From The Floor-An Afternoon Recap

News

  • August meal settled limit down at 447.80.
  • Synthetic August meal settled at 420.50 – $27.30 below limit
  • Sept meal settled limit down at 397.70, but it was not offered limit down
  • Meal limits will NOT be expanded tonight/tomorrow
  • Dec corn settled at 478 ¾ on the post (modify) close it traded down to 475 ½ . ABN sold 200 Dec corn and Rand sold 100 Dec on the post.
  • Nov beans took out the July 8th low of 1225. Nov beans settled at 1224 and the low of the day was 1215 ½
  • Today was the last day of the Wheat Quality Council’s US spring wheat tour.
    • Tour estimated US 2013 spring wheat yield at 44.9 BPA unchanged from a year ago and vs. 5 year average of 43.3 BPA
    • Tour estimated US 2013 durum wheat yield at 41.7 BPA vs. 42.4 BPA a year ago
  • FI estimated Brazil’s July meal exports at 1.86 MMT vs. previous estimate of 1.45 MMT
  • Iran bought 50K Black Sea region wheat for August shipment
  • Algeria bought 50K tons of optional origin (possibly French) feed barley for October shipment
  • Morocco seeks 160K tons of local soft wheat
  • CWG (Commodities Weather Group) estimated 2013 US corn yield at 159.5 BPA vs. USDA estimate of 156.5 BPA and vs. 2012 yield of 123.4 BPA
  • Saskatchewan government said most of their spring wheat and canola crops are in good to excellent condition
  • Kazakhstan Ag Min estimated ‘13/14 grain exports at 7-8 MMT vs. 7.12 MMT in ‘12/13 and vs. ‘11/12 record exports of 12.1 MMT
  • Kazakhstan Ag Min estimated 2013 grain crop at 15.0 MMT
  • Russia’s Ag Min said as of July 24th 24.3% of Russia’s grain crop has been harvested. 32.7 MMT of grain harvested on 11.3 MH with an average yield of 2.89 TPH vs. 2.33 TPH a year ago . Average wheat yield was 3.09 TPH vs. 2.48 TPH a year ago
  • ProAgro estimated Ukraine’s ‘13/14 rapeseed exports at 2.1 MMT vs. 1.2 MMT in ‘12/13 and vs. 1.25 MMT a year ago
  • Indonesia’s Feed Millers Association estimated 2013 corn imports at 2.8 MMT vs. previous estimate of 2.0 MMT and vs. 2012 imports of 1.55 MMT
  • Indonesia’s Feed Millers Association said Indonesia imported 1.4 MMT of corn during the first half of 2013
  • Indonesia’s Feed Millers Association estimated Indonesia’s 2013 corn crop at 18.84 MMT
  • CEC (Crop Estimates Committee) estimated South Africa’s 2013 corn crop at 11.394 MMT vs. previous estimate of 11.375 MMT
  • CEC estimated South Africa’s 2013 wheat area at 515,200 hectares vs. 511,200 hectares in 2012
  • Vietnam exported 700K tons of rice in July up 8.9% from a month ago
  • Vietnam exported 4.283 MMT of rice between January – July down 9.9% from a year ago
  • Weekly COT report comes out tomorrow at 230 pm CDT
  • August options expire tomorrow on the close
  • Open outcry option players
    • Mizuho sold 1,000 Nov bean 1300 calls at 30-31 ½
    • JP Morgan sold 1,000 Nov bean 1240 puts at 58 and sold 500 Nov futures at 1235
    • FI bought 1,000 Nov bean 1240/1360 call spreads at 37 and sold 280 Nov futures at 1235
    • Rand bought 10,000 Nov bean 1200 puts and sold 5,000 Nov 1280 puts at 2 ½ credit
    • JP Morgan sold 2,000 Nov bean 1220 puts at 47 ½ and sold 860 Nov futures at 1235
    • Rand sold 1,500 Nov 1300 bean puts at 95 and sold 990 Nov futures at 1235
    • New Edge sold 2,000 Nov bean 1000/900 put spreads at 3
    • New Edge sold 1,500 Nov bean 1140/1120 put spreads at 5
    • Bunge bought 1,000 Nov bean 1300 calls at 27-27 ½
    • GFI bought 1,000 Sept short dated beans 1240/1280 call spreads at 13 ½-14 ½
    • GFI bought 1,000 Sept short dated bean 1240/1300 call spreads at 17-18 ½
    • New Edge sold 4,000 Sept corn 510/520 put spreads at 6 ¼-7 3/8
    • New Edge sold 1,000 Dec corn 430/450 put spreads at 6
    • ADM sold 2,00 Dec corn 500/550 call spreads at 12
    • RJO bought 1,000 Dec corn 520/550 call spreads at 6
    • Rand sold 1,000 Sept corn 500 puts at 19 ¼
    • Tenco bought 5,000 Dec corn 450 puts sold 2,500 Dec corn 5
    • Macquarie bought 2,000 Dec corn 460 puts and sold 1,000 Dec corn 500 puts at 2 ¾ credit
    • Tenco sold 500 Dec wheat 650 puts at 29
    • Mizuho bought 600 Sept meal 410/450 call spreads and sold 600 Dec meal 410 calls at even
    • Mizuho sold 1,000 Dec bean oil 45 calls at 100 tied to futures at 4365
    • JP Morgan bought 1,400 Dec bean oil 48/52 call spreads at 30

 

Estimated Fund Activity

  • Wheat sold 2K
  • Corn sold 5K
  • Beans sold 10K
  • Meal sold 6K
  • Bean oil sold 2K

 

Closing vols and ATM straddles- August options expire tomorrow on the close

 

Corn

Q vol 27 495 str 7 ½-8 ½ .

U vol 25 ¾ 495 str 28 ½-30

V vol 26 480 str 38 ½-40

Z vol 25 ¾ 480 str 55-57

H vol 25 490 str 73-76

K vol 24 ½ 500 str 82-85

 

Beans

Q vol 24 1350 str 19-22

U vol 24 1270 str 68-72

V vol 23 1220 str 87-91

X vol 22 ¾ 1220 str 110-112

F vol 20 ¾ 1240 str 132-134

H vol 20 ¼ 1240 str 149-153

K vol 19 ¾ 1240 str 162-167

 

Wheat

Q vol 26 650 str 7-9

U vol 22 ¾ 650 str 32-34

Z vol 23 660 str 68-70

H vol 23 ¼ 670 str 93-95

K vol 23 680 str 105-109

N vol 22 ¼ 670 str 105-110

 

Minneapolis wheat

U vol 19 ¼ 740 str 30-34

Z vol 20 ¼ 750 str 65-71

H vol 20 ¼ 760 str 87-89

 

KC Wheat

Q vol 21 690 str 8-10

U vol 21 ¾ 690 str 33-35

Z vol 22 ¼ 700 str 70-73

H vol 21 ¾ 710 str 91-95

 

Meal

Q vol 99 440 str 5-30

U vol 33 400 str 33-36

V vol 29 370 str 36-40

Z vol 27.5 370 str 47-51

F vol 24.5 370 str 49-53

H vol 23 370 str 50-53

 

Bean oil

Q vol 22 4350 str 35-70

U vol 17 4350 str 155-175

V vol 16.75 4350 str 215-235

Z vol 16.5 4350 str 310-330

F vol 16 44 str 345-370

H vol 16 44 str 400-450

 

Crush quotes

 

OPEN         CLOSE

AUG      51.5-60      53.5 limit sellers (daily limit on crush is 70 cts)

SEP        82.5-90       88-95

OCT       71-71.5       69.5-71

DEC        64-64.5      62.5-63.5

JAN        63-64.5       59.5-62.5

MCH      65-66           63-65.5

MAY      66-67            65.5-66

JLY          67-69            65.5-66

 

Crush player

 

FI bought 200 Dec at 63-64

 

Oil Share Players

 

ABN sold Dec 355 oil/255 meal at 36.90-37.50%

 

Rosenthal sold March 50 oil/meal at 37.30%

 

 

Thank you,

 

Kate Rosenberg