From The Floor-An Afternoon Recap

News

  • Weekly US export inspections report came out this morning
    • Wheat at 32.973 MB expecting 33-37 MB
    • Corn at 21.192 MB expecting 18-21 MB
    • Beans at 14.288 MB expecting 15-20 MB
  • Abiove estimated Brazil’s ‘13/14 bean crop at 86.0 MMT (record) vs. ‘12/13 crop of 81.6 MMT
  • Abiove estimated Brazil’s ‘13/14 bean exports at 44.0 MMT vs. ‘12/13 estimate of 41.5 MMT
  • South Korea NOFI bought 30K tons of India soymeal
  • Dryness in Argentina is slowing corn planting.
  • Indonesia Palm Oil Board estimated Indonesia’s 2013 palm oil output at 26.7 MMT vs. previous estimate of 28.0 MMT and up 5% from 2012
  • Ukraine Ag Min  said Ukraine has harvested 36.5 MMT of grain as of today up  11.6% from a year ago
  • Ukraine Ag Min said average yield is 3.19 TPH vs. 2.74 TPH a year ago
  • Rains in India are delaying oilseed harvest
  • Dec wheat closed below the 100 day moving average of 680 ½. Dec wheat settled at 678 ½
  • Today was the second day of the Rogers roll. Roll ends tomorrow. On the close
    • Pit –  RJO bought 600 Nov / Jan bean spreads at 2 ¼ -2 ¾ , ABN sold 50 Nov /Jan bean spreads at 2 ¼
    • Electronic – 3,346 contracts traded at 2-2 ¼
  • Weekly US crop progress report comes out today at 3 pm CDT . Based on a Reuters survey corn harvest is expected to be 15% complete (slowest in 4 years) vs. 20% five year average. Bean harvest is expected to be 11% complete (slowest in 4 years) vs. 19% five year average.
  • Tomorrow is the start of a new month.
  • Tomorrow is the start of a new quarter.
  • Tomorrow China, US, German, Eurozone, UK, France, Italy, and Spain final Sept mfg PMI comes out
  • Eurozone and German unemployment comes out tomorrow
  • China will be on holiday starting tomorrow through October 7th. Trading will resume Tuesday October 8th.
  • FC Stone comes out tomorrow after the close with their 2013 US crop production estimate updates. Their previous estimates were
    • 2013 US corn crop estimated at 13.942 BB vs. USDA estimate of 13.843 BB
    • 2013 US corn yield estimated at 156.4 BPA vs. USDA estimate of 155.3 BPA
    • 2013 US bean crop estimated at 3.146 BB vs. USDA estimate of 3.149 BPA
    • 2013 US bean yield estimated at 41.2 BPA unchanged from the USDA estimate
  • Weekly API energy inventory report comes out tomorrow at 330 pm CDT
  • Open outcry option players
    • Pre report
      • Mizuho bought 2,000 Nov bean 1450 calls at 2 7/8-3
      • Tenco bought 1,000 Dec corn 450 puts at 12 ¾
      • Rand bought 800 Nov corn 430 puts and sold 800 Dec corn 420 puts at 1 1/8 credit
      • H-C sold 1,000 Dec corn 420/480 put spreads at 24 ¾ and sold 540 Dec futures at 460
      • RJO bought 1,000 Dec corn 450/420 put spreads and sold 1,000 Dec corn 490 calls at 2 debit
      • ICap bought 1,000 Dec wheat 750 calls at 9 and sold 220 Dec futures at 688
      • RJO bought 500 Dec meal 430/480 call spreads at 8.00
      • RJO sold 500 Dec bean oil 43 puts at 320
    • After Report
      • New Edge bought 2,000 Dec bean 1250 puts and sold 4,000 Dec bean 1150 puts at 13-13 ¼ debit
      • Mizuho bought 750 Nov bean 1200 puts at 6-6 1/8
      • Jefferies bought 7,000 March corn 470 calls and sold 7,000 Dec corn 480 calls at 16-16 ¼ debit
      • Jefferies bought 5,000 Dec corn 450/470 call spreads at 7 -7 ¼
      • JP Morgan sold 1,400 Dec corn 450 puts at 18 and sold 756 Futures at 445
      • Rosenthal sold 3,000 Dec corn 460/470 put spreads at 7 ½
      • Rand sold 700 Dec wheat 700 calls at 17 ½-20
      • New Edge bought 2,000 Dec 2014 wheat 520/500 put spreads at 2 5/8
      • FC Stone sold 800 Dec meal 400 puts at 11.50
      • RO bought 500 more Dec meal 430/480 call spreads at 5.50-6.50
      • Rosenthal sold 500 Dec bean oil 42 calls at 60

 

Estimated fund activity

  • Wheat sold 2K
  • Corn sold 16K
  • Beans sold 12K
  • Meal sold 4K
  • Bean oil sold 4K

 

Closing vols and ATM straddles

 

Corn

X vol 22 ½ 440 str 20-22

Z vol 22 ½ 440 str 29 ½-31

H vol 22 450 str 49 ½-50 ½

K vol 22 ¼ 460 str 60 ½-62 ½

N vol 22 ¾ 470 str 71-73

U vol 24 ¼ 470 str 84-87

Z14 vol 22 ¾ 480 str 92-94

 

Beans

X vol 21 1280 str 57-58

F vol 19 ½ 1290 str 96-99

H vol 19 ½ 1260 str 122-124

K vol 19 1240 str 138-141

N vol 18 ½ 1240 str 152-155

 

Wheat

X vol 23 ¾ 680 str 33-35

Z vol 23 ¾ 680 str 48-50

H vol 23 690 str 78-81

K vol 22 ¾ 690 str 92-96

N vol 22 ¾ 680 str 102-106

 

KC Wheat

X vol 22 740 str 33-35

Z vol 22 740 str 49-51

H vol 21 ½ 740 str 78-82

K vol 21 ½ 740 str 93-98

N vol 21 ½ 720 str 102-107

 

Minneapolis wheat

Z vol 21 ¾ 740 str 47-52

H vol 20 ½ 750 str 74-80

K vol 20 ¼ 750 str 84-91.

N vol 20 ¼ 750 str 93-103

 

Meal

X vol 26.5 410 str 22.5-25.0

Z vol 25.5 410 str 31-33

F vol 23.5 400 str 36-38

H vol 22.25 390 str 42.5-45.0

K vol 19.5 390 str 44-47

N vol 19.5 380 str 48-51

 

Bean oil

X vol 16.5 41 str 130-150

Z vol 16.5 41 str 195-210

F vol 16.5 41.5 str 250-280

H vol 16.5 41.5 str 335-365

K vol 16.25 42 str 380-410

N vol 16.25 42 str 430-465

 

Crush quotes

 

Open                     Close

Oct         64.5-65.5              68-69

Dec        62.5-63                  61.5-61.75

Jan         59-59.5                  57.5-58.0

Mch       62.25-62.75         59.5-60

May       63-63.5                 61-61.5

Jly           63.5-64                 63-64

Aug        64.5-65                 65-66

Dec        68-70                     68-70

 

Crush players

 

New Edge sold 330 Dec crush at even – 1 cent over the March crush

 

Tenco sold 100 Dec crush at 62 – 62.5

 

 

Thank you,

 

Kate Rosenberg