From the Floor – An Afternoon Recap 6/6/13

News

  • Solvent Extractors Association of India said India exported 96,492 tons of meal in May down 3% from a month ago and down 32% from a year ago
  • Solvent Extractors Association of India said India exported 88,284 tons of rapeseed meal in May vs. 91,298 tons a year ago
  • Solvent Extractors Association of India said India’s total oilmeal exports were 302,837 tons in May vs. 359,855 tons a year ago
  • Solvent Extractors Association of India said India exported 4.8 MMT of oilmeal in ‘12/13 down 14.3% from ‘11/12
  • Russia’s Ag Min said Russia to buy 5 MMT of intervention grain in ’13/14
  • Jordan bought 100K optional origin wheat for September shipment
  • Morocco Ag Min estimated Morocco’s 2013 grain crop at 9.7 MMT , including 5.2 MMT of soft wheat in 2012 Morocco’s grain crop was 5.1 MMT including 2.74 MMT of soft wheat
  • Tunisia’s Ag Min estimated 2013 grain crop at 1.4-1.5 MMT vs. 2.2 MMT in 2012
  • Saskatchewan , Canada crop planting is 83% complete vs. 5 year average of 82%
  • More CONAB Brazilian estimates from this morning
    • ‘12/13 Brazilian bean crop estimated at  81.3 MMT vs. previous estimate of 81.5 MMT
    • ‘12/13 Brazilian bean exports estimated at 36.78 MMT unchanged from previous estimate
    • ‘12/13 Brazilian meal exports estimated at 14.93 MMT unchanged from previous estimate
    • ‘12/13 Brazilian bean oil exports estimated at 1.75 MMT unchanged from previous estimate
    • ‘12/13 Brazilian total corn crop estimated at 78.5 MMT vs. previous estimate of 78.0 MMT
      • ‘12/13 first corn crop estimated at 34.84 MMT vs. previous estimate of 34.81 MMT
      • ‘12/13 second  corn crop estimated at 46.622 MMT vs. previous estimate of 43.19 MMT
  • ‘12/13 Brazilian corn exports estimated at 15.0 MMT unchanged from previous estimate
  • ‘12/13 Brazilian wheat crop estimated at 4.37 MMT vs. previous estimate of 4.30 MMT
  • ‘12/13 Brazilian wheat exports estimated at 1.5 MMT vs. previous estimate of 1.2 MMT
  • ‘13/14 Brazilian wheat crop estimated at 5.56 MMT vs. previous estimate of 5.4 MMT
  • ‘12/13 Brazilian rice crop estimated at 11.92 MMT vs. previous estimate of 11.94 MMT
  • ‘12/13 Brazilian rice exports estimated at 1.1 MMT unchanged from previous estimate
  • ‘12/13 Brazilian cotton crop estimated at 326,000 tons unchanged previous estimate
  • ‘12/13 Brazilian cotton exports estimated at 595K tons vs. previous estimate of 612K tons
  • Conab said January – May 2013 Brazil has shipped
    • 22.95 MMT of beans
    • 4.85 MMT of meal
    • 508,000 tons of bean oil
    • 6.73 MMT of corn
    • 821,000 tons of wheat
    • 275,000 tons of rice
    • Rains in Midwest forecast for the next 10 days
    • Nov beans closed above the 200 day moving average of 1292 ¼. Nov beans settled at 1305 ¾
    • Dec corn closed above the 50 day moving average of 541. Dec corn settled at 548 ¼
    • July wheat closed below the 50 day moving average of 703 ½ . July wheat settled at 697 ¾
    • Dec wheat closed below the 50 day moving average of 726 ¼. Dec wheat settled at 720 ½
    • July bean oil traded at the lowest level since Jan 29th 2010.
    • Today was the third day of the Deutsche Bank roll. The roll ends Monday. DB is rolling long July 2013 wheat positions into July 2014.
    • May US Unemployment report comes out tomorrow at 730 am CDT
    • Goldman Sachs roll begins tomorrow. They will be rolling long July positions forward. GS roll lasts for five days.
    • Weekly COT report comes out tomorrow at 230 pm CDT
    • Open outcry option players – Very quiet on the trading floor today
      • GFI bought 1,000 July bean 1600/1650 call spreads at 4 ¼ -4 ½
      • New Edge bought 1,500 Nov bean 1100 puts and sold 3,000 Nov bean 1000 puts at 3 ¾ -4 debit
      • FI sold 1,000 Nov bean 1100 puts at 12 3/8 -12 ½ and sold 120 Nov futures at 1290
      • RJO bought 1,000 Nov bean 1200 puts at 31-31 ¾
      • Rosenthal bought 1,250 Nov bean 1340/1440 call spreads at 28
      • ABN sold 1,500 July corn 650 calls at 19 ½
      • Jefferies sold 600 Dec corn 500 straddles at 87 ½-88
      • FC Stone sold 500 Dec wheat 780 calls at 28
      • Cunningham sold 800 July wheat 720/800 put spreads at 74
      • ABN sold 1,500 July wheat 690 calls at 14 ½ -15 ¾
      • ABN bought 700 July meal 430 puts at 2.75-3.00
      • JP Morgan bought 1,000 Sept bean oil 51 calls at 60
      • Mizuho sold 600 July bean oil 53 calls at 3

 

 

Estimated Fund Activity

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

 

Closing vols and ATM straddles

 

Corn

N vol 23 ¾ 665 str 26-27

Q vol 31 ¼ 580 str 53-54 ½

U vol 31 580 str 66-67

Z vol 27 ¾ 550 str 82-83

H vol 25 ¾ 560 str 96-97

 

Beans

N vol 22 1530 str 55-56 ½

Q vol 23 ¼ 1450 str 99-101

U vol 23 ¼ 1350 str 115 ½-118

X vol 22 1300 str 142-144

F vol 20 ¼ 1300 str 155 ½-158 ½.

H vol 19 ¼ 1300 str 164 ½-168 ½

K vol 18 ½ 1280 str 170-175

N vol 17 ¾ 1260 str 172-178

 

Wheat

N vol 21 ½ 700 str 25-26

Q vol 26 710 str 54-56

U vol 26 710 str 68-69

Z vol 25 ¼ 720 str 98-100

H vol 23 ¾ 740 str 116-120

K vol 23 750 str 127-132

 

Minneapolis wheat

N vol 19 ¼ 820 str 20-27

U vol 22 ¾ 800 str 63-70

Z vol 22 ¼  810 str 90-100

H vol 21 ¼  820 str 100-115

 

KC Wheat

N vol 21 740 str 24-27

U vol 24 750 str 64-70

Z vol 23 ½ 780 str 93-100

H vol 22 780 str 110-120

 

Meal

N vol 27.5 450 str 21-23.5

Q vol 26.75 430 str 34-36

U vol 26.75 410 str 40.5-42

V vol 25.75 390 str 42-44.5

Z vol 24.75 390 str 51-54

F vol 23.5 390 str 53-56

 

Bean oil

N vol 17 48 str 120-150

Q vol 17.5 48 str 235-265

U vol 17.75 48 str 295-320

V vol 17.75 47.5 str 345-380

Z vol 17.75 47.5 str 440-480

F vol 17.5 47 str 480-510

 

Crush quotes

OPEN             CLOSE

JLY           3-4.5              EV-1.5

AUG       29-30             27-27.5

SEP          73-75            72-73

OCT         74.5-75.5     75.5-76

DEC          68.5-69        69.5-70

JAN          63.5-65        64-65

MCH        63.5-65        64-65

MAY        64.5-65        64.5-65.5

 

No open outcry crush players today

 

Thank you,

 

Kate Rosenberg