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