From The Floor-An Afternoon Recap

News

  • India MMTC tenders to sell 100K tons of wheat for June shipment
  • Algeria canceled tender for 50K optional origin feed barley due to high prices.
  • GFS model getting wetter for 6-10 day
  • Dec corn closed well above the 50 day moving average of 548 ¾ . December corn settled today at  559
  • July corn close slightly lower than the 50 day moving average of 663. July corn settled at 662 and the high of the day was 662 ¾
  • Dreyfus at Claypool, IN has moved old crop beans bids to the Nov
  • Today was the last day of the Kansas wheat tour . Later this afternoon they will put out the final yield estimates from the tour.
  • April US unemployment report comes out tomorrow morning at 730 am CDT
  • Stats Canada comes out tomorrow at 730 am CDT with March 31st 2013 stocks report. Estimates for the report
    • All wheat stocks average estimate 13.9 MMT , range of estimates are 12.4-14.6 MMT . March 2012 stocks were 14.652 MMT
    • Durum stocks average estimate is 2.7 MMT , range of estimates are 2.2-2.9 MMT. March 2012 stocks were 3.087 MMT
    • Canola stocks average estimate 4.1 MMT (lowest in 8 years) , range of estimates are 4.0-4.3 MMT . March 2012 stocks were 5.2 MMT
    • Oat stocks average estimate 1.4 MMT, range of estimates are 1.3-1.5 MMT. March 2012 stocks were 1.731 MMT
    • Barley stocks average estimate 3.1 MMT , range of estimates are 2.3-4.0 MMT. March 2012 stocks were 3.28 MMT
  • Informa comes out tomorrow at 1030 am CDT with US winter wheat crop estimates and with world production estimates. Previous estimates are
    • 2013 US winter wheat crop estimated at 1.631 BB
    • 2013 HRW US crop estimated at 903 MB
    • 2013 US SRW crop estimated at 506 M
    • 2012 US cotton production estimated at 17.3 MB
    • ‘12/13 Argentine bean crop estimated at  52.0 MMT
    • ‘12/13 Argentine corn crop estimated at 25.3   MMT
    • ‘12/13 Argentine wheat crop estimated at  9.5 MMT
    • ‘12/13 Argentine sunflower estimated at  3.45 MMT
    • ‘12/13 Brazilian bean crop estimated at 83.25  MMT
    • ‘12/13 Brazilian corn crop estimated at 71.95  MMT
  • Weekly COT report comes out tomorrow afternoon at 230 pm CDT
  • Open outcry option players (very quiet day on the trading floor today)
    • JP Morgan bought 500 July bean 1240/1200 put spread at 2 ¼ and bought 20 July futures at 1379
    • Futures International bought 750 July bean short dated 1150 puts at 13 and bought 180 Nov futures at 1208
    • Macquarie bought 500 Dec corn 550 puts sold 1,000 Dec corn 490 puts at 3 3/8 debit
    • Macquarie bought 1,000 July corn 660 straddles and sold 2,000 July short dated corn 580 calls at 17 debit tied to futures at 558
    • FI bought 1,000 June corn 670 calls at 12 ¼ and sold 380 July futures at 660 ¾
    • FI bought 1,000 Short dated Sept corn 500/450 put spreads at 11
    • Merrill Lynch bought 500 July wheat 780 calls and sold 500 June wheat 730 calls at 5 ¼ tied to futures at 727 (22 delta)
    • Jefferies bought 250 Sept meal 350 puts sold 250 July meal 410 puts at 2.80 credit
    • ADM bought 1,000 July bean oil 57 puts at 75

 

 

Estimated Fund Activity

  • Wheat bought 2K
  • Corn bought 6K
  • Beans sold 1K
  • Meal bought 1K
  • Bean oil sold 2K

 

Closing vols and ATM straddles

 

Corn

M vol 27 ½ 660 str 35 ½-37

N vol 29 ¾ 660 str 58-58 ½

Q vol 33 ½ 580 str 74-76

U vol 33 ½ 580 str 85-87

Z vol 30 ¾ 560 str 101-102

 

Beans

M vol 18 ¾ 1380 str 51 ½ -52 ½

N vol 19 ½ 1380 str 79 ½ -80 ½

X vol 21 1220 str 138-140

 

Wheat

M vol 26 ½ 730 str 39-40

N vol 28 ¼ 730 str 61-64

U vol 28 ¾ 740 str 94-95

Z vol 27 ¼ 750 str 121-123

H vol 24 ¾ 790 str 133-138

 

No Minneapolis wheat information today

 

 

KC Wheat

N vol 25 ½ 790 str 57-68

U vol 26 800 str 89-95

Z vol 26 ½ 810 str 120-130

H vol 22 ½ 820 str 138-140

 

Meal

M vol 24.25 410 str 19.25-21.25

N vol 24.25 410 str 29-30.5

Q vol 24.25 380 str 36-38

U vol 24.5 360 str 38.5-40.5

V vol 23.75 340 str 38.5-41

Z vol 22.75 340 str 45-47.

F vol 22.25 340 str 47-51

 

Bean oil

M vol 18.75 48.5 str 170-185

N vol 18.75 48.5 str 260-280

Q vol 18.75 48.5 str 340 -360

U vol 18.75 48.5 str 390-420

V vol 18.75 48 str 425-455

Z vol 18.5 47.5 str 510-540

F vol 18 4750 str 530-560

 

Crush player

 

Rand sold 500 July at 55.5-54

 

Thank you,

 

Kate Rosenberg