From The Floor-An Afternoon Recap

News

  • Cargill temporarily shut down crushing plants one in Kansas City, MO and one in Wichita KS . The one in Kansas City closed Sept 19-22 the one in KS is closed now due to slow start to bean harvest
  • Morocco seeks 175K local wheat
  • Morocco seeks 373,333 tons of US soft wheat and 400K EU soft wheat for December shipment
  • Algeria farmers union estimated 2013 grain crop at 4.2 MMT
  • TALK from this morning China has bought 4-6 cargoes of beans from Argentina for April – May shipment this week
  • TALK China bought 2 cargoes of US beans  yesterday
  • South Korea KFA seeks 60K tons of optional origin corn
  • TALK China eyeing US corn for Jan-March shipment
  • China may seek hard red spring US wheat , China has already bought hard red winter US wheat
  • CNGOIC said China’s current corn supplies exceeds demand
  • CNGOIC estimated China’s ’13/14 corn imports at 5.5 MMT
  • COFCO estimated China’s ‘13/14 DDGS imports at 3.0 MMT and estimated China’s ‘13/14 sorghum imports at 1.5 MMT
  • Ukraine Prime Minister estimated Ukraine’s 2013 grain crop at 60.0 MMT vs. previous estimate of 58.0 MMT and vs. 2012 grain crop at 46.2 MMT
  • Ukraine Prime Minister estimated Ukraine’s corn exports at 18.0 MMT vs. 14.0 MMT a year ago
  • Parana, Brazil Ag Min estimated their ‘13/14 wheat crop at 1.7 MMT and said that harvest was 25% complete and said they are seeing quality problems in the harvested wheat
  • Rain in forecast for South America Sunday forward
  • Argentine farmers said Argentina’s wheat crop will be bigger this year. In ‘12/13 Argentine wheat crop was 8.2 MMT
  • IGC estimated ‘13/14 global wheat crop at 693.0 MMT vs. previous estimate of 691.0 MMT
  • IGC estimated ‘13/14 global corn crop at 943.0 MMT vs. previous estimate of 945.0 MMT
  • Iraq seeks 30K tons of rice
  • Saskatchewan crop harvest is 71% complete vs. 60% average , average to above average yields being seen.
  • CEC estimated 2013 South Africa corn crop at 11.722 MMT vs. previous estimate of 11.513 MMT and vs. Reuters average poll estimate of 11.5 MMT
  • Lanworth (yesterday) estimated ‘13/14 global corn crop at a record high 949 MMT vs. previous estimate of 942 MMT
  • Lanworth (yesterday) estimated ‘13/14 global bean crop at 284 MMT vs. previous estimate of 281 MMT
  • Lanworth (yesterday) estimated ‘13/14 global wheat crop at 704 MMT unchanged from previous estimate
  • Lanworth (yesterday) estimated ‘13/14 Argentine bean crop at 56.9 MMT
  • Lanworth (yesterday) estimated ‘13/14 Brazilian bean crop at 88.3 MMT
  • Lanworth (yesterday) estimated ‘13/14 Argentine corn crop a 28.2 MMT
  • Lanworth (yesterday) estimated ‘13/14 Brazilian total corn crop at 75.9 MMT
  • EIA July biodiesel report is tomorrow
  • Weekly COT report comes out tomorrow at 230 pm CDT
  • Rogers roll begins tomorrow and lasts for 3 days they will be rolling long Nov bean positions into Jan
  • Tomorrow is position day for Oct bean oil and soymeal expecting 0 meal deliveries , 0 receipts are registered and expecting 500-1,500 bean oil deliveries, there are 8,276 receipts registered
  • Conab will estimate ‘13/14 Brazilian crops on October 8th
  • On Monday SGS and Intertek Agri Services will estimate Malaysia’s September palm oil exports

 

Option players

Corn:

Macquarie sold 4500 Z 480-420 puts spreads/sold 2430 CZ

FI bot 1500 Z 440 puts

FI sold 500 Z 450 straddles

Bache bot 500 H 450 puts/sold 500 H 540 calls/bot 260 CH

Newedge bot 800 Z 460 straddles/sold 800 Z 450 straddles

Newedge bot 2000 Z 430-410-39 put flys

 

Beans:

Bunge bot 1000 X 1200-1150 put spreads

Rosenthal bot 1000 X 1320-1360 call spreads

Mizuho bot 300 X 1280 puts/sold 600 X 1240 puts

FI sold 500 X 1250 puts/bot 500 X 1390 calls/sold 160 SX

 

Wheat:

ADM bot 1000 H 550 puts

Rand bot 700 Z 700 calls

Newedge bot 600 X 670-650 put spreads/sold 600 F 760 calls

 

Meal:

RJO bot 300 Z 450 calls

Rosenthal bot 200 H 380 puts

Bache sold 200 Z 380 puts

FCS bot 200 Z 380 puts

 

Oil:

Newedge bot 400 F 43 calls/sold 800 F 40 puts

Newedge bot 200 Z 47 calls

 

Estimated Fund Activity

  • Wheat bought 4K
  • Corn bought 3K
  • Beans sold 4K
  • Meal sold 1,500
  • Bean oil sold 1K

 

Closing vols and ATM straddles

 

Corn

X vol 22 ½ 460 str 23-24

Z vol 22 ½ 460 str 32 ½-33 ½

H vol 22 ¼ 470 str 52 ½-53 ½

K vol 22 ½ 480 str 64-66

N vol 22 ¾ 480 str 74-76

U vol 24 ¼ 490 str 88 ½-90 ½

Z14 vol 22 ¾ 490 str 95-97

 

Beans

X vol 22 1320 str 66-67 ½

F vol 20 1320 str 104-105 ½

H vol 20 1300 str 130-133

K vol 19 ½ 1280 str 145-149

N vol 18 ¾ 1280 str 159-164

 

Wheat

X vol 25 ¾ 680 str 39-41

Z vol 24 ¾ 680 str 52-55

H vol 23 ¾ 690 str 82-85

K vol 23 ¼ 690 str 96-99

N vol 23 ¼ 680 str 106-109

 

KC Wheat

X vol 22 ¾ 730 str 37-40

Z vol 22 ¾ 730 str 52-55

H vol 22 730 str 81-84

K vol 22 730 str 96-100

N vol 22 710 str 103-108

 

Minneapolis wheat

Z vol 21 720 str 44-52

H vol 20 ½ 730 str 70-78

K vol 20 ½ 740 str 84-92

N vol 20 ½ 740 str 94-104

 

Meal

X vol 27.75 410 str 25.5-27

Z vol 26.25 410 str 33.5-35.0

F vol 23.75 410 str 38-40

H vol 22.25 400 str 44-46

K vol 20 390 str 46-49

N vol 19.5 390 str 49.5-50.5

 

Bean oil

X vol 16.75 42 str 150-160

Z vol 16.5 42 str 205-225

F vol 16.5 42 str 260-285

H vol 16.5 42.5 str 330-355

K vol 16.25 43 str 400-425

N vol 16.25 43 str 450-480

 

Crush quotes

 

Open                     Close

Oct         59-59.5                 58-58.5

Dec        59-59.25               58-58.5

Jan         57-57.75               55.5-56.5

Mch       60.5-61.5              60-60.5

May       62-63                     61-62

Jly           63-64                     62-63

Aug        64-66                     65-66

Dec4      66-69                     67.5-69

 

Crush Players

 

RJO bought 100 Dec at 58

 

New Edge sold 200 Dec at 58

 

New Edge bought 200 March at 59.25-59.5

 

ABN sold 200 July at 62.75

 

ABN bought 10 Oct at 58

 

Thank you,

 

Kate Rosenberg