From The Floor-An Afternoon Recap

News

  • Egypt GASC bought 120,000 tons of wheat for Jan shipment. 60,000 tons from Russia and 60,000 tons from Romania
  • Iran bought 250,000 tons of Mexican durum wheat for March – April shipment
  • Iran bought 180,000 tons of milling wheat from the Baltic Sea region for Feb shipment
  • Iran bought 25,000 tons of Ukraine corn or Dec shipment
  • Hearing Cordonnier estimated Brazil’s ‘13/14 bean crop at 90.0 MMT unchanged from his previous estimate
  • Hearing Cordonnier estimated Brazil’s ‘13/14 corn crop at 68.6 MMT unchanged from his previous estimate
  • Hearing Cordonnier estimated Argentina’s ‘13/14 bean crop at 56.0 MMT unchanged from his previous estimate
  • Hearing Cordonnier estimated Argentina’s ‘13/14 corn crop at 24.0 MMT unchanged from previous estimate
  • State Statistics Service said Ukraine Dec 1st grain stocks at 27.6 MMT up 29% from a year ago
  • Somar (Brazil’s weather forecaster) said dry weather in southern Brazil may hurt bean yields
  • March wheat made new contract lows during the day session of 620 ¼ .
  • Jan meal made new contract highs during the day session of 449.30
  • Tomorrow is the second day of the FOMC 2 day policy meeting.
  • Weekly API energy inventory report comes out today at 330 pm CST
  • Weekly DOE energy inventory report comes out tomorrow at 930 am CST
  • Weekly US ethanol plant production report comes out tomorrow at 930 am CST
  • Informa comes out tomorrow at 1030 am CST with their 2014 US acreage estimate updates. Previous estimates from Informa were
    • All wheat at 58.105 MA
    • Corn at 91.5 MA
    • Beans at 83.8 MA
  • Open outcry option players
    • Morgan Stanley sold 1,000 March bean 1300/1400 call spreads at 44-44 ½
    • FI sold 1,000 March bean 1200 puts at 7-7 3/8
    • Bunge sold 1,000 Jan bean 1330/1340 call spreads at 5 1/8 -5 ½
    • FI  bought 3,000 Jan corn 420/410 put spreads at 1 7/8 -2
    • FI bought 1,000 July corn 400 calls at 49 ¾ -51
    • ABN bought 1,000 Feb corn 405 puts and sold 1,000 May corn 370 puts at 1 7/8 debit
    • ABN bought 1,000 Feb corn 400 puts and sold 1,000 May corn 380 puts at 5/8 debit
    • JP Morgan sold 1,100 March wheat 680 calls at 5-5 ¼
    • JP Morgan bought 1,200 March wheat 650 calls at 11
    • ADM bought 400 Jan meal 450/470 call spreads at 5.25
    • New Edge bought 400 Feb bean oil 40 puts and sold 400 Jan bean oil 40 puts at 33 debit

 

Estimated fund activity

  • Wheat sold 1,000
  • Corn bought 4,000
  • Beans bought 5,000
  • Meal bought 3,000
  • Bean oil sold 2,000