From the Floor – An Afternoon Recap 5/23/13

News

·         The rumor I emailed earlier – China buying SRW US wheat. Now I am hearing they were asking for offers on the wheat and did NOT buy any.

·         Argentina workers at Rosario port sign agreement to end strike

·         Hearing China washing out some June July Brazilian bean cargos because they did not want to price July futures

·         Argentina’s Ag Min estimated Argentina’s ‘12/13 bean crop at 50.6 MMT vs. previous estimate of 51.3 MMT

·         Argentina Ag Min estimated Argentina’s ‘12/13 corn crop at 25.7 MMT unchanged from previous estimate

·         Argentina Ag Min estimated Argentina’s ‘12/13 wheat crop at 9.0 MMT unchanged from previous estimate

·         Egypt Meditrade bought 20K sunflower oil for June shipment

·         Tunisia bought 75K tons of optional origin wheat and bought 25K optional origin barley for June/July shipment

·         Taiwan MFIG seeks 40-60K tons of optional origin corn for August shipment

·         UK Farm Ministry estimated ‘12/13 wheat imports at 2.54 MMT vs. previous estimate of 2.26 MMT

·         CEC estimated South Africa’s 2013 corn crop at 11.44 MMT vs. previous estimate of 11.562 MMT

·         November beans closed above the 50 day moving average of 1230. Nov beans settled at 1243

·         July corn closed above the 50 day moving average of 653. July corn settled at 662

·         July wheat closed below the 50 day moving average of 707. July wheat settled at 703 ¼

·         July bean oil closed above the 50 day moving average of 4956. July bean oil settled at 4966

·         Dec bean oil closed below the 50 day moving average of 4881. Dec bean oil settled at 4878

·         Dec meal closed below the 100 day moving average of 352.00. Dec meal settled at 351.40

·         Malaysian palm oil market closed tomorrow for public holiday

·         June options expire tomorrow at 115 pm CDT

·         Weekly COT report comes out tomorrow at 230 pm CDT

·         Open outcry option players

o   New Edge bought 1,000 Sept bean 1100/1200 call spreads at 87 ½

o   New Edge sold 1,000 March bean 1000/1100 call spreads at 84-84 ½

o   Edf Mann bought 900 Nov bean 1240 calls at 60 ½ -61 ½

o   GFI bought 500 Nov bean 1240 calls at 64-66 ½

o   Rand bought 2,000 Nov 1000 puts and sold 1,000 Nov bean 1100 puts at 6 credit

o    New Edge sold 1,000 Nov bean 1040/1100 call spreads at 51 ½ -52

o   Tenco sold 1,000 July bean 1500/1540 call spreads at 17

o   ADM bought 1,000 July bean 1400 puts at 6-6 3/8

o   GFI bought 1,000 July bean 1460/1400 put spreads at 11-11 ¼

o   GFI bought 1,000 July bean 1460/1500 put spreads at 11 ½

o   ABN sold 1,000 July bean 1500/1540 call spreads at 18 ½

o   FC Stone sold 1,000 July bean 1550/1600 call spreads at 17

o   Bunge bought 1,000 July bean 1480/1440 put spreads at 10 ½ -10 7/8 .

o   New Edge bought 1,500  July bean 1460/1430 put spreads at 6 ½ and bought 150 July futures at 1515

o   Tenco sold 1,000 July bean 1500/1540 call spreads at 19

o   ? bought 2,000 Nov bean 1300 calls at 40 ¼ tied to 1241

o   Macquarie bought 1,000 Sept corn 600 calls at 18 ¼ sold 320 Sept futures at 555

o   Rand bought 1,000 June corn 655/660 call spreads at 1 7/8 and sold 160 July futures at 654

o   RJO bought 2,500 Dec corn 650 calls at 8 7/8 -9 ¼ (They bought 3,500 yesterday at 7 ¾ -9 ¼ )

o   Big local bought 1,000 July corn 680 calls at 12 ¾

o   GFI sold 1,000 July wheat 730/750 call spreads at 5

o   Merrill Lynch bought 1,000 July wheat 750 calls/620 put combos at 5 ¼ tied to futures at 702

o   ADM bought 1400 Sept wheat 560 puts at 2 ½

o   JP Morgan bought 600 July meal 420 calls at 23-23.30

o   Mizuho sold 1,000 July bean oil 50 calls at 60

Estimated fund activity

·         Wheat bought 5K

·         Corn bought 4K

·         Beans bought 5K

·         Meal sold 2K

·         Bean oil  bought 1K

Closing vols and ATM straddles

 

Corn

M vol 27 ½ 660 str 10 ½- 11 ½

N vol 26 ¾ 660 str 40-41

Q vol 31 ¼ 560 str 58 ½ -60 ½

U vol 31 560 str 69 ½-71

Z vol 27 ¼ 530 str 81 ½-82 ½

H vol 25 ¼ 540 str 93 ½ -95 ½

 

Beans

M vol 29 1490 str 25-26 ½

N vol 22 ¾ 1490 str 77-78 ½

Q vol 22 ½ 1410 str 105 ½ -108

U vol 21 1300 str 107 ½-110

X vol 19 ¾ 1240 str 125 ½-128

F vol 18 ¾ 1240 str 125 ½ -128

H vol 18 ¼ 1240 str 153-158

 

Wheat

M 700 str 10-12

N vol 25 ¾ 700 str 40-42

Q vol 27 ¾ 710 str 65-67

U vol 27 ¾ 710 str 78-80

Z vol 26 720 str 104-106

 

Minneapolis wheat

N vol 21 820 str 36-42

U vol 22 ½ 810 str 70-77

Z vol 21 820 str 94-104

H vol 21 830 str 105-120

 

KC Wheat

N vol 22 ½ 790 str 39-43

U vol 25 760 str 73-80

Z vol 25 780 str 102-112

H vol 24 740 str 124-134

Meal

N vol 26.5 440 str 26-28

Q vol 24.25 410 str 33.5-35

U vol 23.75 380 str 36-38

V vol 23.25 350 str 36.5-38.5

Z vol 22 350 str 42.5-44.5

F vol 21 350 str 44.5-47.5

 

Bean oil

N vol 17.75 49.5 str 185-200

Q vol 18.25 49.5 str 285.305

U vol 18.25 49.5 str 340-365

V vol 17.75 49 str 375-405

Z vol 17.75 49 str 460-490

F vol 17.5 48.5 str 490-520

 

Thank you,

Kate Rosenberg