From the Floor – An Afternoon Recap 4/08/13

News
• Weekly US export inspections report came out today at 10 am CDT at
o Wheat 27.161 MB expecting 17-24 MB
o Corn 10.098 MB expecting 14-18 MB
o Beans 15.251 MB expecting 12-17 MB
• Safras e Mercado weekly report
o 76% of the Brazilian bean crop has been harvested vs. 72% a week ago vs. 79% a year ago and vs. 70% 5 year average
o Estimated Brazil’s ‘12/13 bean crop at 82.5 MMT vs. previous estimate of 82.2 MMT
o Estimated Mato Grosso bean crop at 24.1 MMT up 10% from a year ago
o Estimated Parana bean crop at 15.6 MMT up 40% from a year ago
o Estimated RGDS bean crop at 12.1 MMT up 83% from a year ago
• SovEcon said Russia’s winter grain conditions deteriorated over the past week
• SovEcon estimated Russia’s 2013 grain crop at 83-89 MMT vs. Russia’s Ag Min estimate of 90-92 MMT
• India’s STC canceled tender to export 30K tons of wheat for May-June shipment. No reason was given
• CME plans to launch RINs contracts including ethanol RINs and Biodiesel RINs in May
• Bean and corn cash basis firm
• Weekly US crop progress report comes out today at 3 pm CDT (I will email the report at that time)
• China’s CPI and PPI comes out tonight/tomorrow. Analysts expect China’s March CPI to fall 2.5% from February
• CONAB ‘12/13 Brazilian crop estimate report comes out tomorrow morning. Previous (March 7th) CONAB estimates were
o Bean crop estimated at 82.1 MMT (record)
o Bean exports estimated at 36.78 MMT
o Average bean yield estimated at 2.698 TPH
o Corn crop estimated at 76.1 MMT
o Wheat crop estimated at 4.3 MMT
o Cotton crop estimated at 1.4 MMT
• Effective tomorrow CME will raise ethanol margins by $1,100.00
• Today was the 2nd day of the Index Fund roll. (3 days remain) in the open outcry market
o Wheat 1,500 May/July spreads were sold at 5
o Corn 3,500 May/July spreads were sold at 13 ½ -15 ½
o Beans 1,400 May/July spreads were sold at 19 ¾ -20
o Meal 1,000 May/July spreads were sold at .30-.40
o Bean oil 3,000 May/July spreads were sold at 23-25
• Weekly API energy inventory report comes out tomorrow at 330 pm CST
• China to auction 100K tons of rapeseed oil from reserves on Thursday.
• Open outcry option players
o ABN sold 1,000 May bean 1320 puts at 4 ¾ -5
o Tenco bought 1,500 May bean 1320 puts and sold 3,000 May bean 1260 puts at 2 ¾ debit
o Jefferies bought 11,000 May corn 690 puts and sold 11,000 July corn 640 puts at 19 ½ -20 debit
o FI bought 2,000 Short dated May corn 540/570 calls spreads at 6 ¼ and sold 640 Dec futures at 32
o FI bought 1,500 July corn 660/720 call spreads at 9 5/8
o Rosenthal bought 1,500 July corn 650,700,750 call butterflies and sold 1,500 July corn 560 puts at a ½ debit
o FC Stone bought 6,000 Dec corn 530 puts sold 4,000 Dec corn 630 puts at 96 credit
o Rand sold 1,500 May corn 650 puts at 24 ¾ -24 5/8 and sold 1,050 May futures at 631 ½
o JP Morgan 1,200 Dec wheat 900 calls and sold 1,200 Dec wheat 600 puts at 3 ½ and sold 384 Dec futures at 731
o New Edge bought 700 July wheat 690 puts at 51 ¼ -51 ½
o ADM sold 350 May meal 390 puts at 5.75-6.25
o Rosenthal sold 1,000 May bean oil 49 puts at 50-60
o Rosenthal bought 1,000 July bean oil 51 calls at 90
o Rosenthal bought 500 May bean oil 50 calls at 45

Estimated fund activity
• Wheat bought 4,000
• Corn bought 7,000
• Beans bought 6,000
• Meal bought 1,000
• Bean oil bought 3,000

Closing vols and ATM straddles

Corn
K vol 23 630 str 26-27
M vol 22 ½ 620 str 39 ½ -40 ½
N vol 24 ¼ 620 str 53 ½ -54 ½
U vol 28 ¼ 550 str 75 ½ – 77
Z vol 26 ½ 530 str 87 ½ -88 ½
H vol 24 ½ 540 str 97-99

Beans
K vol 16 ½ 1370 str 41-42
M vol 17 ¼ 1360 str 66-68
N vol 17 ¾ 1360 str 86-88
Q vol 19 ¾ 1320 str 113-117
U vol 20 ¾ 1260 str 126-130
X vol 21 1220 str 150-151
F vol 19 ¾ 1240 str 162 ½ -166 ½

Wheat
K vol 25 ½ 710 str 32-34
M vol 26 720 str 52-55
N vol 26 ¼ 720 str 67-69
U vol 26 ½ 720 str 92-94
Z vol 25 ¾ 740 str 119-120
H vol 23 ¾ 750 str 120-133

Minneapolis wheat
K vol 19 800 str 25-33
N vol 21 800 str 54-62
U vol 22 ½ 800 str 80-90
Z vol 22 810 str 102-112

KC Wheat
K vol 24 740 str 30-36
N vol 24 ½ 750 str 64-71
U vol 25 760 str 90-98
Z vol 25 780 str 117-127

Meal
K vol 21.25 390 str 15.5-17
M vol 21.5 390 str 24.5-36.5
N vol 21.75 390 str 30.5-32.5
Q vol 22 380 str 36-39
U vol 22 360 str 39-42
V vol 22 340 str 40-43
Z vol 21.25 340 str 45-48

Bean oil
K vol 16.75 49.5 str 140-155
M vol 16.75 50 str 225-245
N vol 16.75 50 str 285-305
Q vol 17.25 50 str 355-380
U vol 17.5 49.5 str 400-440
V vol 17.5 49.5 str 440-470
Z vol 17.5 49.5 str 515-545

Crush quotes
OPEN CLOSE
MAY 36-36.5 32-32.5
JLY 55-55.5 53.5-54
AUG 56.5-59.5 57.5-59
SEP 69-70.5 69.5-70.5
OCT 66-67 66-67
DEC 61.5-62 62.5-63
JAN 59-61 59-61
MCH 60-61 60-61

Crush player

Bunge sold 30 July crush 54.75

Thank you,

Kate Rosenberg