CME Livestock Daily Options Report
Recap of day's options activity and data.
PJ Quaid
- Meats & Livestock
CME Livestock Daily Options Report
By: PJ Quaid, Senior VP, Agricultural Commodities
USDA crop progress was generally favorable for corn and soybeans, with corn 97% planted and soybeans 92% planted, while early condition ratings were solid at 67% good/excellent for corn and 65% good/excellent for soybeans. That suggests planting risk is largely behind the market and row crops are off to a decent start, which can lean bearish if weather remains non-threatening. Wheat remains the weak spot, with winter wheat rated only 25% good/excellent and harvest 11% complete, keeping the market sensitive to early yield and quality results as combines move forward.
Export inspections were strongest for corn, with shipments at 1.911 MMT, above both last week and last year, led by Mexico, South Korea, Spain, Japan, and Venezuela, keeping year-to-date corn inspections roughly 27% ahead of last year. Soybeans remained the weak spot at 398k MT, down from both last week and last year, with Egypt the top destination, followed by Japan, China, Mexico, and Indonesia; year-to-date soybean inspections are still about 20% behind last year. Wheat inspections were 320k MT, lower than last week and roughly in line with last year, with Mexico the top destination, followed by Indonesia, Venezuela, the Philippines, and Burma. Overall, the report was supportive corn, neutral-to-soft wheat, and underwhelming for soybeans.
USDA confirmed two additional New World screwworm cases in Texas, involving a calf in La Salle County and a dog in Andrews County, bringing the confirmed U.S. total to four cases. The key concern is that the new detections are geographically spread out, which raises containment worries for the cattle industry. New World screwworm is a serious livestock pest because larvae infest open wounds and feed on living tissue, but USDA says containment efforts are underway, including surveillance, movement controls, and sterile fly releases. For markets, this keeps a risk premium under cattle, especially feeders, as traders price the possibility of tighter animal movement, delayed Mexican cattle flows, and added disease-control costs.
Corn
B 1500 n 430 c vs s n 400 p 2 5/8 db vs 419 1/2
B 2500 sd n 480 p 33 ½ to 33 ¾ vs 448
S 1800 u 450 c 11 ¾ vs 427 1/4
B 1000 n 410 p 8 3/4
B 2100 sd n 500 p 54 ¾ vs 446
B 1000 sd n 490 p 44 3/8 vs 446 1/2
S 500 n 410 p 5
B 750 q 450/480 cs 5 1/4
B 1000 n 410 p 5 1/2
B 1500 u 400 p vs 427 ¾ vs s 3000 n 450 c vs 419 ¼ paying 4 ½ to 5
S 2000 n 430 c 4 7/8 to 4 1/2
B 1000 n 470 p 56 7/8 vs 413 1/2
B 1500 z 500 c 9 7/8 to 10 1/2
B 250 u 570 c 1 3/8
S 1000 n 410 p 7 1/8 vs 413 1/2
S 2000 z 480 c 13 5/8
B 500 q 440 c 10 ½ to 10 5/8
B 2000 q 425/450 cs 8 3/8
S 1000 u 430 p 23
B 200 n 420 straddles 18 5/8 to 19 1/2
B 1000 z 440/400 ps 15 ½ to 15 3/4
S 350 z 480/470 ps 7 1/2
S 1000 n 450 p 37 ½ vs 413 1/2
B 1000 u 405/470 ps 7 3/4
Beans
S 500 nx -20 cso p 4
B 500 x 1100 p 19 1/8
B 700 q 1130 c vs s sd n 1150 c 16 db
B 400 n 1170 straddles 58
B 650 u 1060 p vs 1122 ¾ against s 650 x 1300 c vs 1137 ½ paying 1 1/8
B 1000 w2 1110 p vs s 2000 w2 1100 p paying even
S 3000 q 1100 p 18 ½ to 17 3/8
B 500 u 1140 p vs s sd u 1150 p 2 ½ db
B 1000 u 1060 p vs s u 1230 c 4 7/8 db vs 1121 3/4
B 350 sd n 1150 c 7 ¼ to 7 7/8
B 500 sd q 1300 c 1 3/4
B 1000 x 1280/1380 cs 6 3/8
Soymeal
S 300 n 315/295 ps 10.50 vs 305.0
B 500 n 310 c 3.45 to 3.50
S 100 n 300 p 2.85 vs 305.7
B 750 u 305 p vs s u 325/350 cs 7.80 db vs 305.2
S 1600 n 325 c .90 to .85 vs 305.9
B 1000 n 370 c .15
B 1000 z 300 p 10.30
Bean oil
S 1500 z 75 c 3.140 vs 7030
B 200 q 72p/75c strangles 4.070
S 1000 u 6450 p .880 to .765
B 200 z 6150 p 1.470
B 1000 z 55 p and 250 z 60 p 3.300 vs 7030
S 750 q 6750 p .850 to .830
B 150 q 6750 p .770 to .800
B 1000 z 77/87 cs 1.770
S 500 q 70/65 ps .950
B 850 u 6750 p 1.430
On a block
S 1000 n 75 p 2.360 vs 7385
B 500 z 80 c 2.050
Wheat
S 500 n 560 p 4 3/8 vs 582 1/4
B 2000 u 700/750/800 call flies 3 1/2
S 100 u 590 p 24 1/2
S 100 n 580 straddles 26 5/8
Kc wheat
B 600 u 790 c 3 3/4
B 800 n 650/750 cs 6 5/8 vs 627
B 2000 n 650/750 cs 6 ½
B 250 n 650 c vs s 500 n 710 c 5 ¾ db vs 630 1/2
B 200 n 700/730 cs 7/8
Hogs
Sold 1200 July 96/100 call spread @ 2.475 down to 2.35
Bought 150 June 95/93 put spread 1x3 paid .45
Sold 250 Aug 105 calls @ 1.45
Bought 700 Aug 100/102 call spread paid .60
Bought 200 April 84/76 puts spreads V. 90 calls paid Even up to .15
Sold 800 July 95 puts @ 1.275 down to 1.25 covered 97.425
Bought 500 July 102 calls paid .90 up to .95
Bought 100 July 97 puts paid 2.25
Live Cattle
Bought 350 Aug 240 calls paid 7.85
Sold 200 Aug 238/222 put spread v 262 calls @ 2.675 down to 2.45
Bought 350 Aug 240 calls paid 7.85
Bought 150 Aug 224/214 put spread paid .675
Bought 150 Aug 235 puts paid 3.20 covered 242.00
Bought 200 April 240/234 put spread paid 3.275
Sold 100 April 230 calls @ 12.35 down to 12.250
Bought 400 Aug 236/226 put spread paid 3.45 up to 3.55
Sold 250 Feb 240 calls @ 7.00 down to 6.925
Bought 200 Aug 242/237 put spread paid 2.80 up to 2.85
Sold 250 Feb 230 puts @ 11.50 down to 11.4750
Sold 200 Aug 243/242 put spread @ .625
Bought 200 July 249 calls paid .65 up to .675
Bought 500 Oct 240/230 put spread paid 5.75
Feeder Cattle
Sold 100 Aug 350 puts @ 11.4750
- Meats & Livestock
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