From the Floor – An Afternoon Recap 4/12/2013

News
• Gold , silver, and crude oil sharply lower due to concerns about global economy and Cyprus may have to sell gold reserves to raise money
• 40 human bird flu cases reported now with 11 human deaths
• Europe bought 30K US meal for April shipment
• There were rumors all week that old crop US beans were sold off the PNW. This morning USDA announced a new crop sale to unknown.
• Due to payment issues Pakistan has yet to send any wheat to Iran. A deal between the two countries was proposed in March 2012 and finalized in August 2012 for Pakistan to sell 1 MMT of wheat to Iran . In February Pakistan was supposed to ship 100K wheat to Iran , but did not.
• Soybean Processors Association of India estimated India’s April meal exports at 200K tons down 36% from March unless Iranian buying picks up. India renegotiating deals with Iran to ship meal to Iran in April/May
• In ‘12/13 Iran bought 870,776 tons of Indian meal vs. 216,335 tons in ‘11/12
• EU wheat futures hit 11 week high
• Weekly COT report comes out today at 230 pm CDT
• China’s 1st quarter GDP comes out Monday
• ECB president speaks in Amsterdam on Monday
• Surveyors SGS and Intertek come out Monday with their Malaysian April 1-15th palm oil export estimates
• Weekly US export inspections report comes out Monday at 10 am CDT
• NOPA March crush report comes out on Monday at 11 am CDT expecting
o Crush average estimate from Dow Jones is 140.0 MB and from Reuters is 136.8 MB the range of estimates are 127.1-146.0 MB in February the crush was 136.3 MB and March 2012 the crush was 140.5 MB
o Bean oil stocks average estimate 2.882 billion pounds range of estimates are 2.74-2.875 B February bean oil stocks were 2.79 B and March 2012 bean oil stocks were 2.363 B
o Meal exports in February were 765,659 tons
• Weekly US crop progress report comes out Monday at 3 pm CDT . 1st US corn planting estimate should be on Monday’s report looking for 4-6% complete
• G20 summit Thursday and Friday
• Open outcry option players
o Tenco bought 1,500 July bean 1400 calls and sold 1,500 Nov bean 1300 calls at 12 ¼ -13 ¾ credit
o Tenco sold 600 May bean 1380 calls at 42-42 ½
o JP Morgan bought 1,000 Nov bean 1200 puts at 59 ½ and bought 400 Nov futures at 1226
o Macquarie sold 1,500 May corn 660 puts at 13 ¾ -14 and sold 840 May futures at 655
o Tenco bought 3,500 Short dated May corn 590 calls at 7/8 – 1 1/8 (Goes off Dec future and expires when May expires)
o Macquarie sold 1,500 May corn 650 puts at 8 -8 ¼ and sold 600 May futures at 656
o Macquarie sold 1,000 May corn 660/630 put spreads at 10 ¼
o Macquarie bought 3,000 Dec corn 650/700 call spreads at 6 ¼ and sold 270 Dec futures at 547
o ABN bought 2,000 May corn 650/640 put spreads at 3-3 ¼
o Rand bought 2,500 Dec corn 450 puts at 10 ¼
o JP Morgan bought 1,000 Dec corn 510/450 put spreads and sold 1,000 Dec corn 610 calls at 5 credit
o JP Morgan bought 1,000 Dec corn 540 puts at 41 ¼ and bought 440 Dec futures at 546 ½
o Rosenthal bought 1,000 Dec corn 600 calls and sold 2,000 Dec corn 660 calls at a ½ credit
o GFI bought 1,500 Dec corn 570 straddles at 76 ¾ – 77 ½ and sold 120 Dec futures at 572
o JP Morgan bought 700 Dec wheat 950 calls and sold 700 Dec wheat 550 puts at 6 ¼ debit and sold 140 Dec futures at 736
o JP Morgan bought 1,000 June meal 420 calls at 4.50-5.00
o Mizuho sold 500 July bean oil 51 calls at 90-95

Estimated Fund Activity
• Wheat bought 5K
• Corn bought 7K
• Beans bought 6K
• Meal bought 3K
• Bean oil sold 3K

Closing vols and ATM straddles

Corn
K vol 22 660 str 21 ½ -22 ½
M vol 22 ½ 640 str 38-39
N vol 24 640 str 52 ½ -54
U vol 28 ¼ 580 str 77-78 ½
Z vol 26 ½ 550 str 89-90 ½
H vol 24 ¾ 560 str 101-103

Beans
K vol 15 ½ 1410 str 34 ½ -36
M vol 17 1380 str 63-65
N vol 17 1380 str 85-87
Q vol 19 ¾ 1340 str 111-113
U vol 20 1280 str 122-125
X vol 20 1240 str 144-147
F vol 19 ¼ 1240 str 158-162

Wheat
K vol 26 720 str 29-31
M vol 26 720 str 49-51
N vol 26 ¾ 720 str 66-67
U vol 26 ¾ 730 str 92-95
Z vol 26 ¼ 740 str 118-121
H vol 24 ¼ 750 str 130-135

No Minneapolis wheat information today

KC Wheat
K vol 23 ½ 750 str 23-29
N vol 24 760 str 60-67
U vol 25 730 str 88-95
Z vol 24 ½ 780 str 115-125

Meal
K vol 19.25 400 str 12-13.5
M vol 20.5 390 str 22.5-24.5
N vol 21 390 str 29-30
Q vol 21.5 380 str 34-36
U vol 21.75 360 str 36.5-38.5
V vol 21.5 340 str 37-40
Z vol 21.25 340 str 44-47

Bean oil
K vol 16.75 49.5 str 120-135
M vol 17 49.5 str 215-240
N vol 17 49.5 str 285-305
Q vol 17.5 50 str 360-380
U vol 17.5 50 str 400-430
V vol 17.5 50 str 440-460
Z vol 17.5 50 str 515-545

Crush quotes

OPEN CLOSE
MAY 13-14 8-10
JLY 45.4-46 38.5-39.5
AUG 52.5-54.5 49-52
SEP 67-68.5 66-67
OCT 64-66 63-65
DEC 58.5-59.5 56.5-57
JAN 56-58 53.5-55.5
MCH 58-60 54.5-58

Crush players

ADM sold 500 July crush at 43-45

FC Stone bought 200 Dec crush at 56

Oil share players

ADM bought 78 July bean oil sold 48 July meal at 38.35%

ADM bought 100 Sept bean oil sold 100 Sept meal at 40.7%

Rosenthal bought 53 Sept oil sold 53 Sept meal at 40.6%

Thank you,

Kate Rosenberg