From The Floor-An Afternoon Recap

News

  • CME Group revised position change for Dec and March Chicago and KC wheat. The position change will be Friday 11/15 with March going top step.
  • USDA announced 123,000 tons of US beans sold to China for ‘13/14 delivery (forgot to add this to my morning email)
  • Egypt Meditrade bought 27,000 sunflower oil and 5,000 bean oil for Dec/Jan shipment
  • Lanworth estimates
    • ‘13/14 US corn production at 13.944 BB vs. previous estimate of 13.938 BB
    • ‘13/14 US bean crop at 3.287 BB vs. previous estimate of 3.293 BB
    • ‘14/15 China wheat crop estimated at 124.0 MMT up 2% from ‘13/14 estimate
    • ‘14/15 EU wheat crop estimated at 146 MMT up 2% from a year ago
  • Strategie Grain estimated EU28 2014 soft wheat area at 24 MH vs. 23.2 MH in 2013
  • Strategie Grain estimated EU28 2014 soft wheat crop at 140.0 MMT vs. 135.0 MMT in 2013
  • HGCA estimated 2014 UK wheat area at 1.98 MH up 22% from 2013
  • HGCA estimated 2014 UK rapeseed area at 740,000 hectares up 3% from a year ago
  • Analyst in Libya estimated ‘13/14 wheat imports at 1 MMT
  • Today was the last day of the Goldman Sachs roll. In the last few minutes of trade
    • Corn  – 18,591 Dec/March spreads traded on the electronic platform at 10 ½
    • Corn –  700  Dec/March spreads traded in the pit at 10 ½
    • Wheat –  9,879 Dec/March spreads traded on the electronic platform at 10
    • Wheat –  85 Dec/March spreads traded in the pit at 10
    • Meal – 2,699 Dec/Jan spreads traded on the electronic platform at 5.20
    • Meal – 80 Dec/Jan spreads traded in the pit at 5.20
    • Bean oil  – 900 Dec/Jan spreads traded on the electronic platform at 29
    • Bean oil – No Dec/Jan spreads traded in the pit today
  • Weekly API energy inventory report comes out today at 330 pm CST
  • Last trading day for Nov futures is tomorrow. Nov futures expire at noon CST
  • Jan meal will be top stop tomorrow.
  • Weekly US jobless claims report comes out tomorrow at 730 am CST
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST
  • Weekly DOE energy inventory report comes out tomorrow at 10 am CST
  • Weekly US ethanol plant production report comes out tomorrow at 10 am CST
  • Open outcry option players
    • FI bought 1,000 March bean 1200 puts at 13
    • Rand bought 1,000 Jan bean 1300 puts at 20 ½ and bought 400 Jan futures at 1317
    • ADM bought 1,000 Jan bean 1270 straddles at 65-66
    • ADM bought 1,300 Jan bean 1270 straddles and sold 1,300 Jan bean 1350 straddles at even to 2 debit
    • GFI bought 1,000 Jan bean 1340 calls and sold 500 Jan 1280 calls at 15 ½ credit
    • GFI bought 1,500 Jan bean 1340 calls and sold 500 Jan 1280 calls at 3 debit
    • GFI sold 1,000 Dec corn 420 puts at 1 5/8 and sold 200 Dec corn at 432
    • FI sold 3,500 Jan corn 420 puts at 3 7/8 – 4 1/8 and sold 770 March corn at 441
    • JP Morgan bought 1,230 March corn 490 calls at 4 and sold 200 March futures at 440
    • RJO sold 800 March wheat 690 calls at 12 ¾
    • Macquarie sold 500 July meal 400 straddles at 44.5-45.0 and sold 25 July futures 394.50
    • Macquarie bought 500 Dec bean oil 40 puts at 121

 

Estimated fund activity

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

 

Closing vols and ATM straddles

 

Corn

Z vol 18 ¾ 430 str 10-11

F vol 18 ¼ 440 str 21 ½-23 ½

H vol 20 440 str 36 ¼-37 ¼

K vol 21 ¼ 450 str 48-49 ½

N vol 22 ¾ 460 str 72 ½-74

Z14 vol 21 ½ 470 str 80 ½-81 ½

 

 

Beans

F vol 15 ¼ 1320 str 55-57

G vol 16 1300 str 74-76

H vol 16 ½ 1300 str 88-90

K vol 16 ¼ 1280 str 107-109

N vol 16 ¼ 1280 str 126-128

X vol 16 1180 str 145-147

 

Wheat

Z vol 16 650 str 12-14

F vol 16 ¼ 660 str 29-31

H vol 18 660 str 48-49 ½

K vol 19 660 str 66-68

N vol 20 660 str 82-83

 

KC wheat

Z vol 14 ¼ 700 str 11-13

H vol 16 ¼ 700 str 47-50

K vol 18 700 str 66-70

N vol 19 ½ 700 str 81-84

 

 

Minneapolis wheat

Z vol 13 ½ 700 str 10-15

H vol 15 710 str 42-49

K vol 16 ½ 720 str 60-67

N vol 18 720 str 74-82

U vol 18 730 str 84-94

Z vol 18 740 str 100-110

 

Meal

Z vol 22.5 420 str 12.5-14

F vol 19.5 420 str 22-23

H vol 19.5 410 str 33-35

K vol 19 400 str 38.5-40.5

N vol 18.5 400 str 44-45

Q vol 18.25 390 str 45-48

 

Bean oil

Z vol 15.5 41 str 75-90

F vol 15.75 41 str 170-185

H vol 16.25 41.5 str 270-280

K vol 16 42 str 340-355

N vol 16 42.5 str 395-415

Q vol 16 4250 str 425-460

 

 

Crush quotes

OPEN             CLOSE

DEC         68-73              60-63.5

FZZ          74-75.5          66.5-67.5

JAN         64-64.5          58-58.5

MCH       60.5-61          58.5-59

MAY       60-61              59.5-60.5

JLY           60-60.5          59.5-60.5

AUG       60.5-63          61-64

SEP         82-85              82-85

OCT        76-78              75-76

DEC 14    73.5-74         72-72.5

 

Crush player

 

ABN sold 100 Jan at 58