The rally in U.S. equities continues to build momentum, with the Nasdaq Composite extending its winning streak to 11 consecutive sessions and the S&P 500 closing at a fresh record high. The move reflects sustained investor confidence, supported by resilient economic data, strong corporate earnings, and continued enthusiasm around growth sectors, particularly technology. The length of the Nasdaq’s streak highlights persistent dip-buying behavior and strong positioning in risk assets, while the S&P’s new high reinforces the broader market strength underpinning the current rally.
The March 2026 National Oilseed Processors Association (NOPA) crush came in at 226.2 million bushels, falling short of the 230 million trade estimate but still well above both last month (208.8 mb) and last year (194.6 mb), reinforcing the underlying strength in U.S. processing demand despite a modest miss versus expectations. Soybean oil stocks were reported at 2.039 billion pounds, slightly below estimates and down from last month, suggesting continued tightness in the oil balance sheet, while production held firm at 2.644 billion pounds with yield ticking up to 11.69 lbs/bu. Overall, the report leans supportive on the products side, particularly oil, while the crush miss is marginal in the context of still historically strong throughput and solid year-over-year demand.
U.S. ethanol production came in at the high end of expectations for the week ended April 10, with data from the Energy Information Administration showing average output at 1.12 million barrels per day, up 4,000 bpd week-over-week and near the top of analyst estimates. Stocks also built to 26.7 million barrels, rising 646,000 barrels on the week and likewise landing on the high side of forecasts. The production pace marked a record for this point in the year, reinforcing strong near-term grind despite rising inventories. In reaction, CBOT corn futures moved modestly higher, with prices up around 1.1% in early trade, reflecting supportive demand signals from the ethanol sector.
Recent reports confirm New World screwworm cases in northern Mexico, now detected within roughly 90 miles of the U.S. border, marking a continued northward progression that has raised industry concern. While there are still no confirmed cases inside the U.S., the trend of infections moving closer to Texas has prompted heightened surveillance, sterile fly release programs, and tighter controls on cattle movement. For the market, this remains a risk-building story rather than an immediate disruption, but the implications are significant if it crosses the border, including potential cattle supply constraints, trade flow interruptions with Mexico, and added support to livestock prices through elevated biosecurity risk.
Brazil’s Supreme Court justice Alexandre de Moraes has ordered a criminal investigation into Flávio Bolsonaro over allegations that he made slanderous statements against President Luiz Inácio Lula da Silva. The probe comes amid an already highly charged political environment ahead of Brazil’s 2026 election, where Flávio is emerging as a leading challenger. While the investigation centers specifically on alleged defamation, it adds to broader legal and political pressure surrounding the Bolsonaro family and intensifies tensions between Brazil’s judiciary and right-leaning political figures.
China has suspended beef imports from a single Brazilian processing plant after detecting a prohibited substance, according to Bloomberg. The move is targeted rather than a broad restriction on Brazil beef, highlighting China’s strict enforcement of sanitary standards on imported protein. While the action may disrupt flows for specific exporters in the near term, China continues to rely heavily on Brazilian supply, and similar plant-level suspensions have historically been temporary with limited broader market impact.
PIMCO purchased the full $400 million bond issuance from a private credit fund managed by Blue Owl Capital, signaling a notable vote of confidence in a private credit market that has recently come under pressure from rising redemptions and concerns around valuations, liquidity, and transparency. The deal comes amid a broader selloff that has pushed spreads to multi-year highs, forcing issuers to offer more attractive terms—here, roughly 20 basis points of additional yield, well above the typical new issue concession. The transaction underscores both the stress in the space and the opportunity for large institutional buyers to step in at more favorable pricing, even as uncertainty remains around credit quality and secondary market liquidity.
Corn
B 3000 sd n 530 c 4 ¾ to 5
S 1000 k 460 c 2 1/4
S 1000 n 500 c 7 1/4
B 750 u 900 c 3/4
B 2000 n 520/550 cs 2 to 2 1/8
B 750 k 440 p 1 3/8
B 500 sd q 490 c 21 3/8
S 400 sd q 480 c 25
S 200 uz -15 cso straddles 6 1/2
B 400 n 445/425 ps 6 5/8
B 400 u 380 p 2
B 200 n 460/500 cs 10
S 500 z 550 c 13 7/8 vs 475
B 1000 k 450 c 4 3/8 to 4 1/2
B 200 z 470/425 ps vs s z 525 c 6 5/8 db
S 400 m 470 c 6 5/8 to 6 3/8
B 200 k 445 c 6 1/4
B 200 m 450 p 7 1/2
B 1000 k 469 c 3/4
B 500 z 475/460/425/400 put condors paying 2 1/2
B 500 w1 485 c 1 1/8
B 1000 w3 500 c 1/8
B 250 k 460 c 1 7/8
B 500 n 480/500 cs 4 1/8
B 500 k 455 c 3 1/8 to 3 1/4
B 100 z 475/535 cs vs s 440 p 1 db
B 1000 h 650/700 cs 2
B 500 n 480 c 10 1/8
B 500 n 500 c 6
B 1000 m 460 straddles 22 3/8 to 23 3/4
b 1200 sd n 520 c 4 7/8 t 5 1/2
On a block
B 500 n 485 c 8 5/8 vs 457
B 1600 z 430p/560c strangles 28 1/2
Beans
B 1250 n 1250/1300 cs 6 7/8
S 1600 k 1170/1160 ps 4 3/8 vs 1169
S 500 n 1250 c 12 1/5
S 500 n 1240 c 14 ¼ to 14 1/8
B 1000 n 1220 c 19 ¼ vs 1183
S 1000 n 1240 and 1250 c collecting 27 3/4
S 2000 n 1250 c 11 3/8 to 11 ¼ covered vs 1185
B 1000 n 1250 c 12 1/8 to 12 3/8
S 200 m 1230 c 7 7/8
S 300 k 1170 c 7 7/8
S 100 q 1230 c 22
B 100 sd n 1200 c 11 1/2
B 500 n 1250 c 12 3/4
S 500 n 1010 p 7/8
B 100 nx +30/+60 cs vs s +10 p 3 db
On a block
B 1000 n 1160/1100 ps 16 3/8 vs 1182
Soymeal
S 1000 k 320 p 1.15 to 1.00
B 225 m 335 straddle 19.75
S 600 u 320 straddles vs b m 335 straddles collecting 11.40
B 200 k 320 p .80
B 400 q 350 c 6.25 to 6.30
S 500 k 335 c 3.45 to 3.40 vs 330.7
B 1600 k 335/345 cs 2.45 to 2.60
S 600 n 330/325 ps 2.75
S 600 n 330/325 ps 2.75
Bean oil
S 200 n 71 c 1.530 to 1.520
S 1000 k 6550 p .375 vs 6740
S 2000 k 66/63 ps .590
S 1000 k 58/65 cs 6.755 vs 6762
S 1000 n 6550 p 2.060 to 1.975
S 2000 k 65 p .425 to .190
S 500 k 58 c 9.625 to 9.580
B 4000 n 65 p 2.050 vs 6726
S 800 k 65 p .325 to .410
B 300 m 70 c .950 to .960
B 500 n 75 c .680 to .695
B 1000 n 65 p 2.190 to 2.500
B 1500 k 66/63 ps .660 to .775
B 400 u 64 p 3.8830 to 3.900
B 350 k 65 p .115 to .135
Wheat
S 1000 k 542 p vs b 2000 k 530 p even
B 500 k 610 c 5 1/8 to 5 3/8
S 100 u 500 p 4
S 950 n 610/640 cs 9 to 8 3/4
S 500 k 535 p 3/8
B 300 k 590 p vs s 600 k 575 p 1 3/8 to 1 5/8
S 400 m 510 p 3/4
B 300 k 560/550 ps 1
B 500 k 610 c 5 1/4
S 2000 k 610 c 6 ½ to 5
S 400 n 620 c 26 3/8 vs 604
S 500 n 570 p 17 5/8 vs 597
Kc wheat
S 100 n 580/640 cs 31 3/4
B 500 m 600/570 ps 6 7/8
B 1250 m 610 p 14 ¾ vs 630 1/2
B 750 k 700 c 7/8 to 1
S 150 n 580/640 cs 31 3/4
S 250 k 590 straddles 42 ¼
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