From The Floor-An Afternoon Recap

News

  • August meal settled limit up at 502.40. Synthetic Aug meal on the close was 503 bid at 505. 502.40 is a new contract high of Aug meal
  • Meal limits will NOT be expanded tonight/tomorrow.
  • 10 month high on Aug beans. The high of the day was 1525 ½ and Aug beans settled at 1520 ¼
  • Nov beans closed above the 200 day moving average of 1281 ¾ . Nov beans settled at 1288 ½
  • Weekly US export inspections came out today at 10 am CDT at
    • Wheat 23.136 MB expecting 23-29 MB
    • Corn 8.867 MB expecting 10-16 MB
    • Beans 2.847 MB expecting 2-6 MB
  • Safras e Mercado estimated Brazil’s second corn crop at 45.2 MMT (record) vs. previous estimate of 45.8 MMT and vs. 38.0 MMT in 2012
  • Algeria seeks 50K tons of optional origin milling wheat for Nov shipment
  • Egypt Meditrade seeks 30K tons of sunflower oil for Sept shipment
  • MARS raised their 2013 EU 28 yield estimates due to favorable crop weather
    • Soft wheat yield estimated at 5.69 TPH up 4.9% from a year ago
    • Corn yield estimated at 7.22 TPH up 18.9% from a year ago
    • Rapeseed yield estimated at 3.08 TPH down 1.1% from a year ago
  • Tunisia prime minister said Tunisia harvested 1.2 MMT of grain in 2013 vs. previous estimate of 1.36 MMT and vs. 2.2 MMT in 2012 due to lack of rain
  • Weekly US crop progress comes out today at 3 pm CDT expecting good to excellent conditions to fall 1-3% from a week ago
  • Weekly API energy inventory report comes out tomorrow at 330 pm CDT
  • Open outcry option players
    • FI sold 2,000 Nov 1200 puts at 20-22.5
    • JP Morgan bot 1,200 Nov bean 1220 puts at 36 ¾ – 37 ½ and bot 360 Nov futures at 1285
    • New Edge bot 1,000 Sept bean 1400 calls sold 500 Sep bean 1350 calls at 2 ¼ credit and sold 250 Sept futures at 1349
    • Rand bot 3,000 Sept corn 500 puts at 3 3/8
    • FI sold 5,000 Dec corn 450 puts at 10-10 ¼ . Traders did not know if this was an opening or closing. Open interest this morning was 75,453 open
    • New Edge sold 3,000 Sept corn 520/510 put spreads at 3
    • FI sold 2,000 Sept short dated corn 500 puts at 18-18 ¾
    • FI sold 1,000 Dec corn 500 puts at 31 ¾
    • New Edge bot 1,000 Sept corn 610 calls at 2 7/85 and sold 100 Sept futures at 541 ½
    • ABN bought 500 Aug wheat 670 calls at 3-3 ¼
    • New Edge bot 1,000 Dec wheat 860 calls and sold 500 Dec wheat 630 puts at 13
    • New Edge bot 800 Dec wheat 860 calls and sold 400 Dec wheat 640 puts at 1
    • Knight sold 600 Aug meal 485 calls at 14.00
    • FI bot 800 Dec bean oil 44 puts at 110 tied to futures at 4532

 

Estimated Fund Activity

  • Wheat sold 2K
  • Corn sold 3K
  • Beans bot 6K
  • Meal bot 4K
  • Bean oil bot 1K

 

 

Closing vols and ATM straddles

 

Corn

Q vol 25 ½ 540 str 12 ½-13 ½

U vol 27 540 str 34 ½-35 ½

V vol 26 ½ 500 str 41 ½-43

Z vol 25 ¾ 500 str 58 ½-60 ½

H vol 25 ¼ 510 str 77 ½-79

K vol 24 ½ 510 str 85-88

 

Beans

Q vol 20 1520 str 27-29

U vol 21 1350 str 67-68

V vol 20 ½ 1280 str 84-86

X vol 20 1280 str 106-108

F vol 18 1280 str 125-130

H vol 18 ½ 1280 str 141-146

K vol 18 1280 str 157-163

N vol 17 ¾ 1280 str 166-173

 

Wheat

Q vol 23 660 str 14-15

U vol 23 ½ 660 str 36-38

Z vol 24 670 str 73-75

H vol 23 ¾ 680 str 96-99

K vol 23 690 str 108-112

N vol 22 ½ 690 str 115-119

 

KC Wheat

Q vol 22 700 str 13-15

U vol 22 ½ 700 str 36-38

Z vol 22 ½ 710 str 73-76

H vol 22 ½ 720 str 97-102

 

Minneapolis wheat

U vol 20 750 str 32-37

Z vol 20 ½ 760 str 67-72

H vol 20 ¼ 770 str 86-96

 

Meal

Q vol 25 500 str 15-19

U vol 28 440 str 30-32

V vol 26.5 400 str 34.5-36.5

Z vol 25.25 390 str 45-47

F vol 23.75 390 str 47.5-50.5

 

Bean oil

Q vol 17 45.5 str 60-80

U vol 16.75 45.5 str 170-185

V vol 16.5 45.5 str 230-250

Z vol 16.25 45.5 str 325-345

F vol 16.25 45.5 str 360-400

H vol 16.25 45.5 str 420-450

 

Crush quotes

 

OPEN              CLOSE

AUG     83-84              85-87

SEP       116-118         118-119

OCT      79-79.5          79-80

DEC       66.5-67          67-67.5

JAN       62.5-64.5      64-65

MCH     63.5-65          64.5-65

MAY      64-65             64-66

JLY          65-67             64-66

 

Crush player

 

RJO bot 200 Dec 67-67.5

 

 

Thank you,

 

Kate Rosenberg