From The Floor-An Afternoon Recap

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
    • GFI bought 1,000 July bean 1460 calls at 18 ½
    • Tenco sold 1,500 Nov bean 1200 straddles at 143
    • JP Morgan bought 400 Nov bean 1120/1000 put spreads and sold 400 Dec corn 600 calls at 2 credit
    • Tenco bought 5,000 July short dated corn 580 calls at 10 ½
    • ADM bought 2,000 July corn 680 calls and sold 2,000 July corn 600 puts at 6 ¼
    • Jefferies bought 1,000 July corn 620 puts at 15 ¾ -15 7/8 and bought 320 July futures at 646
    • Tenco bought 1,200 Dec corn 500/450 put spreads at 14
    • Rand bought 1,000 short dated July corn 550/530 puts spreads at 9 and bought 140 Dec futures at 550
    • JP Morgan bought 1,000 Dec corn 640/600 put spreads at 9 ½
    • JP Morgan sold 1,000 July wheat 760 calls at 13 ½
    • ABN sold 1,000 July wheat 680 puts at 7 ½
    • 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