The 105,000 nov 550/600 call spread bought via block in corn had open interest only up 55k. Part of the trade may have been an arb to the other block or there was a clerical issue.
China’s Ministry of Commerce said Beijing and Washington are actively working on the tariff reduction plan agreed to during the recent leaders’ summit and that both sides remain in close communication on implementing those commitments. The comments indicate that trade negotiations are progressing beyond broad agreements toward the details of which products will receive tariff relief and when those reductions will take effect. The framework envisions reciprocal tariff cuts on selected goods, along with efforts to resolve non-tariff barriers and expand bilateral trade, including agricultural products. While no implementation date or product list has been announced, the statements suggest both governments are continuing to move toward formalizing the agreement.
Oil prices surged, with Brent nearing $100 per barrel, after the Houthis said they attacked two Saudi Arabian tankers in the Red Sea. The strikes open a new front in the regional conflict and increase the risk of broader supply and shipping disruptions, adding another major geopolitical premium to global energy markets. Higher crude prices are also supportive for diesel and renewable-fuel feedstocks such as soybean oil, although the broader inflation risk is pressuring equity futures.
The U.S. used a B-1 long-range bomber on Tuesday to strike Islamic Revolutionary Guard Corps targets inside Iran, marking the aircraft’s first reported combat mission since hostilities resumed 12 days earlier. The deployment represents a significant expansion of the U.S. air campaign because the B-1 can carry a large weapons payload and strike targets from long range, signaling Washington’s willingness to apply heavier military pressure on Iran.
Global crop prices have climbed to their highest levels in three years as a combination of extreme heat in key growing regions and escalating attacks in the Black Sea threatens grain production and export flows. The renewed disruption to one of the world’s most important grain shipping corridors, coupled with weather concerns, has added a significant risk premium to wheat and other agricultural markets. At the same time, the conflict involving Iran has fueled higher energy prices, increasing transportation and fertilizer costs and reviving concerns that food inflation could accelerate if supply disruptions persist.
President Trump said Venezuela is working with the United States to increase oil production, reiterating that U.S. oil companies are moving into Venezuela as part of the effort. He added that expanding Western Hemisphere oil supplies would reduce reliance on Middle East crude and lessen the strategic importance of the Strait of Hormuz. If additional Venezuelan production reaches global markets, it could help ease supply concerns and partially offset geopolitical risks stemming from tensions with Iran, although any meaningful increase in output would likely take time.
Some Trump administration officials and allies have reportedly discussed whether an independent review of the 2023 collapse of Silicon Valley Bank could provide legal grounds to remove Federal Reserve Governor Michael Barr, who oversaw banking supervision during the failure. The discussions remain private and do not indicate that a decision has been made, but they highlight continued scrutiny of the Fed’s supervisory role and could increase political pressure on the central bank. Any attempt to remove a sitting Fed governor would likely face significant legal and institutional challenges, making this a development worth monitoring rather than an immediate policy change.
The House approved two significant pieces of legislation. Lawmakers voted 232-198 to pass a bill that would restrict members of Congress from trading individual stocks, a measure aimed at addressing conflicts of interest and improving public confidence. The House also voted 216-212 to pass the annual defense authorization bill, which will now be combined with the SAVE America Act before being sent to the Senate. Packaging the defense bill with the SAVE America Act raises the stakes for Senate consideration, as Republican leaders seek to advance both national defense funding and election-related reforms together.
Overnight options activity
Corn
B 4000 sd u 550 c 2 ½ to 2 3/4
S 200 sd u 455 c 2 3/8
S 100 v 500/525 cs 6 1/2
S 200 u 480 c 8 7/8 vs 461 1/2
S 1000 u 440/460 cs 11 3/4
B 400 z 500 c 21 3/8 to 22 3/8
Beans
S 350 xn -30 cso p 6
S 250 x 1250/1350 cs 26
B 800 v 1250/1320 cs 19 7/8 to 20
S 500 x 1500 c 5 3/8 to 5 1/4
Bean oil
B 100 z 70 p 2.175
Wheat
B 300 u 780 c 14 to 14 1/4
B 350 w5 730/760 cs 5 ¾ to 5 7/8
S 200 h 800 c 46 7/8 to 46 3/4
B 100 z 850/900 cs 6 5/8
B 300 v 1000/1200 cs 6 3/4
Open interest changes
corn
Nov 550/600 call spread had 105k trade but oi was only up 55k. March 510 call buy vs sale of 455 puts, may 520 call buy vs sale of the 465 puts, dec 470 put buy, dec 560 call sale, sept 500 call buy and nov 500/560 call spread buys were new. Short dated sept 450 put sale and oct 470/520 call spread sales were closing. Sept 460/500 call spread sale was rolling a short. Sd sept 460/450 put spread buys were rolling longs.
Beans
Nov 1300/1350 1x2 call spread sale and july 1300/1360 call spread sales were rolling longs.
Soymeal
Dec 300 put buy was closing. Dec 350/400 call spread buy was new.
Bean oil
Sept 66 put buy was new
Wheat
Sept 650 call sale, sept 700 call sale and sept 800 call buys were closing. Sept 750 call buy was new.
Kc wheat
Sept 800 call buy and sept 850 call sales were new. Sept 730 call sale was closing
Cvol
Ags 25.66% up 2.09%
Corn 31.75% up 3.51%
Beans 22.24% up 1.42% (1 month high)
Soymeal 26.44% up 2.00% (3 month high)
Bean oil 25.98% down .02%
Wheat 49.47% up 8.68% (3 month high)
Feeder cattle 18.58% up 1.00% (1 month high)
Live cattle 18.56% up 1.27% (1 month high)
Lean hogs 21.33% down .56%
Class 3 milk 22.34% down .27%
Corn
Beans
Soymeal
Bean oil
Wheat
Kc wheat
Miax wheat
Oats
Rough rice
Cotton
Canola
Feeder cattle
Live cattle
Lean hogs
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