From The Floor-An Afternoon Recap

News

  • Weekly US export inspections report came out today at 10 am CDT
    • Wheat at 16.308 MB expecting 14-27 MB
    • Corn at 26.516 MB expecting 25-33 MB
    • Beans at 83.60 MB (second largest on record, record is 86.6 MB made in 2009) expecting 45-55 MB
  • Grain.gov.cn said China’s palm oil port stocks are at their lowest level this year at 900,000 tons down 30,000 tons from a year ago
  • European Commission estimated EU 28 2013 wheat crop at 133.5 MMT vs. previous estimate of 131.5 MMT
  • European Commission estimated EU 28 2013 corn crop at 65.9 MMT unchanged from previous estimate
  • European Commission estimated EU 28 2013 barley crop at 59.2 MMT unchanged from previous estimate
  • Safras e Mercado said Brazilian bean planting is 26% complete vs. 18% a week ago vs. 28% a year ago and vs. 24% 5 year average
  • Ag Rural said Brazilian bean planting is 34% complete vs. 19% a week ago vs. 32% a year ago and vs. 33% five year average
  • Local weather service said northern Argentina farm belt needs more rain.
  • Reports of frost damage in Australia wheat areas
  • Dec corn made new contract lows. The low of the day was  430 ¼
  • Jan beans closed well below the 100 day moving average of 1289 ½ . Jan beans settled at 1268
  • Weekly US crop progress report comes out today at 3 pm CDT expecting
    • Corn harvest 47-56% complete
    • Bean harvest 73-86% complete
  • FOMC two day policy meeting begins tomorrow.
  • Weekly API energy inventory report comes out tomorrow
  • Open outcry option players
    • Tenco bought 1,000 Jan bean 1200/1100 put spreads at 9 ¾ -9 7/8
    • New Edge bought 2,500 Sept bean 1060/1040 put spreads at 5 -5 1/8
    • New Edge bought 1,500 March bean 1000 puts and sold 3,000 March bean 960 puts at a ¼ credit
    • JP Morgan bought 1,500 March bean 1200 puts at 30 ½ -31 ½
    • FI sold 1,400 Dec bean 1280/1260 put spreads at 9 ½ – 9 5/8
    • Jefferies bought 5,000 March corn 450/470 call spreads at 7 ½
    • Rand bought 1,000 Dec corn 440 calls at 8 ½
    • Rand bought 1,000 Dec corn 420/400 put spreads at 4 3/8
    • Jefferies sold 1,000 Dec corn 450 calls at 5
    • Jefferies bought 1,000 March corn 410 puts and sold 1,000 Dec corn 425 puts at 1 debit
    • ADM bought 3,500 Dec corn 460 calls at 3
    • ABN bought 1,000 Dec corn 400 puts at 2 ¾ and bought 140 Dec corn futures at 431
    • RJO bought 1,000 Feb corn 450 calls and sold 1,000 Dec corn 450 calls at 12 ¾ debit
    • JP Morgan sold 2,000 March corn 460 calls at 16 1/8 and bought 820 March futures at 443
    • JP Morgan sold 650 March wheat 650 p / 750 c strangles at 28 ½ and sold 20 March futures at 695
    • Bunge sold 600 Dec wheat 700 calls at 8 ½-8 ¾
    • Rand bought 500 Jan meal 380 puts at 5.50
    • New Edge bought 1,200 Dec meal 430 calls at 4.75-5.00
    • JP Morgan sold 500 Dec bean oil 42 calls at 23

 

Estimated fund activity

  • Wheat sold 3K
  • Corn sold 13K
  • Beans sold 8K
  • Meal sold 3K
  • Bean oil sold 2K

 

Closing vols and ATM straddles

 

Corn

Z vol 25 ½ 430 str 23-24

F vol 22 ¾ 440 str 32-33 ½

H vol 23 440 str 45 ¼ -46 ¼

K vol 23 450 str 57 ½ -58 ½

N vol 23 ¼ 460 str 68-69 ½

U vol 25 470 str 82 ½-84

Z14 vol 23 ¼ 480 str 91-92

 

Beans

Z vol 20 1270 str 53 ½-55

F vol 18 ¼ 1270 str 74 ½-76

H vol 19 ¼ 1260 str 109-112

K vol 18 ½ 1240 str 127-131

N vol 18 ¼ 1240 str 141-146

X14 vol 18 1160 str 160-166

 

Wheat

Z vol 20 ½ 680 str 29-31

F vol 20 690 str 43-46

H vol 21 690 str 64-66

K vol 22 700 str 84-87

N vol 22 ¼ 690 str 96-99

 

KC Wheat

Z vol 20 750 str 31-33

H vol 20 ¼ 750 str 67-70

K vol 20 ¾ 750 str 84-87

N vol 21 ¼ 730 str 98-102

 

No Minneapolis wheat information today

 

Meal

Z vol 24 420 str 20.5-22.5

F vol 22.25 410 str 29-31

H vol 21.5 390 str 37-39

K vol 19.5 380 str 43-45

N vol 19.5 380 str 46-49

 

Bean oil

Z vol 15.75 40.5 str 125-140

F vol 16.25 40.5 str 200-230

H vol 16.5 41 str 290-315

K vol 16.5 41.5 str 360-390

N vol 16.5 41.5 str 410-440

 

Crush quotes

 

OPEN             CLOSE

DEC           81.5-82          84-85

JAN           69-69.5          69.5-70

MCH         64.4-65          64-65

MAY          63.5-64          63.5-64

JLY              64-64.5          64-65

AUG          67.5-70          67.5-68

SEP            86-89.5           86-88

DEC 14      72-73              72.5-73

 

Crush player

 

Tenco sold 100 Jan/Dec/Dec at 85