From The Floor-An Afternoon Recap

News

  • Weekly US export inspections report came out this morning at 10 am CDT
    • Wheat at 46.024 MB expecting 25-36 MB
    • Corn at 20.111 MB expecting 8-15 MB
    • Beans at 2.972 MB expecting 1-5 MB
  • Soybean Processors Association of India expects India’s ‘12/13 meal exports to exceed official estimate of 4.1 MMT (highest in 6 years)
  • Argentine weather forecasters said Argentine wheat areas received beneficial rain this weekend.
  • Argentine weather forecasters said Argentine corn area is dry , delaying planting, which may lead to farmers planting beans instead of corn
  • MARS estimated EU 2013 average corn yield at 6.88 TPH vs. previous estimate of 6.97 TPH. Up 13.8% from a year ago but down 1.5% from the five year average
  • MARS estimated EU 2013 soft wheat yield at 5.76 TPH vs. previous estimate of 5.71 TPH, up 6.3% from a year ago and up 2.3% from the five year average
  • South Korea to start buying beans and wheat for reserves in late September. Amount was not disclosed.
  • Heavy rains in the Ukraine is delaying winter grain planting. As of September 16th Ukraine has planted winter wheat on 691,000 hectares vs. 1.9 MH a year ago said the Ag Min .
  • Rain is in the forecast for Ukraine for the next 10 days
  • Ukraine’s Ag Min estimated 2014 winter grain planting area at 8.1 MH unchanged from 2013
  • Weekly US crop progress report comes out today at 3 pm CDT. Expecting corn good to excellent ratings to fall 1-2% from a week ago and expecting bean good to excellent ratings to fall 1-3% from a week ago.
  • FSA acreage certification update comes out tomorrow about 5 am CDT expecting US corn planted area to fall 1-2 MA and expecting US bean planted area to fall 350,000-750,000 acres.
  • Surveyors SGS and Intertek Agri Services come out tomorrow with their Malaysian Sept 1-15th palm oil export estimates .
  • US CPI comes out tomorrow at 730 am CDT
  • FOMC two day policy meeting starts tomorrow
  • Weekly API energy inventory report comes out tomorrow at 330 pm CDT
  • Chinese markets are closed for mid-autumn festival Thursday and Friday.
  • Open outcry option players
    • FI bought 1,000 Nov bean 1200 puts at 2 ½
    • GFI bought 1,000 Nov bean 1340 straddles at 46-48 and sold 60 Nov futures at 1347
    • RJO sold 2,000 Week 2 corn 455 puts at 12 ¾-13
    • ABN bought 3,000 Oct corn 470/480 call spreads at 1 ¼ -1 ¾
    • Advantage bought 1,200 Dec corn 480 p/ 600 c strangles at 32 ½ and bought 720 Dec corn futures at 459
    • ABN bought 500 Dec wheat 680 calls at 13 ½-13 ¾ and sold 160 Dec futures at 650
    • Tenco bought 500 Dec wheat 640 straddles at 47 ½ -48 tied to Dec futures at 645 ½ 8 delta
    • Jefferies bought 200 Jan meal 410 puts and sold 200 Dec meal 380 puts at 9.50 debit
    • FI sold 250 Dec meal 410 calls at 28.25 and bought 250 Dec meal futures at 429.00
    • ABN bought 2,000 Dec meal 400 puts at 7.00-8.00
    • FI sold 500 Dec bean oil 43 puts at 150
    • Mizuho bought 500 Dec bean oil 45 calls at 45

 

Estimated Fund Activity

  • Wheat sold 1K
  • Corn sold 3K
  • Beans sold 10K
  • Meal sold 4K
  • Bean oil sold 2K

 

Closing vols and ATM straddles

 

Corn

V vol 27 ¾ 460 str 12-14

X vol 25 ¾ 460 str 30 ½-32

Z vol 24 ½ 460 str 38-39

H vol 22 ½ 470 str 55-56 ½

K vol 22 ¾ 480 str 67-69

Z14 vol 21 500 str 88 ½-90 ½

 

Beans

X vol 21 ¾ 1350 str 76 ½-78

Z vol 20 ¼ 1350 str 93-95

F vol 20 1340 str 111-113

H vol 20 1320 str 135-138

K vol 20 1300 str 143-147

N vol 19 1280 str 158-161

 

Wheat

V vol 24 640 str 12-14

X vol 22 640 str 35-38

Z vol 21 ¾ 640 str 46-48

H vol 21 ¾ 650 str 73-75

K vol 22 ½ 660 str 90-92

N vol 22 ½ 650 str 99-103

 

KC Wheat

V vol 20 ½ 690 str 12-14

X vol 20 ¼ 690 str 36-38

Z vol 20 690 str 46-49

H vol 20 ¼ 700 str 72-76

N vol 21 690 str 98-103

 

Minneapolis wheat

Z vol 18 710 str 41-47

H vol 18.25 720 str 63-70

K vol 18.5 730 str 77-87

N vol 18.5 730 str 87-97

 

Meal

V vol 36 430 str 11-15

X vol 31 430 str 30-33

Z vol 26 430 str 35-37

F vol 23.5 430 str 40-42

H vol 22 410 str 44-47

K vol 19 400 str 44-47

 

Bean oil

V vol 19.25 4250 str 65-80

X vol 18 4250 str 190-210

Z vol 17.5 4250 str 245-270

F vol 17 4250 str 290-310

H vol 16.5 43 str 350-380

K vol 16.5 43 str 415-450

 

Crush quotes

 

OPEN               CLOSE

OCT            64-65               63.5-64.5

DEC            61.5-62           60.5-61

JAN            58-59               57.5-58

MCH          62-63               63-63.5

MAY          61-63               63.5-64

JLY              62-64               63-64.5

AUG          66-70                66-72

DEC 14      70.5-72            71-72

 

Crush players

 

New Edge sold 100 Dec at 62

 

New Edge bought 100 March at 63.5

 

Rand sold 200 May at 63

 

Oil Share player

 

ADM sold 50 Dec oil/meal at 33.25%

 

Thank you,

 

Kate Rosenberg