From the Floor – An Afternoon Recap 4/17/13

News

·         Cash markets firm

·         Abiove estimated Brazil’s ‘12/13 bean crop at 82.1 MMT vs. 82.3 previously

·         Abiove said Brazil bean crop is 85% harvested

·         Abiove estimated Brazil’s ‘12/13 bean exports at 38.2 MMT vs. previous estimate of 38.5

·         Abiove estimated Brazil’s ‘12/13 ending stocks at 3.4 MMT vs. previous estimate of 3.1 MMT

·         Argentina raises biodiesel blend rate to 10% from 7% currently

·         Russia’s Grain Union estimated 2013 Russian grain crop at 90-95 MMT vs. previous estimate of 90.0 MMT

·         Russia’s Grain Union estimated ‘13/14 exportable surplus at 20.0 MMT unchanged from previous estimate

·         Russia’s Grain Union said Russia doesn’t have much wheat for Egypt until next season

·         Russia sold 55,907 tons of intervention grain making the total since 10/23 2.88 MMT

·         German Farm Coop estimated 2013 Germany winter rapeseed crop at 5.15 MMT vs. previous estimate of 5.38 MMT and vs. 4.80 MMT in 2012

·         German Farm Coop estimated 2013 all grain crop at 44.39 MMT vs. previous estimate of 45.22 MMT and vs. 2012 crop of 45.17 MMT

·         German Farm Coop estimated 2013 German corn crop at 4.32 MMT down 21.4% from a year ago

·         German Farm Coop estimated 2013 winter barley crop at 7.79 MMT up 10.2% from a year ago

·         German Farm Coop estimated 2013 wheat crop at 23.19 MMT vs. previous estimate of 22.38 MMT and vs. 2012 crop of 23.59 MMT

·         German Farm Coop said plant development is 2-4 weeks behind schedule

·         Toepfer estimated German 2013 wheat crop at 22.87 MMT vs. 2012 crop of 22.3 MMT

·         Jordan did not make any purchases in tender to buy 100K wheat. They did retender for 100K optional origin wheat .

·         Libya bought 50K Russian wheat

·         Morocco seeks 50K EU durum wheat for May shipment

·         Anacer said Italy imported 263,114 tons of soft wheat in January vs. 268,283 tons a year ago

·         Anacer said Italy imported 403,975 tons of corn in January vs. 403,975 tons a year ago

·         An Indian official estimated India’s ‘12/13 cotton imports at 2.5 M bales vs. 1.2 M bales in ‘11/12

·         Brazilian dock workers to strike tomorrow for 1 day.

·         G20 summit starts tomorrow in Washington ends Friday.

·         Weekly US jobless claims report comes out tomorrow at 730 am CDT

·         Weekly US export sales report comes out tomorrow at 730 am CDT expecting

o   Wheat 200-450K

o   Corn 250-500K

o   Beans 400-700K

o   Meal 100-250K

o   Bean oil 0-15K

·         Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CDT

·         Open outcry option players

o   FI bought 1,000 July corn 540/500 put spreads at 1 ½ debit

o   Rand bought 2,000 Dec corn 500/450 put spreads at 14 5/8 and bought 300 Dec futures at 540

o   Rand bought 1,500 May corn 680/700 call spreads at 2 ¼

o   Tenco bought 1,000 Dec corn 700 calls sold 1,000 Dec corn 450 puts at 2 ¾ credit  sold 280 Dec futures at 544

o   ADM bought 3,500 May corn 640 straddles at 24 ½ -27

o   JP Morgan bought 1,000 Dec corn 500/450 put spreads at 13 ½ -14

o   New Edge bought 1,000 May corn 660 puts sold 2,000 May corn 640 puts at 3 ¾

o   FC Stone bought 3,000 Aug bean oil 51 calls at 95-105

o   No big players in beans, wheat or meal

Estimated Fund Activity

·         Wheat bought 1K

·         Corn bought 3K

·         Beans bought 4K

·         Meal bought 3K

·         Bean oil bought 2K

Closing vols and ATM straddles

 

Corn

K vol 23 ½ 660 str 20-21

M vol 24 640 str 38 ½ -40

N vol 25 ¾ 640 str 55 ¼ -56 ¼

U vol 29 ½ 570 str 79-80 ½

Z vol 27 ½ 550 str 92-93 ½

H vol 25 ¾ 560 str 104-106

 

Beans

K vol 16 1420 str 29-31

M vol 17 ¾ 1380 str 62-64

N vol 18 ¾ 1380 str 87-89

Q vol 20 ½ 1340 str 114-116

U vol 20 ½ 1260 str 121-124

X vol 20 ½ 1220 str 143-146

 

Wheat

K vol 26 ½ 710 str 24-26

M vol 26 ¾ 710 str 46-49

N vol 27 710 str 62-64

U vol 27 ¼ 720 str 92-94

Z vol 26 ½ 730 str 115-117

H vol 24 ¼ 740 str 128-132

 

Minneapolis wheat

K vol 21 ½ 810 str 20-27

N vol 22 800 str 56-63

U vol 23 790 str 80-90

Z vol 23 800 str 104-114

KC Wheat

K vol 23 ½ 740 str 20-25

N vol 24 750 str 58-65

U vol 25 760 str 85-93

Z vol 25 ½ 770 str 116-126

Meal

K vol 19.5 400 str 11.5-12.5

M vol 20 400 str 21.5-23.5

N vol 21.75 390 str 29-30.5

Q vol 21.75 380 str 34-36

U vol 22.25 360 str 36.5-38.5

V vol 21.5 340 str 38-40

Z vol 21.25 340 str 44-46

Bean oil

K vol 17 49.5 str 100-115

M vol 17.5 49.5 str 215-230

N vol 17.75 49.5 str 285-300

Q vol 18 49.58 str 360-380

Z vol 18 49 str 520-550

Thank you,

Kate Rosenberg