From the Floor – An Afternoon Recap 4/29/13

News

·         July and September corn closed limit up.

·         Limits will be expanded to .60 cents for tonight’s/tomorrow’s trading session. Normal daily limits are .40 cents .

·         July corn on the close was 661 bid at 661 ½ (1 ¼ – 1 ¾ cents above limit)

·         September corn did not trade synthetically , but it was limit bid (584 ¾ ) on the close .

·         July meal closed well above the 50 day moving average of 410.10 and well above the 100 day moving average of 411.10

·         Safras e Mercado said 66% of the Brazilian ‘12/13 bean crop has been sold vs. 75% a year ago and vs. 63% 5 year average

·         Dryness in Russia and the Ukraine may damage crops.

·         Tomorrow is first notice day for May futures expecting 0 bean, meal, and corn deliveries. Expecting 0-500 wheat deliveries and expecting 0-3,000 bean oil deliveries

·         FOMC 2 day policy meeting begins tomorrow.

·         Surveyors SGS and Intertek Agri Services come out tomorrow with their April Malaysian palm oil export estimates.

·         Wheat Quality Council US winter wheat tour begins tomorrow and lasts for 3 days. They will be surveying crops mostly in Kansas , but they will also be surveying crops in Oklahoma and Nebraska.

·         Weekly API energy inventory report comes out tomorrow at 330 pm CDT

·         Chinese markets are closed through Wednesday.

·         Tomorrow is month end

·         Open outcry option players

o   GFI bought 1,000 July bean 1460 calls at 18 ½

o   Tenco sold 1,500 Nov bean 1200 straddles at 143

o   JP Morgan bought 400 Nov bean 1120/1000 put spreads and sold 400 Dec corn 600 calls at 2 credit

o   Tenco bought 5,000 July short dated corn 580 calls at 10 ½

o   ADM bought 2,000 July corn 680 calls and sold 2,000 July corn 600 puts at 6 ¼

o   Jefferies bought 1,000 July corn 620 puts at 15 ¾ -15 7/8 and bought 320 July futures at 646

o   Tenco bought 1,200 Dec corn 500/450 put spreads at 14

o   Rand bought 1,000 short dated July corn 550/530 puts spreads at 9 and bought 140 Dec futures at 550

o   JP Morgan bought 1,000 Dec corn 640/600 put spreads at 9 ½

o   JP Morgan sold 1,000 July wheat 760 calls at 13 ½

o   ABN sold 1,000 July wheat 680 puts at 7 ½

o   No big features in meal or bean oil today

Estimated Fund Activity

·         Wheat bought 10K

·         Corn bought 30K

·         Beans bought 11K

·         Meal bought 5K

·         Bean oil sold 2K

Crush closes

 

                   OPEN             CLOSE

MAY         34-37              18-20

JLY             53-53.5          51.5-52.5

AUG         54-55               53.5-54.5

SEP            69.5-70          70-71

OCT           68.5-70          69-70

DEC           62-62.5          62-62.5

JAN           58-60             57.5-59

MCH         59-60             58-60

MAY          58-59.5         58-60

Crush player

 

Rand sold 500 July at 50

 

Oil Share Player

ABN bought 53 Sept oil /meal at 40.10%

Thank you,

Kate Rosenberg