From the Floor – An Afternoon Recap 6/14/13

News

·         Nov beans closed above the 200 day moving average of 1292. Nov beans settled at 1298 ¼

·         July corn closed above the 50 day moving average of 644 ¾ . July corn settled at 655

·         Firm cash markets

·         China government to give 300 million Yuan subsidy to poultry industry hurt by H7N9 bird flu.

·         TALK China may be eyeing US corn , China local corn prices are 15% above US corn prices

·         Sino-Canadian study released this morning suggests China’s demand for Canadian canola meal may rise in the near futures

·         Canadian Oilseed Processors Association said for the week ending June 12^th Canada canola crushers crushed 106,622 tons up 18.9% from a week ago

·         FranceAgriMer France crop progress report

o   Corn condition 60% good to excellent down 2% from a week ago and vs. 72% a year ago

o   Corn planting is 92% complete vs. 89% a week ago and vs. 100% a year ago

o   Soft wheat condition 68% good to excellent unchanged from a week ago and vs. 74% a year ago

o   Winter barley condition 67% good to excellent unchanged from a week ago and unchanged from a year ago

o   Durum wheat condition 61% good to excellent unchanged from a week ago and vs. 60% a year ago

o   Spring barley condition 72% good to excellent down 1% from a week ago and vs. 88% a year ago

·         Iraq bought 80K rice from Thailand

·         Weekly COT report comes out today at 230 pm CDT

·         Argentine 5 day farmer strike begins tomorrow. Strike ends on Wednesday. Argentina is then on holiday Thursday and Friday.

·         Surveyor Intertek Agri Services estimate Malaysian June 1-15^th palm oil exports tomorrow

·         Surveyor SGS estimated Malaysian June 1-15^th palm oil exports on Monday

·         G8 summit in Northern Ireland on Monday

·         Weekly US export inspection report comes out on Monday at 10 am CDT

·         NOPA May Crush report comes out on Monday at 11 am CDT expecting

o   From Reuters-

§  Crush average estimate. 118.1 MB, range of estimates are 110-126 MB

§  Bean oil stocks average estimate 2.638 billion pounds, range of estimates are 2.471 B – 2.6 B

§  Meal exports – no estimate was given

o   From Dow Jones –

§  Crush average estimate 117.6 MB, range of estimates are 114.0-124.0

§  Bean oil stocks average estimate 2.522 B pounds , range of estimates are 2.471-2.680 B

§  Meal exports estimated about 506,000 tons

·         NOPA April crush was 120.1 MB and May 2012 crush 138.266 MB

·         NOPA April bean oil stocks was 2.638 B and May 2012 bean oil stocks were 2.312 B pounds

·         NOPA April meal exports were 506,429 tons

·         Weekly US crop progress report comes out on Monday at 3 pm CDT expecting bean planting to be 85-90% complete

·         UK and US economic data comes out on Tuesday

·         FOMC announcement comes out on Wednesday

·         Thursday Chinese and European economic data comes out

·         Open outcry option players

o   JP Morgan bought 1,000 Nov 1100 puts at 11 ¾

o   New Edge bought 1,500 Aug bean 1250 puts and sold 1,500 Sept bean 1100 puts at ½- ¾ debit

o   GFI sold 1,400 July bean 1460 calls at 57 ½ and bought 1,232 July futures at 1515

o   Merrill Lynch bought 1,000 Jan bean 1200/1000 put spreads at 32 ½ and bought 220 Jan futures at 1299

o   Macquarie sold 1,000 July short dated 540 puts at 12 ½ and sold 670 Dec futures at 531

o   RJO bought 1,500 March corn 450 puts and sold 1,500 March corn 660 calls at 1 ¼ -1 ½ credit

o   ADM sold 500 Sept wheat 680 puts at 25 ¼ and sold 220 Dec futures at 700

o   ADM sold 500 Sept wheat 700 puts at 35 5/8 and sold 270 Dec futures at 700

o   Rosenthal bought 500 March meal 320 puts at 6.00

o   ADM bought 500 Dec meal 410 calls and sold 500 Sept meal 410 calls at .50 credit

o   New Edge sold 500 Sept bean oil 47 puts at 100

Estimated Fund Activity

·         Wheat sold 2K

·         Corn bought 4K

·         Beans sold 2K

·         Meal sold 1K

·         Bean oil bought 3K

Closing vols and ATM straddles

 

Corn

N vol 22 ½ 650 str 15 ½-16 ½

Q vol 31 ½ 570 str 48-49 ½

U vol 30 ¾ 570 str 60 ½-62

Z vol 27 530 str 76-77

H vol 25 540 str 89-91

Beans

N vol 20 1510 str 33-35

Q vol 23 1430 str 89-91

U vol 23 ¾ 1340 str 111-112

X vol 23 ¼ 1300 str 143-145

F vol 20 ½ 1300 str 156-159

Wheat

N vol 19 ½ 680 str 15-16

Q vol 24 ½ 690 str 45-47

U vol 24 ½ 690 str 58-60

Z vol 24 ¼ 700 str 89-91

H vol 23 710 str 107-110

K vol 22 730 str 127-131

No Minneapolis or KC wheat information today

 

Meal

N vol 26 450 str 12-14

Q vol 27 420 str 31-32.50

U vol 27 400 str 38-39.50

V vol 26.5 390 str 42-44

Z vol 26.25 380 str 52.5-54

F vol 24.25 380 str 53-56

Bean oil

N vol 17.5 48.5 str 75-85

Q vol 17.75 48.5 str 215-240

U vol 18 48 str 285-305

V vol 17.75 47.5 str 330-350

Z vol 17.75 47.5 str 425-450

F vol 17.25 47.5 str 460-490

Crush quotes

 

              OPEN            CLOSE

JLY        11.5-13          8-10

AUG    35-38             30-32

SEP      74-75.5          75-77.5

OCT     74.5-75.5       75-76.5

DEC      68-68.5          69-69.5

JAN      63-65              64.5-65.5

MCH    65.5-66.5       65-67

MAY    63.5-65           64.5-65.5

Crush players

 

ABN sold 80 July at 12.75

ABN sold 40 Sept at 75

ABN sold 40 Oct at 76

Thank you and have a nice weekend,

Kate Rosenberg