Kansas City Wheat Report
Kansas City Wheat Report
Mike O'Dea
- Grains & Oilseeds
CBOT Grains Daily Options Report
By: PJ Quaid, Senior VP, Agricultural Commodities
The USDA crop progress update was mildly bearish for corn and soybeans, with both crops moving through early development without a major national problem. Corn was 93% planted, in line with last year and the average, while emergence at 76% was slightly ahead of average, and the first condition rating of 67% good/excellent was solid but not exceptional. Soybeans looked even further ahead, with planting at 87% versus the 80% average and emergence at 65% versus the 57% average, while conditions were 66% good/excellent. The report does not point to record potential yet, but it removes early planting-risk premium and shifts the market’s focus squarely to June weather, crop ratings trends, and whether any regional weakness in places like Ohio, Texas, Colorado, or parts of Indiana/Nebraska becomes more meaningful.
JBS N.V. has been approved as a full-level CBOT equity member firm effective May 26, 2026, and also qualifies as a CBOT Membership Umbrella. Under that umbrella, JBS Live Pork, JBS USA Food Company Holdings, Swift Beef Company, and Swift Pork Company were approved as qualified affiliate member firms. This gives JBS and its related meat/protein businesses formal CBOT membership access, likely improving their ability to manage futures and options hedging costs tied to livestock, feed, and broader agricultural market exposure.
McDonald’s is trying to reposition itself as more than just a quick, value-focused fast-food stop by testing higher-quality menu items such as hand-breaded wings and chicken filets, while also upgrading restaurant layouts, playgrounds, and overall store design. The strategy is aimed at keeping pace with consumers’ rising expectations as rivals improve their chicken, beef, and beverage offerings, especially in a tougher environment marked by inflation and weaker consumer sentiment. CEO Chris Kempczinski said customers still want value and speed, but they are also demanding a better experience, making consistency, service quality, remodeling, and stronger marketing key priorities for McDonald’s as it tries to defend its traffic and sales advantage.
Brazil’s agribusiness GDP rose 0.7% in the first quarter, supported mainly by record soybean production, with additional help from coffee and cocoa. However, analysts warn that growth could be harder to sustain later in the year as the second corn crop may become a limiting factor due to production issues, while El Niño-related weather risks remain a concern for winter crops. The sector’s GDP gain is viewed as positive given last year’s strong comparison base, but it does not necessarily mean farmers are more profitable, as many producers continue to face high debt, elevated operating costs, and expensive financing.
U.S. manufacturing showed a stronger-than-expected rebound in May, with the ISM manufacturing index rising to 54, its fastest expansion pace in four years and the fifth straight month above the 50 growth threshold. The improvement was driven by stronger new orders and production, suggesting factory demand is firming. However, the report also points to sticky cost pressures, which could keep upward pressure on consumer prices and complicate the Federal Reserve’s inflation fight, especially with its preferred inflation gauge already running at 3.8% year over year in April.
New World Screwworm cases are moving closer to the U.S.-Mexico border, with USDA confirming infected sheep were found about 31 miles from the border. That is raising concern in the cattle market because screwworm could threaten livestock health and disrupt cattle movement if it spreads further north. The headline is supportive for cattle futures because it adds risk to already-tight cattle supplies and increases the need for border mitigation efforts, including new facilities in Texas. Live cattle were up about 0.9% in early trade, while lean hogs were also firmer, up around 1.3%.
Corn
B 5000 n 490 c 1
S 1000 z 490 c 21 1/8 to 21
B 350 z 505 c 15 ½ vs 471
S 500 u 500 c 8 to 7 ½ vs 452 1/2
B 3000 u 450 p vs s sd u 470 p ½ cr to even
B 2000 q 485/535 cs 5 ¼ to 5 3/8 vs 1152 1/2
B 1000 u 480/520/580/620 call condors 5 5/8
B 500 z 465 straddles 53
B 100 zn -20 cso c vs s 100 zn -35 cso p 1 ½ db
S 500 u 460 c 17 7/8
S 600 sd n 490/480 ps 7 ½
S 600 z 550 c 8 vs 471 1/4
B 500 q 500 c 5
S 500 u 475 c 12 5/8
B 500 u 510 c 6 1/2
S 500 u 465 c 15 3/4
B 200 z 500/535 cs 7 ¼ vs 472
S 100 v 600 c 3 1/4
B 1000 q 485/535 cs vs 452 1/2
S 1000 n 450 c 8 1/8
S 1000 sd n 475 c 9 7/8
B 2000 u 500/550 cs 5 ¼ to 5 5/8
B 1000 n 480 c 2
B 500 u 620 c 1 1/2
B 1000 n 455 c 6 ½ to 7 1/2
B 500 u 450 p vs s u 500 c 11 ½ db
B 4000 n 465/475 cs 1 1/4
S 250 v 450 p 11 7/8
S 1000 sd n 530 c 7/8 to 3/4
S 500 n 480 c 2 ¼ to 2 1/8
Beans
B 2000 x 1250/1350 cs vs s x 1130 p 3 3/8 db vs 1191
S 100 xh -10 p 10
B 500 n 1170 p 11 1/8
B 500 n 1200/1250 cs 6 ½ vs 1178
S 100 sd u 1100 p 6 3/4
S 500 x 1090 p 10
B 1000 sd n 1300 c 1/2
B 500 x 1070 p 7 1/4
S 1000 u 1180 p 38
B 650 n 1190/1230 cs 9 3/8 vs 1182 1/2
B 350 x 1300/1320 cs 2 7/8
S 1000 q 1190 p 31
S 400 x 1160 c 59 to 58 1/2
S 1000 n 1250 c 2 1/8 to 2
B 500 x 1250 c 28 7/8
B 1000 v 1120 p vs s v 1280 c 4 1/8 cr vs 1192
B 800 x 1300/1400 cs 10 1/4
S 100 n 1184 p 13 5/8
S 200 n 1182 p 12 1/8
Soymeal
B 350 n 335 c 3.00
B 400 q 315 p vs s n 325 p .70 db
B 500 n 338/345 cs 1.15
B 500 n 330/335 cs 1.55 to 1.75
B 300 z 330/370 cs vs s 300 p 1.00 db
B 200 q 320 p 8.10 vs 321.4
On a block
B 200 v 320 p 8.00
Bean oil
S 1700 n 80/85 cs 1.260 to 1.005
S 500 n 78 c vs b 1000 n 82 c 1.095 cr
B 500 q 67 p .230 to .250
B 500 n 76 p vs s 1000 n 7350 p .160 to .200 db
S 2000 n 80 c 1.720 to 1.600
S 1000 n 77/82 cs 2.420 to 2.355
B 500 n 72 p .190
B 100 u 6750 p 760 vs 7591
B 500 n 75/62 ps .555
S 500 u 75/80 cs 2.030 vs 7650
S 300 q 70 p .540 vs 7760
B 300 q 8550/90 cs .495
S 700 q 82 c 1.330
B 500 n 75/70 ps .430
Wheat
B 100 n 660/690 cs 2 3/4
B 500 n 635/700 cs vs s 590 p 2 ¼ db vs 615 1/2
B 300 q 520 p 7/8
B 250 n 780 c 1/2
S 200 u 640/620 ps 11 7/8
B 200 q 570 p 5 5/8 vs 609
B 400 n 620/650 cs vs s 590 p 3/8 cr
Kc wheat
B 200 u 710 c 21 5/8
B 300 n 660 c 15 1/8 vs 652
B 250 n 680/720 cs 6 1/4
B 600 u 820 c 5 1/4
B 400 w1 650/670 cs 4
B 100 u 780 c 10 1/2
Hogs
Bought 2000 Aug 105 calls paid 1.50 up to 1.775
Bought 200 June 95 straddles paid 1.525 up to 1.55
Sold 100 June 96/94 put spread 1x2 @ .425
Bought 200 Dec 78/70 put spread v 84 calls paid .80 up to .85
Bought 200 Feb 80/72 put spread v 86 calls paid Even up to .225
Bought 600 Aug 102/104 call spread paid .5750 up to .60
Sold 300 June 98 calls @ .1250 down to .0750
Bought 200 June 100/98 put spread @ 1.95
Sold 250 Oct 84 puts @ 4.775
Bought 200 feb 80/72 put spreads vs selling the 86 calls paying .225
Bought 400 Aug 102/104 call spreads paid .675
Bought 175 Dec 84 calls paid 2.725
Bought 100 Aug 106 calls paid 1.475
Bought 250 Dec 90 calls paid 1.25
Live Cattle
Bought 400 June 247 calls paid 2.25 up to 2.50
Bought 450 Aug 254 calls paid 1.425 up to 1.45
Sold 250 Aug 248 calls @ 2.825
Bought 300 June 340 calls paid .1250
Sold 400 July 241 straddles @ 8.20 down to 8.125
Bought 200 June 253/249 put spread paid 2.875 up to 3.10
Sold 200 June 251 puts @ 2.075 down to 2.025
Bought 250 April27 230/200 put spread v. 258 call paid 5.40 up to 5.50
Sold 100 Aug 250/255 call spread @ 1.025
- 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.
Discover more insights
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.
Related articles for 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.