From The Floor – An Afternoon Recap 6/26/13

News

·         Chinese Industry Analysts – Chinese Crush Breakdown for the week June 15-21

o   Domestic crush rate during the week kept increasing due to imported soybean arrival

o   Total crush volume for the week is 1,389,700 up 12.30% from a week ago

o   Total crush capacity utilization for the week is 54.05% up 5.61% from a week ago

o   Total crush volume between October 1,2012 – June 21st 2013 at 42,738,600 tons down .32% from a year ago

o   Total crush volume between January 1 2013 – June 21st 2013 at 27,176,020 up 2.3% from a year ago

o   As of June 21st total import bean stocks at 4.6173 MMT up 155,900 tons from a week ago

o   Estimated June bean imports at 7.2768 MMT vs. 5.6108 MMT in May

o   Estimated July bean imports at 7.5 MMT

·         Lanworth Estimates

o   2013 US corn planting area estimated at 95.7 MA vs. previous estimate of 95.3 MA

o   2013 US bean planting area estimated at 78.0 MA vs. previous estimate of 78.25 MA

·         Argentina approved 16 MMT of new crop corn exports

·         Jordan bought 50K optional origin feed barley for October shipment

·         Egypt Ag Min said Egypt has bought 3.613 MMT of local wheat and said Egypt has enough supply to last until November

·         Based on a Bloomberg survey of 5 analysts China ‘13/14 corn imports at 7 MMT more than double from a year ago

·         Cngrain.com estimated China’s 2013 corn crop at 212.5 MMT

·         Tunisia’s Ag Min estimated Tunisia’s 2013 grain crop at 1.36 MMT vs. previous estimate of 1.5 MMT and vs. 2012 grain crop at 2.2 MMT

·         TALK Pakistan bought 50K Black Sea origin wheat for August shipment

·         Dec corn closed above the 50 day moving average of 543 and closed below the 100 day moving average of 549 ¼ . Dec corn settled at

·         German unemployment comes out tomorrow

·         Surveyor SGS comes out tomorrow with their June 1-25th palm oil export estimates

·         Tomorrow is position day for July futures . Traders should be out of long positions by tomorrow’s close or risk delivery

·         Weekly US jobless claims report comes out tomorrow at 730 am CDT

·         Weekly US export sales report comes out tomorrow at 730 am CDT expecting

o   Wheat 300-600K

o   Corn 200-500K

o   Beans 100-400K

o   Meal 50-150K

o   Bean oil 0-10K

·         Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CDT expecting +88 B

·         In the open outcry ADM bought 300 July/Nov bean spreads at 258 ½

·         Open outcry option players

o   ABN sold 1,500 Nov bean 1320 straddles at 139-140 ½  and sold 270 Nov futures at 1275

o   Bunge bought 1,000 Sept/Nov bean CSO even puts at 3

o   Tenco bought 750 Nov bean 1220 puts at 42-42 ¼

o   FI bought 1,000 Sept corn 590 straddles at 66-66 ½

o   New Edge bought 1,000 Dec corn 400 puts sold 500 Dec corn 560 puts at 45 credit tied to futures at 547

o   Jefferies sold 2,000 Aug corn 560 puts at 16 ¾

o   Jefferies sold 2,000 Aug corn 540 puts at 10

o   Jefferies sold 4,000 Aug corn 530 puts at 7 ¼

o   FI bought 1,000 Sept corn 610 calls at 18 7/8 tied to futures at 574

o   FI bought 1,000 Sept corn 600 calls at 24 1/8-24 ¼ and sold 420 Sept futures at 579

o   Macquarie bought 4,000 Sept corn 485 puts sold 4,000 Sept corn 590 puts at 5/8 and sold 40 Sept futures at 576

o   UBS sold 1,000 Sept corn 500 puts at 6

o   RJO sold 1,250 Aug corn 530 puts at 6 ¾ -7

o  

o   ADM bought 500 Dec wheat 680 calls at 55 ½

o   JP Morgan bought 250 Aug meal 430 puts at 15.00

o   FI bought 400 Dec bean oil 50 calls at 80 tied to futures at 4595

Estimated Fund Activity

·         Wheat sold 3K

·         Corn sold 1K

·         Beans sold 2K

·         Meal bought 1K

·         Bean oil sold 2K

 

Closing vols and ATM straddles

 

Corn

Q vol 36 575 str 47 ½-48 ½

U vol 35 575 str 64-65

V vol 32 ¼ 540 str 67-70

Z vol 31 ½ 540 str 86 ½-87 ½

H vol 30 ¼ 550 str 107-109

 

Wheat

Q vol 29 680 str 44-46

U vol 27 ¼ 680 str 58-60

Z vol 26 3/8 690 str 92-93

H vol 24 ½ 710 str 115-117

K vol 24 ¼ 720 str 125-130

N vol 23 3/8 720 str 132-136

 

Minneapolis wheat

U vol 23 780 str 53-61

Z vol 22 ½ 790 str 85-94

H vol 22 ½ 810 str 107-117

KC Wheat

Q vol 26 710 str 42-46

U vol 25 ½ 710 str 56-60

Z vol 24 ½ 730 str 89-95

H vol 23 ½ 740 str 110-118

Meal

Q vol 29.5 430 str 28.5-30.5

U vol 28.5 400 str 35-37

V vol 26.5 390 str 39.5-42.5

Z vol 26.25 390 str 51-53

F vol 24.75 390 str 53-55.5

H vol 23.5 380 str 57-60

Bean oil

Q vol 18.75 46.5 str 195-215

U vol 18.25 46.5 str 260-285

V vol 18 46 str 310-340

Z vol 18 45.5 str 400-430

F vol 17.5 45.5 str 430-460

H vol 17.5 45.5 str 495-535

Crush quotes

 

               OPEN        CLOSE

JLY         3-5              -5 TO -2

AUG      32-35          34.5-35

SEP        81-82           80-81

OCT       79-80           78-79

DEC       72-72.5        72-72.5

JAN       66-67.5        65.5-66.5

MCH     65-66            65-65.5

MAY     65-66.5         64.5-66

Crush player

 

ABN sold 20 Sept at 81

Thank you,

Kate Rosenberg