Senior U.S. and Chinese economic officials are scheduled to meet in Paris for talks, according to an official statement released March 12. While details on the agenda were not provided, the meeting signals continued engagement between the two countries on economic and trade issues. Markets will likely watch the discussions closely for any indications of progress on tariffs, trade flows, or broader economic cooperation between the world’s two largest economies.
U.S. Senate Democrats led by Chuck Schumer have introduced a proposal aimed at addressing high grocery prices by restructuring the meatpacking industry. The plan would require large processors such as Tyson Foods, Cargill, and JBS to sell only one type of protein—beef, pork, or poultry—effectively breaking up vertically integrated operations, while also forcing JBS to divest certain U.S. assets and potentially reviewing whether Smithfield Foods should face similar action. The proposal would also limit how much livestock processors can source from large feedlots and require greater purchases from independent ranchers. While supporters argue the bill would increase competition, critics contend that additional government intervention could disrupt supply chains, reduce operational efficiency, and ultimately create new challenges for the meat and livestock industries.
Bond traders are scaling back expectations for Federal Reserve rate cuts in 2026 as inflation risks increase, particularly due to rising energy prices linked to Middle East tensions. Interest-rate swap markets now show only about 24 basis points of cuts priced in the year, down from around 30 basis points previously, meaning markets are no longer expecting even a full quarter-point reduction. At the same time, Treasury prices have fallen, and yields have risen, with the two-year yield climbing to around 3.70%, reflecting concerns that higher energy costs could push inflation higher again. Bond markets are also facing additional pressure from a surge in new corporate bond issuance and upcoming Treasury supply, including a $22 billion 30-year bond auction.
The Trump administration is reportedly considering suspending the Jones Act in an effort to help ease rising oil prices amid ongoing geopolitical tensions. The Jones Act requires that cargo transported between U.S. ports move on U.S.-built, U.S.-owned, and U.S.-crewed vessels, which limits available shipping capacity and can raise transportation costs. Temporarily waiving the law would allow foreign vessels to move crude oil and refined products between U.S. ports, improving domestic fuel distribution and potentially lowering regional fuel prices. While the move would not increase total oil supply, it could help relieve logistical bottlenecks and stabilize energy markets during the current disruption.
Recent U.S. economic data showed a generally stable outlook. The January trade deficit narrowed sharply to $54.4 billion as exports jumped, led by industrial materials and capital goods, suggesting net trade could add about 0.2 percentage points to Q1 GDP growth. In housing, building permits came in slightly below expectations, but housing starts surprised to the upside with a 7.2% monthly increase, pointing to a gradual improvement in construction activity through 2026. Meanwhile, the labor market remains steady, with initial jobless claims holding near recent lows and continuing claims declining, indicating that February’s drop in payrolls was likely a temporary setback rather than the start of a broader slowdown, though economists continue to watch for potential economic impacts from the Iran conflict.
Corn
B 500 m 430 p 3 ¼
S 1000 m 455 p 9 7/8 to 9 3/4
B 600 n 500/600 cs vs s 420 p 11 ¾ db
B 1500 n 450 p 12 ¾ vs 478 1/2
B 1500 k 460/480 cs 7 ¾
S 2500 k 480 c 12 to 10
S 1000 k 460 p 12 1/4
S 1000 k 440 p 4 ½ vs 467 3/4
S 1000 n 550 c 9 5/8 to 9
S 2000 j 470 c 7 3/8 to 6
B 3000 k 360 p vs s 3000 j 440 p 11 3/8 db vs 468
B 1500 k 420/390 ps 1 1/8
B 1000 sd k 485 p 12 ½ to 12 3/4
S 500 u 440 p 15 ¼ vs 478 1/2
S 100 z 500 c vs b 100 z 400 p 23 ¼ cr
B 2300 sd k 470/460 ps 2 1/2
B 3000 u 600/650 cs 3 5/8 to 3 3/4
B 2000 k 480 c 11 ½ to 12 1/2
S 1000 k 475 c 12 7/8 to 12 5/8
S 500 u 440 p 15 ¼ vs 478 1/2
B 200 z 480 p 31 ½
B 3000 z 600 c 13 5/8 to 14 1/4
B 2000 k 440 p 4 7/8 to 5
S 500 j 450 p 2 5/8
B 750 sd m 520 c 12
B 1000 z 500/600 cs vs s 450 p 6 ¼ to 6 1/2
S 500 zh -5 cso c 3
b1000 k 500 c 7 to 7 1/2
On a block
B 1200 n 480 p 28 vs 478 3/4
B 600 sd k 550 c 3 7/8
Beans
S 1000 k 1350/1450 cs 6 3/4
B 500 k 1150/1100 ps 6 ¼ vs 1232 1/2
B 1000 m 12000 p 26 to 27 1/4
B 750 k 1350 c vs s 1500 k 1450 c 3 5/8 db
B 4000 m 1160 p vs s 4000 sd m 1120 p even to 3/8 db
S 800 n 1200 p 32 ¼ vs 1246
B 200 x 1120 p vs s 400 x 1040 p and 200 x 1350 c 7 7/8 cr
S 1000 n 1180/1100 ps 18 3/4
B 500 n 1150/1070 ps 12 5/8
B 500 n 1210/1130 ps 27
B 100 nx +30 p 7 3/4
B 400 n 1240 c vs s 800 n 1340 c 2 ¾ db vs 1242 1/2
B 1000 n 1260/1360 cs 25 7/8 to 26 vs 1243
S 300 f 1600 c 5 ½ to 5 3/8
S 1000 n 1270 c 45 to 44 7/8
S 1000 k 1250 c 35
S 1000 n 1400 c 18 ½ to 16 1/2
B 500 k 1250 c 32 ½ to 33 1/8
S 750 j 1250/1280 cs 7 1/2
B 1000 x 1600 c 4 7/8 vs 1167
B 500 x 1200 c 52 7/8 vs 1170
S 500 k 1200 p vs b 1000 k 1120 p 15 ½ cr
B 200 nx +50/+20 ps vs s +150 c 1 db
B 300 nx +50/+30 ps vs s +150 c 1 ¾ cr
B 2000 nx +40 p vs s nx +140 c even
On a block
B 700 n 1240 straddles 114
B 600 k 1220 straddles 82
Soymeal
S 200 j 325 c 5.95
S 300 j 310/300 ps 2.20 to 2.15
S 1000 k 330/340 cs 2.50 to 2.45
B 200 q 340 c 10.25
S 150 j 310p/320c strangles 9.35 vs 318.9
S 200 k 315/320 cs 2.30
B 200 u 320/380 cs vs s k 325/345 cs 5.45 db
S 450 k 305 p 4.75 vs 318.5
S 300 n 300 p 5.95 vs 320.5
B 1000 u 350/370 cs 2.90 vs 315.8
Bean oil
B 500 k 70/75 cs 1.300
B 250 u 6750/70 cs .850 vs 6593
B 500 w3 65 p .580
S 1000 m 54 p .305 to .285
S 500 n 56 p .705
S 1000 z 55/65 cs vs b z 45 p 4.750 cr
S 2000 z 55/65 cs vs b z 40 p 4.960 cr
B 4000 k 70/75 cs 1.300 vs 6750
B 100 k 67/71 cs vs s 62 p .700 db
S 1000 j 60/65 cs 4.225 to 4.125
B 1000 j 61 p vs s k 61 p .600 to .590
Wheat
S 300 u 650 c 50 ¼ to 49 ¾ vs 634 1/2
B 500 n 740 c 17 to 17 1/4
B 500 n 620 c 44 1/8 vs 617 1/2
S 700 u 580 p 26 5/8 vs 633 1/2
B 2000 j 650/730 cs 6 ¾ vs 607
B 500 n 750 c 16 3/8 vs 615
B 200 j 580 p 8 5/8
B 700 k 2000 c 1/2
B 100 n 650 c 36
B 100 m 760 c 11 5/8
Kc wheat
B 2000 j 665/705 cs 5 vs 624
S 100 n 700 c 29 1/4
B 1000 k 650/700 cs 9 1/2
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