From The Floor-An Afternoon Recap

News

  • Lanworth estimated ‘13/14 US corn crop at 13.90 BB vs. previous estimate of 13.93 BB
  • Lanworth estimated US corn planting area at 96.2 MA vs. USDA March estimate of 97.3 MA
  • Lanworth estimated ‘13/14 US bean crop at 3.425 BB vs. previous estimate of 3.420 BB
  • Lanworth estimated ‘13/14 Ukraine corn crop at 25.9 MMT vs. previous estimate of 26.4 MMT
  • Dec corn closed above the 50 day moving average of 549. Dec corn settled at  550 ½
  • Today was the second day of the Kansas wheat tour. Tour ends tomorrow. Final estimates from the tour come out tomorrow afternoon . In 2012 Kansas wheat yield was 42.0 BPA and in 2011 the yield was 35.0 BPA
  • Second day of wheat tour – In Logan, Wichita and Kearney counties average yield 16.8 BPA vs. 39.9 BPA a year ago . The range of yields were 0-25.7 BPA
  • ECB meets tomorrow. Speculation they will cut rates by .25% to .5% (record low)
  • 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
    • Wheat 300-500K
    • Corn 800K – 1.0 M
    • Beans 600-900K
    • Meal 150-250K
    • Bean oil 0-15K
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CDT expecting +29 B
  • Open outcry option players
    • New Edge bought 2,000 Nov bean 1140/1120 put spreads and sold 2,000 Sept bean 1160/1140 put spreads at 2 debit
    • New Edge bought 1,000 Sept bean 1100/1200 call spreads at 75-76
    • New Edge sold 2,000 Nov bean 1200/1240 call spreads at 17-18
    • Obrien bought 2,000 June bean 1420 calls at 11-11.25 and sold 480 July futures at 1375
    • JP Morgan sold 2,250 July corn 680 calls at 14 ½ and bought 743 futures at 645
    • ABN sold 1,500 Sept corn 550 puts and bought 1,500 Aug corn 550 puts at 5-5 1/8 credit
    • ADM bought 2,500 June corn 640 puts and sold 2,500 June corn 700 calls at 10 ¾ -11 debit
    • ADM sold 900 July wheat 700 calls at 40 and bought 600 July futures at 719
    • JP Morgan bought 1,000 Dec wheat 980 calls and sold 1,000 Dec wheat 600 puts at a ½ tied to futures at 745
    • ADM sold 600 Sept meal 350 puts at 14.25-15
    • Tenco sold 700 Aug bean oil 51 calls at 82
    • Mizuho bought 1,000 July bean oil 45 puts at 30

 

Estimated Fund Activity

  • Wheat sold 3K
  • Corn  sold 5K
  • Beans sold 7K
  • Meal sold 3K
  • Bean oil sold 2K

 

Closing vols and ATM straddles

 

Corn

M vol 27 ½ 650 str 35 ½-37

N vol 29 ¼ 650 str 56 ½ -57 ½

Q vol 32 ¾ 570 str 72-74

U vol 32 ¾ 570 str 82 ½-84

Z vol 30 550 str 97 ½-99

H vol 28 560 str 110 ½-112 ½

 

Beans

M vol 19 ¼ 1380 str 54-56

N vol 19 ¾ 1380 str 81-82

Q vol 21 ½ 1320 str 109-111 ½

U vol 21 ¼ 1240 str 117 ½-120 ½

X vol 20 ¾ 1200 str 138-140

F vol 20 1220 str 154 ½ -158 ½

H vol 19 ¼ 1220 str 166-171

 

Wheat

M vol 26 ½ 720 str 38-40

N vol 28 ¼ 720 str 60-61

U vol 28 ¾ 730 str 92-94

Z vol 27 740 str 119-121

H vol 25 760 str 130-135

 

Minneapolis wheat

N vol 24 820 str 52-60

U vol 25 830 str 82-92

Z vol 25 ½ 840 str 110-120

H vol 22

 

KC Wheat

N vol 26 780 str 59-64

U vol 27 790 str 92-99

Z vol 26 ½ 800 str 120-130

H vol 20 ½  820 str 127-137

 

Meal

M vol 24.75 400 str 19.50-21

N vol 24.25 400 str 29-31

Q vol 24 380 str 35-37

U vol 24.5 360 str 38.5-40.5

V vol 23.75 340 str 39-42

Z vol 22.75 340 str 45-47

F vol 22.25 340 str 47-51

 

Bean oil

M vol 18.75 49 str 180-200

N vol 18.75 49 str 265-285

Q vol 18.75 48.5 str 340-370

U vol 18 48.5 str 390-420

V vol 18.5 48 str 420-450

Z vol 18.5 48 str 505-545

F vol 18 48 str 530-570

 

Crush quotes

OPEN           CLOSE

MAY    15-25             10-15

JLY        55-55.5         54-54.5

AUG     55-56            57.5-58

SEP      71-72              72.5-73

OCT     68.5-70.5      70.5-71.5

DEC      62.5-63.5      63.5-64

JAN      58-59.5          58.5-60

MCH    58.5-60          59.5-60.5

MAY     58-60              59-60

 

Crush player

 

RJO sold 50 Oct at 71

 

Thank you,

 

Kate Rosenberg