From The Floor-An Afternoon Recap

News

  • Egypt GASC canceled wheat tender for Nov shipment due to high prices.
  • TALK China has bought up to 1.0 MMT of beans over the past 10 days
  • TALK China seeking US beans for Jan –March shipment
  • TALK China is seeking Brazilian beans for Feb-April shipment
  • TALK Brazil seeking/buying Canadian wheat
  • Brazil has bought a few cargoes of US wheat
  • Surveyor SGS estimated Malaysia’s Oct 1-10 palm oil exports at 550,887 tons up 22% from a month ago
  • Goldman Sachs 3 month bean price forecasted at $12.50, 6 month bean price forecasted at $11.50, and 12 month bean price forecasted at $10.50
  • Morocco bought 175,000 tons of local soft wheat
  • Saskatchewan weekly crop progress report
    • Grain harvest is 89% complete vs. five year average of 85% complete
    • Average to above average yields being seen
      • Soft wheat yield 47.0 BPA (above average)
      • Durum yield 44.0 BPA (average)
      • Barley yield 69.0 BPA (average)
      • Canola yield 38.0 BPA (average)
  • Today was the 4th day of the Goldman Sachs roll. Roll ends tomorrow. Activity on the close
    • Pit = 500 Nov/Jan bean spreads traded at 2 ¼
    • Electronic =  9,300 Nov/Jan bean spreads traded at 2-3
  • Today was the 4th day of other index fund rolls. Roll ends tomorrow . Activity on the close
    • Pit = 0 Dec/Jan meal spreads traded
    • Electronic =  3,100 Dec/Jan meal spreads traded at 3.60-3.80
    • Pit =  861 Dec/Jan bean oil spreads traded at 31
    • Electronic = 5,600 Dec/Jan bean oil spreads traded at 30-32
  • Nov beans closed below the 50 day moving average of 1300 ¼. Nov beans settled at 1288
  • Nov beans closed above the 100 day moving average of 1286 ½ . Nov beans settled at 1288
  • USDA October crop production report will NOT be coming out due to US government shutdown.
  • Weekly COT report comes out tomorrow at 230 pm CDT . Report may be delayed due to US government shutdown
  • Open outcry option players
    • JP Morgan sold 3,000 Nov bean 1270 puts at 9-9 ¼ and sold 900 Nov futures at 1295
    • Rand sold 3,000 Nov bean 1250 puts at 5-5 ¼ and sold 600 Nov bean futures at 1291
    • Jefferies sold 5,000 Dec corn 420 puts at 5 ¾ -6 ¼
    • New Edge bought 3,000 Dec 2014 corn 300/340/380 put flies at 3 ¼ debit (they did 3,000 yesterday at 3 1/8 debit)
    • GFI bought 700 March corn 500 calls and sold 1,400 March corn 550 calls at 2 7/8 debit
    • ADM bought 3,000 Dec corn 400 puts at 2 ½
    • FI bought 4,000 Nov corn 420 puts at 1 5/8 – 1 ¾
    • Rosenthal bought 400 Dec wheat 730 calls and sold 200 Dec wheat 700 calls at even
    • FC Stone bought 1,000 May meal 380 puts sold 1,000 Dec meal 400 puts at 11.00 debit tied to the May/Dec futures spread at 23.00
    • Bunge bought 500 Dec meal 400/380 put spreads at 5.00
    • RJO sold 400 Dec bean oil 41/44 call spreads at 80
    • Bunge bought 500 Dec bean oil 43 calls at 40
    • ADM bought 500 Dec bean oil 42/44 call spreads at 45
    • New Edge bought 500 Dec bean oil 43/42 put spreads at 74

 

Estimated fund activity

  • Wheat sold 2K
  • Corn sold 5K
  • Beans sold 2K
  • Meal sold 1K
  • Bean oil bought 3K

 

Closing vols and ATM straddles

 

Corn

X vol 20 440 str 14-16

Z vol 22 440 str 26-27

H vol 22 450 str 47 ½-48 ½

K vol 23 460 str 61 ¾-62 ½

N vol 23 ¾ 470 str 73-75

U vol 25 ½ 470 str 88-90

Z14 vol 24 480 str 95 ½-97 ½

 

Beans

X vol 17 1290 str 35-36

Z vol 18 5/8 1290 str 64-67

F vol 18 1290 str 85-87

H vol 18 ½ 1280 str 112-114

K vol 18 ¼ 1260 str 130-133

N vol 17 ½ 1240 str 143-147

X14 vol 17 ¼ 1180 str 160-165

 

Wheat

X vol 22 ½ 690 str 20-23

Z vol 20 ¼ 690 str 38-40

F vol 20 ½ 690 str 51-53

H vol 20 ¾ 690 str 68-71

K vol 21 ½ 700 str 86-89

N vol 21 690 str 98-101

 

KC Wheat

X vol 18 760 str 21-23

Z vol 20 760 str 41-43

H vol 20 ¼ 760 str 73-76

K vol 20 ½ 750 str 87-91

N vol 21 740 str 100-104

 

Minneapolis wheat

Z vol 18 ½ 760 str 33-39

H vol 18 ½ 760 str 63-69

K vol 19 ¼ 770 str 79-85

N vol 19 ¼ 770 str 90-97

U vol 19 ½ 770 str 95-110

Z vol 19 ½ 780 str 100-125

 

Meal

X vol 24.5 410 str 15-17

Z vol 24.5 410 str 26-28

F vol 23 410 str 33-36

H vol 22 400 str 41-44

K vol 20.5 390 str 46.5-49.5

N vol 20.5 390 str 50-54

 

Bean oil

X vol 17.5 41 str 110-125

Z vol 17.5 41 str 185-205

F vol 17 41.5 str 245-265

H vol 17 42 str 330-350

K vol 16.75 42 str 395-425

N vol 16.75 42 str 450-475

 

Crush quotes

 

OPEN               CLOSE

OCT             90-1.00            90-1.00

DEC             65-65.75          66-67

JAN             62.5-63.5         63.5-64

MCH           63.5-64             63.5-64

MAY            62.5-63.5         62-63

JLY               62-63                 61.5-62.5

AUG           65-66.5              65.5-66.5

DEC 14       70-70.5              70-70.5

 

No crush players in the pit today

 

 

Thank you,

 

Kate Rosenberg