike Castle
Mike Castle
  • Grains & Oilseeds
  • Energy
  • Dairy
  • Renewable Fuels
  • Cocoa
  • Coffee
  • Cotton
  • Sugar
  • Meats & Livestock
  • Forest Products

Perspective: Mid-Day Commentary for August 6

August 6 – Stocks remain quietly mixed at midday as both the S&P 500 and Dow Jones remain just below their fresh all-time highs put in yesterday. This is allowing the VIX to cool to a four-week low below the 15.4 mark, reflecting the collective sigh of relief in the market amid largely better than expected U.S. economic data today. The dollar remains quietly in the green in its relatively tight range this week, trading at 99.9 at the time of writing. Treasuries remain elevated but have cooled from their recent peaks, with 30-year yields trading at 5.189%, 10-year yields trading at 4.647%, and 2-year yields trading at 4.229% at midday. Crude oil also remains quietly in the green, with nearby WTI up 2.3% on the day trading near $76.80 and nearby Brent up 2.4% on the day trading near $81.40. The ags remain mixed, with the wheat complex now squarely in the red while corn and soybeans cling to small gains, and the livestock complex largely pushes lower.

Mike Castle
Mike Castle
  • Grains & Oilseeds

Perspective: Morning Commentary for August 6

August 6 – This morning’s stronger-than-expected U.S. labor data offered markets some relief, reinforcing confidence in the economy while giving the Fed greater flexibility to raise rates should inflationary pressures reaccelerate in next week’s July data. Stock futures are pointing to a mixed open to start the day, with the tech-heavy Nasdaq showing the most weakness. The VIX has fallen notably from yesterday’s spike above 18.4 as it starts the day hovering just below the 16-mark. The dollar is quietly higher as it trades just above 99.8, holding in the tight range seen thus far this week as traders continue to digest data to shape expectations for the Fed’s next move, which we’ll dive into in more depth below. Long-term treasury yields have relaxed slightly from their recent spike, with 30-year yields starting the day trading just above 5.19%, while 10-year yields trade above 4.64%, and 2-year yields sit below 4.22%. Crude oil is modestly higher to start the session after sharp declines earlier in the week, with nearby WTI up 1.8% to trade at $76.40 and nearby Brent up 2.4% to trade at $81.40. Meanwhile, the ags are quietly mixed to start the day.

Mike Castle
Mike Castle
  • Grains & Oilseeds
  • Energy
  • Dairy
  • Renewable Fuels
  • Cocoa
  • Coffee
  • Cotton
  • Sugar
  • Meats & Livestock
  • Forest Products
StoneX: We open markets

Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.

Reach

With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.

Transparency

As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve; our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.

Expertise

From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.