From The Floor-An Afternoon Recap

News

  • Egypt GASC is in for wheat for Dec shipment
  • China rejected one US corn cargo because it contained unapproved GMO grain variety
  • Infestations of the Helicoverpa caterpillar in Brazil’s grain belt prompted the agriculture ministry on Monday to declare a state of emergency in the leading soy state of Mato Grosso, highlighting the potential risk to large parts of the crop. The ministry of supply declared a state of emergency in Bahia – Reuters
  • Dec corn made new contract lows of 411 ½ . The old contract low was 415 ½ .
  • Weekly US export inspections report came out today at 10 am CST
    • Wheat at 18.113 MB expecting 6-15 MB
    • Corn 30.76 MB expecting 14-25 MB
    • Beans 87.809 MB expecting 60-87 MB
  • Safras e Mercado weekly Brazilian report
    • As of Nov 14th Brazil has sold 95% of their ‘12/13 bean crop vs. 98% a year ago vs. 87% two years ago and vs. 92% five year average
    • As of Nov 14th Brazil has sold 33% of their ‘13/14 bean crop vs. 48% a year ago vs. 31% 2 years ago and vs. 28% five year average
    • As of Nov 14th Brazil bean planting is 73% complete vs. 59% a week ago vs. 66% a year ago and vs. 64% five year average
    • Estimated ‘13/14 Brazilian corn crop at 75.2 MMT vs. previous estimate of 77.2 MMT vs. USDA estimate of 70.0 MMT and vs. ‘12/13 crop of 82.1 MMT
  • Iran bought 35,000 Black Sea origin corn for Nov shipment
  • Jan beans closed above the 50 day moving average of 1286 ½. Jan beans settled at 1287 ½
  • Weekly US crop progress comes out today at 3 pm CST expecting
    • Corn harvest 87-91% complete
    • Bean harvest 94-98% complete
    • Winter wheat condition unchanged from a week ago
  • March corn will be top step (spot month) tomorrow
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • Open outcry option players
    • ABN sold 700 Jan bean 1220 puts at 7-7 ½
    • Jefferies bought 20,000 March corn 430/450 call spreads at 7 ½ (My broker believes they are rolling down their March 450 call position)
    • Jefferies bought 4,000 Dec corn 420 puts and sold 4,000 Jan corn 430 puts at 6 ½ credit (My broker believes they are rolling their short Dec position into Jan)
    • ADM bought 1,000 Dec corn 400 puts at 7/8
    • JP Morgan bought 1,000 March corn 400 puts at 8
    • ABN sold 1,000 Dec corn 380 puts at a ¼
    • Jefferies bought 400 March wheat 680/710 call spreads at 7 ¼ -7 3/8
    • Jefferies bought 500 March meal 390 puts and sold 500 Jan meal 390 puts at 7.75 debit
    • ADM bought 500 Dec meal 415 puts at 5.00
    • New Edge bought 400 Jan bean oil 40 puts and sold 400 March bean oil 43 calls at 10 debit

 

Estimated fund activity

  • Wheat sold 1,000
  • Corn sold 12,000
  • Beans bought 4,000
  • Meal bought 2,000
  • Bean oil sold 2,000

 

Closing vols and ATM straddles

 

Corn

Z vol 20 410 str 10-12

F vol 20 420 str 21 ½-23

H vol 21 ½ 420 str 36 ½-38

K vol 20 ½ 430 str 47 ½-49

N vol 21 ¾ 440 str 57 ½-59.

U vol 23 440 str 69 ½-71

Z14 vol 21 ½ 450 str 77-78

 

Beans

F vol 15 ½ 1290 str 52 ½-54

G vol 17 1270 str 72 ½-74

H vol 17 ¼ 1280 str 88-89 ½

K vol 16 ¾ 1260 str 107-110

N vol 16 ½ 1260 str 124-127

X vol 16 ¼ 1160 str 142-145

 

Wheat

Z vol 21 650 str 10-12

F vol 17 650 str 28-30

H vol 18 650 str 47-49

K vol 19 ½ 660 str 66-68

N vol 20 ¾ 660 str 81-83

 

KC Wheat

Z vol 16 690 str 10-12

H vol 16 700 str 44-48

K vol 17 ¾ 700 str 63-67

N vol 19 ¼ 690 str 79-83

 

Minneapolis wheat

Z vol 13 ½ 700 str 9-14

H vol 15 710 str 40-45

K vol 16 ½ 710 str 60-65

N vol 18 720 str 75-85

U vol 18 730 str 80-90

Z14 vol 18 730 str 95-110

 

Meal

Z vol 24 420 str 10.5-12.5

F vol 19.5 410 str 21-23

H vol 19.25 400 str 32.5-34.5

K vol 18.75 390 str 38-41

N vol 18.25 380 str 42.5-45.5

Q vol 18.25 380 str 44-48

 

Bean oil

Z vol 16.75 40.5 str 50-65

F vol 16.25 40.5 str 160-175

H vol 16.25 40.5 str 260-275

K vol 16 41 str 330-365

N vol 16 41.5 str 390-415

Q vol 16 41.5 str 410-450

 

Crush quotes

 

OPEN            CLOSE

FZZ         66.5-67         68,5-69

JAN        59-69.5         59.5-60

MCH      58-58.5         58.5-59

MAY      59-60             59-59.5

JLY          59-60             59-59,5

AUG      61-65              62-65

SEP         82-85             82-84

OCT        75.5-77         75-76

DEC         72-72.5         71.5-72

 

No crush players today