From The Floor-An Afternoon Recap

News

  • Egypt GASC bought 300K tons of wheat for August shipment . 120K tons from Romania , 120K tons from Russia, and 60K tons from Ukraine.
  • South Korea NOFI seeks 70K tons of optional origin corn for August shipment .
  • South Korea NOFI seeks 60K tons of optional origin feed wheat for November shipment
  • Japan started releasing held up US western white wheat to millers . Japan official said no GM wheat found so far in US samples
  • Strategie Grains estimated EU 28 ‘13/14 soft wheat crop at 133.4 MMT vs. previous estimate of 131.5 MMT
  • Strategie Grains estimated EU 28 ‘13/14 corn crop at 65.9 MMT vs. previous estimate of 66.0 MMT
  • Strategie Grains estimated Egypt’s ‘13/14 wheat imports at 8.0 MMT vs. previous estimate of 7.0 MMT
  • Lanworth estimated ‘13/14 US corn crop at 13.65 BB vs. previous estimate of 13.9 BB
  • Lanworth estimated ‘13/14 US bean crop at 3.315 BB vs. previous estimate of 3.360 BB
  • Lanworth estimated ‘13/14 global wheat crop at 694.0 MMT vs. previous estimate of 692.0 BB
  • Lanworth estimated ‘13/14 global corn crop at 956.0 MMT vs. previous estimate of 961.0 MMT
  • Lanworth estimated ‘13/14 global bean crop at 283.0 MMT vs. previous estimate of 284.0 MMT
  • November beans settled below the 50 day moving average of 1268 ¾. Nov beans settled at 1265 ¾
  • Ag Canada – Canadian ’13/14 crop estimates (this came out yesterday afternoon)
    • All wheat crop estimated at 29.2 MMT vs. previous estimate of 29.4 MMT and vs. ‘12/13 crop of 27.205 MMT
    • Durum crop estimated at 4.8 MMT vs. previous estimate of 4.9 MMT and vs. ‘12/13 crop of 4.627 MMT
    • Barley crop estimated at 8.55 MMT vs. previous estimate of 8.5 MMT and vs. ‘12/13 crop of 8.012 MMT
    • Corn crop estimated at 13.15 MMT vs. previous estimate of 13.8 MMT and vs. ‘12/13 crop of 13.06 MMT
    • Canola crop estimated at 14.6 MMT vs. previous estimate of 14.1 MMT and vs. ‘12/13 crop of 13.31 MMT
    • Soybean crop estimated at 4.44 MMT vs. previous estimate of 4.455 MMT and vs. ‘12/13 crop of 4.93 MMT
    • All wheat exports estimated at 18.7 MMT vs. previous estimate of 18.9 MMT and vs. ‘12/13 exports of 18.6 MMT
    • Durum exports estimated at 4.1 MMT unchanged from previous estimate and vs. ‘12/13 exports of 4.2 MMT
    • Barley exports estimated at 2.1 MMT unchanged from previous estimate and vs. ‘12/13 exports of 2.3 MMT
    • Corn exports estimated at 600K tons unchanged from previous estimate and vs. ‘12/13 exports of 1.0 MMT
    • Oat exports estimated at 2.1 MMT unchanged from previous estimate and vs. ‘12/13 exports of 2.2 MMT
    • Canola exports estimated at 7.65 MMT vs. previous estimate of 7.45 MMT and vs. ‘12/13 exports of 7.2 MMT
    • Soybean exports estimated at 2.7 MMT unchanged from previous estimate and vs. ‘12/13 exports of 3.2 MMT
  • Weekly COT report comes out tomorrow at 230 pm CDT
  • Open outcry option players
    • RJO bought 4,000 Nov bean 1000 puts at 1 ¾ -1 7/8
    • GFI bought 2,000 Sept short dated bean 1300/1360 call spreads at 12-12 ½
    • JP Morgan sold 1,000 Dec corn 560 calls at 11-11 ¼
    • Rosenthal bought 1,000 March corn 400 puts at 29 ½-30
    • Tenco sold 1,000 Dec corn 560 calls at 11
    • Rosenthal bought 1,000 Aug corn 560 calls at 1 7/8-2
    • FI sold 1,500 Sept short dated 500 puts at 17 ½-19 ½
    • JP Morgan bought 1,000 Dec corn 500 calls at 29 ¾ and sold 520 Dec futures at 498
    • FI sold 1,000 Sept wheat 700 calls at 8 – 8 ¼

 

Estimated Fund Activity

  • Wheat sold 1K
  • Corn sold 3K
  • Beans sold 6K
  • Meal sold 2K
  • Bean oil sold 1K

 

Closing vols and ATM straddles

 

Corn

Q vol 27 540 str 16 ½-17 ½

U vol 27 ½ 540 str 37-38

V vol 26 ½ 500 str 44-45

Z vol 26 500 str 61-62

H vol 25 ¼ 510 str 78-80

K vol 24 ½ 520 str 88-90

 

Beans

Q vol 19 ½  1470 str 34-36

U vol 20 ¼ 1320 str 67-69

X vol 20 ½ 1260 str 107-108

F vol 19 1260 str 127-130

H vol 18 ¾ 1260 str 143-146

K vol 18 ½ 1260 str 158-163

 

Wheat

Q vol 23 660 str 17-19

U vol 24 ¼ 660 str 39-41

Z vol 24 670 str 75-77

H vol 24 680 str 100-102

K vol 23 ¾ 690 str 113-116

N vol 23 690 str 117-123

 

KC Wheat

Q vol 22 700 str 18-20

U vol 23 ½ 700 str 39-41

Z vol 23 ¼ 720 str 75-78

H vol 23 730 str 99-102

 

Minneapolis wheat

U vol 20 750 str 35-40

Z vol 20 ½ 760 str 68-75

H vol 20 ½ 770 str 92-102

 

Meal

Q vol 25 470 str 15-17

U vol 26 420 str 27.5-29

V vol 25.75 380 str 33-34.50

Z vol 25 380 str 44-46

F vol 23.5 380 str 46.5-49.5

H vol 23.5 380 str 51.5-54.5

 

Bean oil

Q vol 17 45.5 str 85-95

U vol 16.75 45.5 str 180-195

V vol 16.5 45.5 str 235-260

Z vol 16.5 45.5 str 335-355

F vol 16.5 45.5 str 375-400

H vol 16.5 45.5 str 435-460

 

Crush quotes

 

Open                       Closes

Aug        60-62                     64.5-66.5

Sep        101-102                 101.5-102

Oct         72-74                     72-75

Dec        64.5-65.5              64.5-65

Jan         61.5-62.5              60.5-62.5

Mch       64-65.5                 64-65

May       64-66                     64-65

Jly           63-65                     64-67

 

Crush players

 

ABN bought 100 Dec at 62-63

 

Goldman bought 100 Oct at 71.5-72

 

ABN bought 80 Jan sold 80 May at 3.5

 

 

Thank you,

 

Kate Rosenberg