From The Floor-An Afternoon Recap

News

  • August meal closed limit down at 467.80. Synthetically Aug meal was trading 442.00-444.00 on the close (25.80-27.80 below limit) . Aug synthetic settled at 442.00.
  • On the post (modify) close Aug meal synthetic traded 441.00 about 50 times.
  • August beans closed limit down at 1390 ¼ . There was no synthetic trade on the close or the post.
  • Beans and meal limits will NOT be expanded tonight/tomorrow.
  • Reuters story headline – Brazil may import more wheat from North America after frosts.
  • 2nd day US Spring Wheat tour results
    • Northwest ND average yield 47.9 BPA vs. 51.0 BPA a year ago and vs. 5 year average of 45.9 BPA
    • Northern ND average yield 45.0 BPA vs. 52.0 BPA a year ago and vs. 5 year average of 45.9 BPA
    • Further west ND average yield 55.3 BPA vs. 42.2 BPA a year ago
  • South Korea KFA bought 69K South American corn for Jan shipment
  • Tunisia bought 75K feed barley for Aug / Oct shipment
  • Iraq seeks 50K US , Canadian, or Australian wheat
  • Iraq seeks 30K optional origin for rice shipment
  • Nov beans closed slightly above the 100 day moving average of 1255 ½. Nov beans settled at 1256 ¾
  • Surveyors SGS and Intertek Agri Services come out tomorrow with their Malaysian July 1-25th palm oil export estimates . Expecting 1.08 MMT down 7% from a month ago.
  • 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
    • Wheat 400-600K
    • Corn 600-950K
    • Beans 300-650K
    • Meal 35-150K
    • Bean oil 0-20K
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CDT expecting +45 Billion
  • Final results from the US spring wheat tour come out tomorrow afternoon .
  • Open outcry option players
    • Macquarie sold 1,000 Aug bean 1400 puts at 7 ½ -13
    • FI bought 1,200 Sept bean 1200/1100 put spreads at 4 ½-4 ¾
    • New Edge sold 1,000 March bean 1000 puts at 7
    • New Edge bought 1,000 Aug bean 1300/1360 call spreads at 53-56
    • Bunge sold 700 Aug bean 1400 puts at 12 ½ -20
    • Jefferies bought 15,000 Dec corn 500/520 call spreads at 6 ¼ -6 ½
    • Jefferies bought 7,000 Dec corn 490/520 call spreads at 10 ¼ -10 ½
    • RJO bought 6,000 Dec corn 450/400 put spreads at 10 5/8 -10 ¾
    • RJO bought 4,000 Dec corn 450 puts at 13 ¾ -14
    • RJO sold 5,000 Dec corn 550 calls at 10 ½-11 and bought 1,200 Dec futures at 487
    • Macquarie bought 4,000 Dec corn 460 puts sold 2,000 Dec corn 500 puts at 3 credit
    • Rand bought 4,000 Dec corn 440 puts and sold 2,000 Dec corn 500 puts at 16 ¼ credit
    • Tenco bought 1,500 March corn 620 calls / 420 put combos at 1 ¼ and sold 510 March futures 495
    • Rand sold 2,000 Sept corn 500 puts at 11 ½ -11 5/8
    • Merrill Lynch bought 1,300 Sept wheat 700 calls and sold 1,300 Oct wheat 720 calls at 3 ½ credit
    • ABN bought 1,000 Sept wheat 700 calls and sold 1,000 Oct wheat 720 calls at 3 ½ credit
    • Tenco bought 250 March meal 300 puts at
    • New Edge bought 400 Sept bean oil 44 puts sold 400 Dec bean oil 40 puts at 40 debit
    • Bunge sold 500 Dec bean oil 44.50 calls at 145

 

 

Estimated Fund Activity

  • Wheat sold 1K
  • Corn sold 6K
  • Beans sold 5K
  • Meal sold 2K
  • Bean oil sold 3K

 

Closing vols and ATM Straddles

 

Corn

Q vol 30 510 str 11-13

U vol 27 ¼ 510 str 31 ½-33

V vol 27 480 str 41-42

Z vol 26 ¼ 480 str 57 ½-58 ½

H vol 25 ¾ 490 str 75 ½ -77

K vol 25 500 str 85-87

 

Beans

Q vol 34 ¼ 1390 str 33-36

U vol 23 ¼ 1300 str 68-71

X vol 21 ½ 1260 str 109-111

F vol 20 1260 str 131-134

H vol 19 1260 str 149-153

K vol 18 ¾ 1260 str 160-164

 

Wheat

Q vol 23 650 str 10-12

U vol 23 650 str 34-35

Z vol 23 ¼ 660 str 70-72

H vol 23 ¼ 670 str 94-97

K vol 23 680 str 105-109

N vol 22 ½ 680 str 108-112

 

Minneapolis wheat

U vol 19 ½ 750 str 31-36

Z vol 20 ¼ 750 str 66-73

H vol 20 ¼ 770 str 88-97

 

KC wheat

Q vol 22 700 str 10-13

U vol 22 ½ 700 str 33-35

Z vol 22 710 str 70-73

H vol 22 ¾ 720 str 92-97

 

Meal

Q vol 29 440 str 10-50

U vol 32.75 420 str 32-36

V vol 28.75 390 str 35-40

Z vol 25.5 380 str 44-47

F vol 24.255 380 str 46.5-49

H vol 22.5 380 str 50-53

 

Bean oil

Q vol 21 44.50 str 55-80

U vol 16.75 44 str 160-180

V vol 16.5 44 str 215-240

Z vol 16.25 44 str 310-330

F vol 16 44 str 350-380

H vol 16 4450 str 410-450

 

Crush quotes

 

OPEN            CLOSE

AUG        90-100           63-66

SEP          120-124         105-108

OCT         81-82.5          78-79

DEC         68.5-69           65.5-66

JAN        66.5-67.5         66.5-67

MCH      65.5-67             66-67

MAY      65.5-67             67.5-68

JLY         66-68                  67.5-68

 

Crush player

 

FI sold 70 Sept at 1.10

 

Oil Share Players

 

ADM bought 60 March oil/meal at 36.80-36.85%

 

Rosenthal bought 50 March oil/meal at 36.75%

 

 

Thank you,

 

Kate Rosenberg