From the Floor – An Afternoon Recap 4/26/13

News

·         May options expired today

·         May beans closed above the 50 day moving average of 1427 ½ and above the 100 day moving average of 1427 ¼ . May beans settled 1430 ¼

·         May meal closed above the 50 day moving average of 415.90 and above the 100 day moving average of 417.20. May meal settled at 417.90

·         Chinese industry analysts said China as bought 20.98 MMT of corn for reserves as of 4/20/13

·         Schutter Group ,Sao Paulo Brazil expects Brazilian April bean exports to be the highest since June 2012.
Schutter Group said as of 4/25 Brazil exported 6.58 MMT of beans in April vs. 3.53 MMT in March and vs. 4.84 MMT in June 2012.

·         FranceAgrimer said 67% of France’s soft wheat crops are in good to excellent condition up 2% from a week ago

·         FranceAgrimer said 29% of France’s corn crop has been planted vs. 4% a week ago and vs. 56% a year ago

·         FranceAgrimer  said 66% of their winter barley crop is in good to excellent up 1% from a week ago

·         Analysts expecting Egypt GASC to tender for wheat next week

·         Ukraine Ag Min said Ukraine has exported 20.6 MMT of grain so far this season (July 1st – April 26th ) . Including 6.49 MMT of wheat, 11.76 MMT of corn , 2.0 MMT of beans, and 1.2 MMT of rapeseed

·         Weekly COT report comes out today at 230 pm CDT

·         July meal will be top step (spot month) on Sunday night/Monday morning

·         Weekly US export inspection report comes out on Monday at 10 am CDT

·         Weekly US crop progress report comes out on Monday at 3 pm CDT expecting corn planting to be about 8-10% complete vs. 5 year average of about 31%

·         Position day for May futures is Monday. Traders should be out of their long positions or risk delivery. Expectations for deliveries on Monday night are as follows:

o   Wheat 0-500 (1,153 registered)

o   Corn 0 (0 registered)

o   Beans 0 (0 registered)

o   Meal 0 (0 registered)

o   Bean oil – Trade guesses are all over the board. Some traders/analysts are expecting 3,000 – 6,000 and others are expecting 0. There are 11,356 registered

o   KC wheat expecting 0 deliveries. One contact said we might see around 300 deliveries

·         On Tuesday German, Japan, and Euro Zone unemployment comes out

·         On Thursday European and Chinese economic data will be coming out

·         This was the last week of floor trading for Stanley Komparda. He had been active on the floor since just after WW2. He is as classy of a guy as it comes. We wish him success on the screen and all his life adventures.

·         Open outcry option players

o   New Edge bought 2,000 March bean 960 puts at 10 ¾ -11 ½

o   ADM bought 2,000 Sept corn 520 puts and sold 2,000 Sept short dated Sept corn 500 puts at 1 5/8 – 1 ¾ debit

o   ADM bought 1,000 week 2 corn 600 puts and sold 1,000 June wheat 660 calls at 1 debit

o   FI bought 1,000 July corn 540/500 put spreads at 2 ¼

o   New Edge sold 1,100 March 400 puts at 6 ¾

o   ADM sold 2,000 July corn 620 calls at 26

o   ADM bought 2,500 July corn 600 puts and sold 2,500 July 680 calls at 9 ¾ -10 ¼

o   Tenco bought 1,000 Short dated July corn 550 calls at 12 ¾ -13 1/8

o   FC Stone sold 500 July wheat 680 puts at 22

o   Bunge bought 1,100 July bean oil 51.50 calls and sold 1,100 July bean oil 48.5 puts at 25

o   No big feature in meal options today

Estimated Fund Activity

·         Wheat sold 4K

·         Corn sold 7K

·         Beans bought 6K

·         Meal bought 4K

·         Bean oil bought 1K

Crush quotes

 

                 OPEN             CLOSE

MAY         34-35.5          35-37

JLY             52.5-53          54-54.5

AUG         52.5-54.5       54-55

SEP            68.5-69.5      69.5-70

OCT           69-70              69-70

DEC            62.5-63         63.5-64

JAN            57-59             58-60

MCH          57-59.5          59-60

MAY          56.5-59          58.5-59.5

Crush players

 

FC Stone sold 70 Oct crush at 70

Rand sold 200 July crush at 52.75

Tenco sold 100 Aug crush at 54

Thank you,

Kate Rosenberg