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

U.S. Trade Representative Greer indicated that persistent offshoring to Mexico is prompting renewed efforts to tighten USMCA rules of origin, particularly in steel, with those changes set to be a key topic in meetings with Mexico next week following prior discussions with both Canada and Mexico. At the same time, the U.S. is developing a plurilateral agreement with a select group of countries focused on critical minerals, which would include a proposed price floor, underscoring a broader strategy to strengthen North American supply chains and secure access to key industrial inputs.

 

President Trump signaled meaningful progress in negotiations with Iran, noting that Tehran appears willing to make concessions it had previously resisted and suggesting a potential deal could come together as soon as this weekend. He indicated confidence in a long-term framework that would prevent Iran from developing nuclear weapons beyond a 20-year horizon, while emphasizing that the current ceasefire may not need to be extended unless talks require more time. Trump also highlighted that the U.S. blockade of the Strait of Hormuz remains effective and underscored that failure to reach a deal would likely result in a resumption of hostilities.

 

As of early April, data from the National Oceanic and Atmospheric Administration indicates that roughly 60% of the contiguous United States is experiencing some level of drought or abnormal dryness as the growing season begins. Severe to exceptional drought is concentrated across the southern U.S., stressing crops such as sugarcane, rice, peanuts, and fruit trees, while dry conditions in the Great Plains are impacting winter wheat and complicating planting and germination for spring crops. In the western U.S., reduced mountain snowpack is limiting irrigation supplies, prompting water-use restrictions in key agricultural regions like the Colorado River Basin and Washington’s Yakima Basin. Drought conditions are also affecting livestock, with pasture stress occurring alongside an already historically low U.S. cattle herd.

 

Canada’s Trade Minister has reportedly engaged in discussions with major Chinese electric vehicle manufacturers, including BYD, Xpeng, and Guangzhou Automobile Group, signaling a potential effort to attract investment and deepen ties in the EV sector as Canada looks to expand its role in the global electric vehicle supply chain.

 

U.S. oil companies are actively warning President Trump against allowing Iran to impose tolls on tankers transiting the Strait of Hormuz as part of any future peace agreement, arguing such a move would disrupt global energy trade flows and add significant costs to shipments.  At the same time, U.S. officials are signaling a supportive backdrop for domestic production, with Interior Secretary Doug Burgum noting that conversations with oil and gas producers point to current market conditions and elevated prices acting as a strong incentive to increase investment. Together, the messaging reflects a dual focus on preventing structural costs or constraints in global oil transit while encouraging a supply response from U.S. producers amid ongoing disruptions in one of the world’s most critical energy corridors.

 

China’s state planner signaled that economic conditions are stabilizing, citing improving trends across both supply and demand, while emphasizing that authorities are holding additional macro policy tools in reserve to deploy as needed depending on economic conditions. At the same time, officials highlighted a push to strengthen energy security by increasing reserves, aimed at improving the country’s ability to manage potential supply disruptions or external shocks.

China is widely expected to hold its benchmark lending rates steady following stronger-than-expected GDP data, as improving economic momentum reduces the immediate need for additional monetary easing. Policymakers appear comfortable maintaining current settings while keeping policy flexibility in reserve, allowing them to respond later if growth softens or external risks intensify.

The Nasdaq 100 is on pace for its strongest April performance in roughly four decades, reflecting a powerful combination of momentum-driven buying, resilient earnings, and continued enthusiasm around growth sectors—particularly technology and AI-linked names. The magnitude of the move suggests a market being driven as much by positioning and capital inflows as by fundamentals, with sentiment and liquidity playing a major role in pushing the index to historically strong monthly gains.

 

image-20260417045002-1

 

Overnight options activity 

Corn

S 100 z 505 c 24

B 175 h 620 c 9

B 300 m 450 p 6 5/8 vs 459 3/4

B 300 k 430 p 1/4

 

Bean oil

B 100 n 72 c vs s n 6650 p .010 cr

S 100 k 6850 p .650

 

Open interest changes

Corn

July 510 call buy vs sale of 435 put were closing....sept 520 call sale vs buy of sept 425 put and dec 490/530 call spread buy vs sale of dec 430 puts were new

 

Beans

July 1160 put sale, may 1160p/1180c strangle buy, july nov +30 put sale and july nov +10 put buys were closing....july 1220 call sales were new....may and july 1170/1160 put spread buys were rolling longs

 

Soymeal

May 340 call buy and june 330/360 call spread buys were new

 

Bean oil

July 6150 call buy, may 65 call buy, may 58 call sale, and july 6150/6650 call spread sales were closing....may 73 call buy was new

 

Wheat 

July 500 put buy was closing....july 610/650 call spread buy was rolling a short

 

Kc wheat

May 620 call buy was closing....july 700 call buy vs sale of dec 800 call was new

 

Cvol

Ags 19.76% down .26%

Corn 21.19% down 1.06%

Beans 14.81% down 1.02%

Soymeal 24.39% down .53%

Bean oil 28.24% up 1.08%

Wheat 33.22% up .38%

Feeder cattle 17.13% up .33%

Live cattle 17.26% up .72%

Lean hogs 20.01% down.31%

Class 3 milk 20.36% up .23

 

Corn

image-20260417045002-2

Beans

image-20260417045002-3

Soymeal

image-20260417045002-4

Bean oil

image-20260417045002-5

Wheat

image-20260417045002-6

Kc wheat

image-20260417045002-7

Miax wheat

image-20260417045002-8

Oats

image-20260417045002-9

Rough rice

image-20260417045002-10

Feeder cattle

image-20260417045002-11

Live cattle

image-20260417045002-12

Lean hogs

image-20260417045002-13

 

  • 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 5

August 5 – U.S. equities markets are on fire this week, with both the Dow Jones and S&P 500 setting new all-time highs yesterday with futures indicating further gains again today; the marketplace remains optimistic over a deal with Iran despite no evidence of such as of yet. Crude oil is working on a lower high and low today but remains slightly on the high side on the session, while the dollar is retreating back towards Monday’s nearly two-month low. The ten-year note is steady-to-lower this morning (though solidly lower so far this month) at 4.605%, while the VIX index continues to rebound into mid-week at almost a 17-point reading this morning.

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

Perspective: Morning Commentary for August 4

August 4 – The benchmark Dow Jones Industrial Average surged into the close yesterday to finish almost 700 points higher, at a record close of 53,178 points – easily clearing the previous top from almost a month ago. The S&P 500 is on the brink of its own record as well, while the NASDAQ index is short of June highs but working on a strong three-session rally. All three are pointing to positive openings today. Palantir (a U.S. software company) reported better-than-expected earnings yesterday afternoon post-close to boost the tech sector, though a host of other firms reported strong earnings as well. The ten-year note continues to retreat from Friday’s high, now at 4.67%, with the dollar on the high side of level-par, while the VIX index now under 16 shows reduced volatility.

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

Perspective: Mid-Day Commentary for August 3

August 3 – The Dow Jones is up over 500 points as of the time of this writing, right in the range of the record high close just under a month ago; the marketplace at least appreciates the rhetoric from Trump calling for negotiations, and WTI crude oil dropping by around $5/bbl. The S&P and NASDAQ are also up 1% or better on the session, while treasury yields suffer chop lower on the day, with the ten-year note down slightly at 4.69% at this time.

Mike Castle
Mike Castle
  • Grains & Oilseeds
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.