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Futures and options trading involves risk of loss and is not suitable for everyone.

🥈 Precious Metals Volatility

Silver futures were slammed this morning, with the nearby March contract down sharply in early trade. Gold also moved lower. Some traders are pointing to speculation around an imminent Trump pick for the next Fed Chair as a possible catalyst. Regardless of the reason, the size and speed of the move has grabbed everyone’s attention.

🎰 Prediction Markets & CME’s Next Move

The CFTC says it plans to update prediction-market rules, aiming to provide more regulatory clarity while supporting “lawful innovation.” Chairman Michael Selig confirmed the agency will withdraw a prior proposal that would have banned sports- and political-related contracts.

Platforms like Polymarket and Kalshi continue to grow rapidly, and CME is now partnering with FanDuel in the prediction-market space. With CME already planning 24/7 crypto derivatives trading, some believe this is a stepping stone toward round-the-clock trading in traditional commodity markets—an effort to avoid losing market share to online betting platforms. 🎲

❄️ Ukraine Cold Threat & Wheat Support

Extremely cold temperatures are forecast across much of Ukraine early next week, with readings potentially plunging well below zero. A large share of the country’s winter wheat crop currently lacks protective snow cover, raising winterkill concerns. These risks helped support wheat futures as traders also assessed lingering impacts from last week’s U.S. winter storm.

🌱 Soybeans Ease on Brazil Supply

Soybean futures softened as Brazil’s harvest ramps up and expectations build for a record-large crop. After completing initial U.S. purchases, China is expected to shift more demand toward Brazilian supplies. A weak U.S. dollar, however, continues to provide underlying support by improving export competitiveness.

🚢 Weekly Export Sales

U.S. corn export sales slowed from last week’s near-record pace, while soybean sales also declined. Wheat sales came in near the upper end of expectations. Japan was the top buyer for corn and wheat, while China led soybean purchases.

🛢️ Oil Rallies on Middle East Risk

Crude oil prices surged amid rising U.S.–Iran tensions. Markets are reacting to fears of supply disruptions, particularly the risk of instability in the Strait of Hormuz, a key global oil chokepoint.

🌧️ US Drought Update

USDA’s latest drought monitor showed limited improvement across much of the Corn Belt due to frozen ground conditions, though some areas did see relief. Drought conditions worsened in parts of the High Plains.