From the Floor – An Afternoon Recap 5/28/13

News

·         Article of Reuters – Brazil’s Santos port congestion blamed on new truck rules, which prohibits trucks from parking at night, slow delivery of the country’s record bean crop

·         Weekly US export inspections came out today at 10 am CDT at

o   Corn 12.427 MB expecting 9-14 MB

o   Wheat 21.220 MB expecting 15-21 MB

o   Beans 3.388 MB expecting 1-6 MB

·         Oil World

o   Said Argentina exported 78,000 tons of biodiesel in April vs. 193,000 tons a year ago

o   Argentina April biodiesel exports to the EU were 48,000 tons vs. 193,000 a year ago

o   Said Argentina exported 470,000 tons of bean oil in April vs. 300K tons a year ago and vs. 210,000 in March 2013

o   Estimated Brazil’s May bean exports at 8.7-9.0 MMT vs. 7.3 MMT in May 2012

o   Estimated Brazil’s January – May bean exports at 20.4 MMT or 53% of Brazil’s expected 2013 total. In Jan – May 2012 Brazil exported 18.5 MMT of beans

o   Estimated Paraguay’s 2013 bean crop at 8.8 MMT

·         Oman bought 40K optional origin wheat, possibly Russian, for Aug/Sept shipment

·         Ukraine Ag Min said Ukraine has exported 21.7 MMT of grain so far this season (Ukraine’s season ends June 30th ) including 6.6 MMT of wheat , 12.6 MMT of corn , and 2.05 MMT of barley

·         Ukraine Ag Min said Ukraine has exported 768K tons of grain between May 1-28 vs. 1.49 MMT a month ago

·         Analysts estimated Ukraine’s May grain exports at below 1.0 MMT

·         Ukraine’s Ag Min estimated ‘12/13 grain exports at 23-24 MMT vs. 22.8 MMT in ‘11/12

·         Dec corn closed below the 100 day moving average of 556. Dec corn settled at 551.

·         July wheat closed below the 50 day moving average of 706. July wheat settled at 693 ¾

·         Dec wheat closed below the 50 day moving average of 728. Dec wheat settled at 717 ¾

·         July bean oil closed at the 50 day moving average of 4954. July bean oil settled at 4954

·         Dec bean oil closed above the 50 day moving average of 4878. Dec bean oil settled at 4886

·         Dec meal closed above the 200 day moving average of 361.80. Dec meal settled at 371.80

·         Weekly US crop progress report comes out today at 3 pm CDT expecting

o   Corn planting 85-90% complete

o   Bean planting expecting 35-45% complete, one analysts said as much as 50% complete

o   First corn conditions should be seen on this report for the first time this season.

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

·         Weekly EIA Nat Gas storage report comes out on Thursday at 930 am CDT expecting +89 B

·         Weekly DOE #s come out on Thursday at 10 am CDT expecting

o   Crude a draw of 1.250 MB

o   Gas a draw of 650K

o   Distillates a build of 250K

·         Weekly US ethanol plant production comes out on Thursday at 10 am CDT

·         Open outcry option players

o   GFI bought 800 Nov bean 1260 calls at 74 ½

o   Tenco sold 1,000 Nov bean 1120 puts at 15 and sold 150 Nov futures at 1275

o   New Edge sold 1,000 March bean 1000/1100 call spreads at 87 ½ -88

o   GFI bought 1,000 July bean 1500/1460 put spreads at 15 ½ -18

o   ? bought 1,000 Nov bean 1200 puts at 31-31 ¼

o   FI bought 1,200 July short dated corn 540 puts at 9 ¾ and bought 420 Dec futures at 553

o   Tenco bought 1,000 Dec corn 450 puts at 8 ¼ -9

o   Tenco bought 2,000 short dated July corn 560 calls at 11

o   Tenco bought 1,000 Dec corn 520/480 put spreads at 13 ½

o   FI bought 1,500 short dated July corn 535 puts at 10 ¼ – 10 ½ and bought 555 Dec futures at 546 ½

o   ADM bought 1,000 July short dated corn 560 calls at 11

o   ? bought 1,000 Dec corn 480 puts at 14 ½

o   JP Morgan sold 1,000 July wheat 720 calls at 12 ¼ tied to 700

o   ADM bought 550 Dec wheat 750 calls at 42

o   ADM bought 400 Dec wheat 830 calls at 21

o   ADM bought 500 Dec wheat 820 calls at 23 ½

o   RJO bought 500 July meal 430 calls at 16.5-17.00

o   ADM bought 500 Dec meal 390/440 call spreads at 10.00-10.25

o   ABN sold 300 Aug bean oil 53 calls at 40

o   RJO sold 300 July bean oil 49 puts at 60.

Estimated Fund Activity

·         Wheat sold 1K

·         Corn bought 12K

·         Beans bought 10K

·         Meal bought 4K

·         Bean oil bought 2K

Closing vols and ATM straddles

 

Corn

N vol 27 ¼ 665 str 37-38 ½

Q vol 31 585 str 60-61

U vol 32 585 str 72 ½ -73 ½

Z vol 28 ½ 550 str 86 ½-88

H vol 26 ¼ 560 str 99-101

 

Beans

N vol 24 ¼ 1510 str 76 ½-77 ½

Q vol 23 ¼ 1430 str 107-109

U vol 22 1330 str 113 ½ -116

X vol 20 ¼ 1280 str 132-134 ½

F vol 19 ¼ 1300 str 150-154

H vol 18 ¾ 1300 str 161-166

K vol 18 1280 str 168-174

N vol 17 ¼ 1300 str 176-182

 

Wheat

N vol 26 ½ 690 str 37-39

Q vol 28 ½ 700 str 64-66

U vol 28 ½ 700 str 78-80

Z vol 26 ¾ 720 str 105-108

H vol 25 730 str 122-126

 

Minneapolis wheat

N vol 21 ½ 810 str 32-40

U vol 23 800 str 69-76

Z vol 22 810 str 95-105

H vol 21 820 str 105-120

KC Wheat

N vol 23 740 str 30-40

U vol 25 ½ 750 str 71-79

Z vol 25 770 str 103-110

H vol 24 780 str 122-132

 

Meal

N vol 28 440 str 26-28

Q vol 26 420 str 35-38

U vol 25.5 400 str 39-42

V vol 24 370 str 40-43

Z vol 22.75 370 str 46-49

F vol 21.5 370 str 47.5-51

 

Bean oil

N vol 17.5 49.5 str 165-180

Q vol 17.75 49.5 str 270-295

U vol 17.75 49.5 str 325-350

V vol 17.5 49 str 450-475

Z vol 17.5 49 str 490-515

 

Crush quotes

          OPEN             CLOSE

JLY      10-12             8-10

AUG   31.5-35        32.5-35.5

SEP      79-82           79-81

OCT     75-77           74-75

DEC      67-67.5       67.5-68

JAN      62.5-64       64-64.5

MCH     63-64          63.5-64

MAY     62-63.5       63-64

 

Crush players

 

Rosenthal bought 100 July crush at 6-8

Knight bought 40 Dec crush at 68

 

Thank you,

Kate Rosenberg