From The Floor-An Afternoon Recap

News

  • Egypt bought 180K tons of French wheat and 60K tons of Romanian wheat for Dec shipment
  • Weekly US ethanol stocks were down 12,000 from a week ago and 15.15 million
  • Weekly  US ethanol output was 927,000 up 25,000 from a week ago
  • SGS Egypt Ltd. estimated GASC ‘13/14 wheat imports at 5.2 MMT vs. 6.0 MMT in ‘12/13
  • SGS said Egypt GASC may buy 3.5-3.7 MMT  of local wheat in ‘13/14
  • SGS estimated Egypt’s ‘13/14 wheat crop at 9-9.3 MMT
  • SGS estimated Egypt’s total wheat imports at 7.5 MMT
  • SGS estimated Egypt’s corn imports at 6.5 MMT
  • SovEcon estimated Nov Russian grain exports at 2.0-2.1 MMT vs. 2.5 MMT in Oct
  • Nov beans expired today at noon CST . Nov beans settled at 1317 ¼ and the Nov/Jan bean spread settled at 5 ¾
  • Dorab Mistry said palm oil futures to trade between 2,400-2,600 ringgits through the end of the year and said prices may go above 2,800 ringgits in January and February due to good Indonesian biodiesel demand and poor output. Palm oil closed at 2588 this morning
  • March KC and Chicago wheat will be top step (spot month) tomorrow
  • Surveyors SGS and Intertek Agri Services comes out tomorrow with their Nov 1-15th palm oil export estimates
  • Weekly US export sales report comes out tomorrow expecting
    • Wheat 350-550K
    • Corn 800K – 1.0 M
    • Beans 900K – 1.2 M
    • Meal 200K – 350K
    • Bean oil 25-50K
  • Informa comes out tomorrow with their 2014 US acreage estimates . Previously they estimated
    • All wheat acres at 57.7 million
    • Corn acres at 91.7 million
    • Bean acres at 83.9 million
  • Weekly COT report comes out tomorrow at 230 pm CST
  • Open outcry option players – very quiet today
    • New Edge bought 5,000 Nov 2014 bean 1040/1060 put spreads at 5 1/8
    • Rosenthal bought 2,200 Jan bean 1350 calls at 13 – 14 ½
    • ADM bought 1,500 Dec corn 420 puts at 2 ¼ -2 3/8
    • ICAP bought 700 July wheat 650 puts at 35 ½
  • NOPA October crush report comes out tomorrow at 11 am CST . Expecting
    • Crush average estimate 154.3 MB  vs. Sept crush of 108.68 MB and vs. Oct 2012 crush of 153,536 MB
    • Bean oil stocks average estimate 1.491 billion lbs. vs. Sept bean oil stocks of 1.372 B and vs. Oct 2012 bean oil stocks of 2.188 B
    • No estimate is given for meal exports. In September meal exports were 306,226 tons and in Oct 2012 meal exports were 819,786 tons

 

Estimated fund activity

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

 

Crush quotes

 

 

                   OPEN          CLOSE

DEC            55-65              —

FZZ             69-70             70-70.5

JAN            59-60             61-62

MCH          59.5-60         59.5-60

MAY          60.5-61         60-60.5

JLY             60-60.5          60-60.5

AUG         61-64              61-64

SEP            82-85             82-85

OCT          75-76              76-77

DEC 14     72-72.5          73-73.5

 

Crush players

 

Tenco sold 50 Jan at 60

 

Rosenthal sold 40 May at 60