From The Floor-An Afternoon Recap

News

  • More USDA numbers
    • IA corn yield estimated at 162.0 BPA vs. average estimate of 159.5 BPA vs. August report estimate of 163.0 BPA and vs. 2012 yield of 137.0 BPA
    • IL corn yield estimated at 165.0 BPA vs. average estimate of 172.0 BPA vs. August estimate of 165.0 BPA and vs. 2012 yield of 105 BPA
    • IA bean yield estimated at 43.0 BPA vs. average estimate of 42.0 BPA vs. August estimate of 46.0 BPA and vs. 2012 yield of 44.5 BPA
    • IL bean yield estimated at 46.0 BPA vs. average estimate of 46.0 BPA vs. August estimate of 47.0 BPA and vs. 2012 yield of 43.0 BPA
    • China’s ‘13/14 corn imports estimated at 7.0 MMT vs. previous estimate of  7.0 MMT and vs. 3.0 MMT in ‘12/13
    • Argentina’s ‘13/14 corn exports estimated at 18.0 vs. previous estimate of 18.5 MMT and vs. ‘12/13 exports of 19.5 MMT
    • Brazil’s ‘13/14 corn exports estimated at 18.0 MMT unchanged from previous and vs. 24.5 MMT in ‘12/13
    • Ukraine ‘13/14 corn exports estimated at 18.0 MMT unchanged from previous estimate and vs. 13.3 MMT in ‘12/13
    • Mexico ‘13/14 corn imports estimated at 8.0 MMT unchanged from previous estimate and vs. 5.5 MMT in ‘12/13
    • Australian ‘13/14 wheat exports estimated at 19.0 MMT unchanged from previous and unchanged from ‘12/13 exports
    • EU 27 ‘13/14 wheat exports estimated at 23.0 MMT vs. previous estimate of  22.0 MMT and vs. ‘12/13 exports of 22.2 MMT
    • FSU-12 ‘13/14 wheat exports at 37.1 MMT vs. previous estimate of 37.4 MMT and vs. ‘12/13 exports of 25.9 MMT
    • Russia’s ‘13/14 wheat exports estimated at 17.0 unchanged from previous and vs. 11.3 MMT a year ago
    • Ukraine’s ‘13/14 wheat exports estimated at 10.0 MMT unchanged from previous estimate and vs. 7.2 MMT a year ago
    • Kazakhstan ‘13/14 wheat exports estimated at 9.5 MMT unchanged from previous estimate and vs. 6.7 MMT a year ago
    • Brazil’s ‘13/14 bean exports estimated at 42.5 MMT vs. previous estimate of 41.5 MMT and vs. 41.0 MMT a year ago
    • Argentina ‘13/14 bean exports estimated at 12.7 MMT vs. previous estimate of 13.7 MMT and vs. 6.4 MMT a year ago
    • China’s ‘13/14 bean imports at 69.0 MMT unchanged from previous estimate and vs. 59.5 MMT in ‘12/13
  • Egypt FIHC seeks 12,000 bean oil for Oct Nov shipment
  • CME group lowered margins on corn and wheat spreads after the close today.
  • September futures expire tomorrow at 12 pm CDT
  • Weekly COT report comes out tomorrow at 230 pm CDT
  • Open outcry option players
    • Before the report
      • ADM bought 500 Oct soybean 1280 puts at 3 7/8-4 ¼
      • Macquarie bought 600 Nov bean 1280 puts and sold 600 Nov 1430 calls at 1 3/8-1 ½ debit and bought 294 Nov futures at 1345
      • FC Stone bought 1,000 Nov bean 1600 calls at 2 1/8
      • RJO bought 2,000 Oct corn 530 calls at a ½
      • ADM bought 1,000 Dec corn 440 puts at 9
      • Rosenthal bought 1,000 Oct wheat 670 calls at 3
      • ADM sold 500 Oct bean oil 44 calls at 425
    • After report
      • RJO bought 1,000 Oct bean 1300 puts at 3 ½-5
      • Rand bought 650 Nov 1420 Calls 30/ Sold 260 Nov futures 1385
      • JP Morgan Bot 1000 Nov 1420 Calls 33-33.25/ Sold 410 Nov futures 1390
      • ADM bought 1,000 May bean 1100 puts and sold 1,000 May bean 1580 calls at even to 1 credit
      • ABN bought 500 Nov bean 1400 calls at 28
      • ABN bought 500 Nov bean 1450 calls at 16
      • Bunge bought 1,000 Oct bean 1340 puts at 10
      • Jefferies bought 1,000 Oct corn 450 puts /500 call strangles at 3
      • RJO sold 1,000 Dec corn 465/510 call spreads at 12
      • ADM sold 1,000 Oct corn 450 puts at 4
      • JP Morgan bought 1,000 May meal 410 calls at 18-20
      • Rosenthal sold 1,000 Oct bean oil 45 calls at 5

 

Estimated Fund Activity

  • Wheat bought 1,500
  • Corn sold 10,000
  • Beans bought 13,000
  • Meal bought 5,000
  • Bean oil bought 1,000

 

Closing vols and ATM straddles

 

Corn

V vol 30 470 str 27-30

X Vol 26 470 str 32 ½-33

Z vol 24 ¼ 470 str 39-40 ½

H vol 22 ½ 480 str 57-58

K vol 22 ¼ 490 str 67-69

Z14 vol 21 520 str 91-93 ½

 

Beans

V vol 20 ½ 1390 str 41-43

X vol 23 1400 str 88-90

F  vol 21 1400 str 124-126

H vol 20 ½ 1360 str 145-148

K vol 19 ¾ 1320 str 160-163

 

Wheat

V vol 21 650 str 16-18

X vol 22 ¼ 650 str 39-41

Z vol 22 660 str 49-51

H vol 22 ¼ 660 str 76-79

K vol 22 ¾ 670 str 93-96

N vol 22 ¾ 670 str 102-106

 

KC Wheat

V vol 20 700 str 18-20

X vol 20 ¾ 700 str 39-42

Z vol 20 ½ 700 str 50-52

H vol 20 ½ 710 str 76-80

N vol 21 ½ 700 str 103-108

 

Minneapolis wheat

Z vol 18 710 str 42-48

H vol 18 ½ 720 str 66-72

K vol 18 ¾ 730 str 79-89

N vol 19 740 str 90-100

 

Meal

V vol 36 450 str 20-25

X vol 30 450 str 35-39

Z vol 25 450 str 39.5-42

F vol 23.25 440 str 44-46

H vol 21.5 430 str 48-51.

K vol 19 420 str 48-52

 

Bean oil

V vol 19.5 43 str 90-110

X vol 18.25 43 str 205-220

Z vol 17.5 43 str 255-270

F vol 17 43.5 str 300-325

H vol 16.75 4350 str 370-400

K vol 16.5 44 str 425-465

 

Crush quotes

 

OPEN              CLOSE

SEP            80-90               75-85

OCT           56-57               60-62

DEC           56-56.5            61-62

JAN           54-56               57-58.5

MCH         60-61.5            62.5-63

MAY          61-62               63.5-64

JLY             61.5-63            63-64

DEC 14     69.5-70.5         69-70.5

 

Crush players

 

New Edge sold 400 Dec 58-59.5

 

New Edge bought 400 March 61-62.5

 

Oil share players

 

ABN bought 150 March oil/108 meal 33.75-34.00%

 

Crush option players

 

Rosenthal bought 50 Oct 80 calls at 1

 

Rosenthal sold 50 Oct 80 calls at 1

 

Thank you,

 

Kate Rosenberg