Early Afternoon Recap From The Floor

I will be leaving early today. Here is an early edition to the afternoon recap.

 

Have a pleasant evening

 

Kate

 

News

  • May futures expires today at noon CDT
  • Dr. Cordonnier’s Weekly Report
    • 2013 US corn yield estimated at 155-156 BPA unchanged from previous estimate
    • 2013 US bean yield estimated at 43.5-44.0 BPA
    • ‘12/13 Brazilian bean crop estimated at 81.5 MMT unchanged from previous estimate
    • ‘12/13 Brazilian corn crop estimated at 76.0 MMT up 1.0 M from previous estimate
    • ’12/13 Argentine bean crop estimated at 50.0 MMT
    • Said that about 80% of the Argentine bean harvest is complete
    • ‘12/13 Argentine corn crop estimated at 24.0 MMT unchanged from previous estimate
    • Said that about 41% of the Argentine corn crop has been harvested
    • ‘12/13 total South American bean crop estimated at 144.45 MMT unchanged from previous estimate
    • ‘12/13 total South American corn crop estimated at 104.6 MMT vs. previous estimate of 103.6 MMT
  • Oil World said bean importer may/will rely more on South American beans due to lack of US beans .
  • Oil World said US bean exports between Sept 2012- Feb 2013 were high and exhausted US bean stocks.
  • Oil World estimated May bean exports from Argentina, Brazil, Paraguay, and Uruguay at 10.8 MMT (including 7.6 MMT from Brazil) vs. 10.0 MMT in April and vs. 9.6 MMT in May 2012
  • Oil World estimated China’s January – April bean imports at 15.5 MMT vs. 18.1 MMT a year ago
  • Zambia Ag Min estimated ‘12/13 corn crop at 2.5 MMT vs. 2.85 MMT a year ago
  • Weekly API energy inventory report comes out today at 330 pm CDT
  • Eurozone GDP comes out tomorrow
  • SGS and Intertek Agri Services comes out tomorrow with their Malaysian 1-15th palm oil export estimates expecting 599K tons down 7.5% from a month ago
  • US PPI comes out tomorrow at 730 am CDT
  • Weekly DOE #s come out tomorrow at 930 am CDT expecting
    • Crude a build of 450K
    • Gas a draw of 1.1 MB
    • Distillates at build of 425K
  • Weekly US ethanol plant production comes out tomorrow at 930 am CDT
  • NOPA April crush report comes out tomorrow at 11 am CDT . Based on a Bloomberg survey expecting
    • Crush average estimate 125.607 MB , range of estimates are 124.0-131.0 . In March the crush was 137.080 MB and in April 2012 the crush was 131.708 MB
    • Bean oil stocks average estimate 2.618 B pounds, range of estimates are 1.50-2.70 B . In March the bean oil stocks were 2.765 B and in April 2012 the bean oil stocks were 2.385 B
    • No estimates are given for meal exports , but in March meal exports were 638,327 tons
  • Open outcry option players
    • Rand bought 1,300 short dated Sept corn 500 puts and sold 1,300 Sept corn 500 puts at 7 ½ -7 ¾ debit
    • New Edge bought 1,000 Sept corn 600 calls at 25 ½ and sold 400 Sept corn futures at 570
    • FI sold 1,000 Sept corn 610 calls at 21 ¼ sold 360 Sept futures at 567. New Edge bought it from them.

Thank you,

 

 

Kate Rosenberg