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 12th 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 1-15th palm oil exports tomorrow
· Surveyor SGS estimated Malaysian June 1-15th 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