Grain markets are closed tonight and tomorrow. Will be open Sunday night.
Export sales were mixed but leaned soft overall. Corn sales slipped to a 7-week low at 732,070 MT, but shipments were strong at a 4-week high of 1.816 MMT, showing demand is still moving even if new weekly buying slowed. New-crop corn was the better story, with sales at a 3-week high led by Mexico, unknown, South Korea and Colombia, which keeps the forward demand outlook constructive. Soybeans were the weak spot, with old-crop sales falling to a marketing-year low of just 41,786 MT and new-crop sales also slowing, suggesting last week’s China buying was likely a one-off rather than the start of a broader demand program. Wheat was also uninspiring, with sales at a marketing-year low of 300,060 MT. Bottom line: corn demand still looks the healthiest because shipments and new-crop interest remain solid, while soybeans and wheat need more consistent export buying to turn sentiment more supportive.
US labor data came in clearly softer than expected, with June nonfarm payrolls rising only 57,000 versus expectations near 113,000, and the prior two months revised lower. The unemployment rate actually fell to 4.2%, but that was not a clean sign of strength because labor force participation dropped, meaning fewer people were counted in the workforce. Wage growth was in line at +0.3% month over month. For markets, this is a dovish macro signal: it points to a cooling labor market, likely supports Fed rate-cut expectations, and could pressure the dollar and Treasury yields. For commodities, the initial read is mixed—lower rates and a softer dollar can be supportive, but slowing job growth also raises concern about weaker consumer demand, fuel usage, and broader economic momentum.
US weekly jobless claims were slightly better than expected, falling 1,000 to 215,000 versus the 218,000 estimate, while the prior week was revised up to 216,000. The four-week average also eased to 222,000, suggesting layoffs remain contained and the labor market is not showing a major deterioration. Continuing claims rose modestly to 1.814 million, which shows some workers are taking longer to find jobs, but overall the report leans modestly supportive for the economy and less supportive for near-term Fed easing. For commodities, the read is mixed: stronger labor data can support demand expectations, but it can also keep rates higher for longer, which may pressure risk assets and the broader commodity complex.
Traders are still pricing in another Fed rate hike, but the timing has been pushed back to December from October, which is a slightly less hawkish shift. The jobless claims data showed layoffs remain low, but not strong enough to force the market to fully price an earlier move. For markets, this keeps the “higher-for-longer” rate story in place, supporting the dollar and Treasury yields, while creating a headwind for risk assets and commodities. For grains and livestock, the direct impact is limited, but firmer rates can pressure fund appetite and make rallies harder to sustain unless supported by weather, exports, or supply concerns.
Kroger’s comments point to a still-resilient beef consumer despite historically high prices. The key takeaway is that steak demand remains strong, and shoppers are not just buying cheaper alternatives — Kroger says demand has shifted toward more premium and organic beef options as well. That is supportive for the cattle market because tight supplies are being met with steady retail demand, especially around key grilling and holiday periods like Easter and Memorial Day. While high prices could eventually slow consumption, the current signal from one of the largest U.S. grocers is that beef demand has not broken.
Robinhood announced yesterday that eligible European customers can now trade perpetual futures beyond crypto, including 24/7 commodity-linked contracts on gold, silver, WTI crude oil, and Brent crude oil. The rollout is available now but being phased in waves to eligible users, so access may depend on the customer’s location, account approval, and Robinhood’s appropriateness assessment. Robinhood’s own contract specs list those commodity perps as trading 24 hours a day, 7 days a week, with off-hours limits applying, and show 5x maximum leverage for gold, silver, WTI, and Brent. At this point, Robinhood has not listed ag contracts such as corn, soybeans, wheat, cattle, hogs, or natural gas as part of the 24/7 commodity offering.
Corn
B 4400 n7/u7 +5/+25 cso cs 6 db
B 1200 z 450/525 cs15 3/8 to 15 ½ vs 449 3/4
B 700 u 405 p vs s u 455 c 3/8 cr vs 426
S 500 q 415 straddles 21 ½ to 20 1/2
S 100 z 440 straddles 44
B 1000 sd q 410 p 1 1/8
B 800 u 400 p 4 5/8
B 750 u 470 c 4 ¼ vs 426
B 1800 x 400 p 4 to 4 1/8
S 450 z 460 straddles 51 3/8 to 50 7/8 vs 437 3/4
S 1750 z 400 p 5 1/4
S 500 q 440 c 4 5/8
B 200 v 470 c 9 ½ vs 442 1/2
B 500 q 410/425 cs 8 5/8
B 1000 u 450/500 cs 3 ¼ vs 423
B 100 z 450 c vs s 200 z 410 p 2 ½ db
S 1000 sd q 440 c 10 5/8 to 10 3/8
S 500 nu +25 cso c 6
B 200 w4 410/395 ps 3 1/4
B 2000 w2 new crop 410 puts 3/8
S 500 z 500 c 8 to 7 7/8
B 500 v 530 c 3
S 250 z 460 straddles 51 3/8 to 51 1/8 vs 437 3/4
B 500 z 530 c 4 3/4
B 1000 w2 new crop 440/430 ps 3 vs 445 3/4
S 1000 u 400 p 4 ¾ vs 425 1/4
Beans
B 600 x 1300 c 7 5/8 vs 1150
B 500 x 1200/1300 cs 15 3/4
S 2000 x 1280/1380 cs 5 3/4
B 500 sd u 1270 c 4 1/4
B 500 q 1170 c 6 3/4
B 500 q 1160 c vs s 1000 q 1210 c 5 1/4
B 300 q 1150 c 11
S 1000 q 1120 p 10 ¼ to 10 1/8
S 200 xn -30 cso p 12
S 500 q 1110 p 5 3/8
S 600 x 1120 p 23 3/4
S 500 q 1140 c vs b 1000 q 1170 c 3 cr
S 1000 sd q 1170 c 12
B 1000 q 1160/1200 cs 7 to 8
On a block
B 2000 u 1300 c 2 1/8
Soymeal
B 300 z 345 c vs s z 285 p .90 vs 308.5
S 600 q 305 p 4.80 vs 305.5
S 400 v 300 p 8.70 vs 302.8
S 400 u 305 p 8.50 vs 304.0
B 100 u 295 p 3.50
S 500 q 305/310 cs 2.15 vs 307.0
B 300 q 310 c 4.00
S 350 z 280 p 2.90
B 750 z 300/280 ps 7.45
Bean oil
B 1000 z 75 c 1.085
B 1000 u 75 c .330
B 1000 q 69 c .610
B 400 z 65/60 ps 2.00 to 2.015
S 1000 u 76 c .305 vs 6671
B 1000 q 62 p .195 to .205
B 200 v 7150 c 1.250
B 300 u 640 p 1.095
On a block
S 700 f 66 straddles 8.10
Wheat
B 1500 u 650 c 10 to 10 5/8
B 1625 u 650/700 cs 7 ½
S 300 q 590 p 10 3/8
S 100 z 590 p 24 1/8
B 200 u 655 c 9 3/8
S 100 q 610 straddles 33 1/4
B 1500 u 650 c 10 to 10 5/8
Kc wheat
S 500 u 580 p 3 ½ to 3 3/8 vs 641 3/4
B 100 q 660 c 10 3/8
B 200 q 660 c 10 to 10 3/8
B 150 q 660/680 cs 4
S 200 q 620 p 8 7/8 vs 637
Lean hogs
Bought 500 dec 80 calls 1.875
Bought 800 oct 90 calls 1.125
Sold 600 feb 92 c .675
Bought 200 Aug 99 calls paid 1.175
Bought 200 Aug 100 calls paid .925
Sold 200 Aug 97 puts @ 2.075 down to 2.025
Sold 200 Aug 96 puts @ 1.575 down to 1.55
Live cattle
Sold 100 oct 266 c .350
Bought 250 oct 242 p 4.175
Bought 400 june 232 p 12.300
Sold 500 aug 250 c .875
Bought 30 aug 234 c 7.600
Sold 400 aug 240 calls 4.00
Bought 300 dec 230/218 ps 3.625
Sold 750 July 242 puts @ 1.325 down to .975
Bought 850 Oct 220 puts paid 2.25 up to 2.325
Bought 400 July 241 calls paid .85 up to .90
Sold 200 Aug 245 puts @ 6.375
Bought 450 Aug 241 puts paid 4.225
Sold 250 Aug 242 puts @ 4.70
Sold 600 Dec 250 calls @ 3.00 down to 2.975
Bought 150 Oct 236/230 put spreads paid 2.175
Bought 250 Aug 250 calls paid 1.35 up to 1.375
On a block
Bought 500 q 240/253 ps paying 3.65 covered vs 239.5
Feeder cattle
Bought 400 oct 380 calls 4.500 to 4.100
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