News From The Floor-An Afternoon Recap

News

  • CNGOIC said that the USDA overestimated China’s ‘13/14 feed wheat use. USDA estimated it at 26.0 MMT vs. previous estimate of 25.0 MMT and vs. 25.0 MMT in ‘12/13 . Corn prices in China are lower than wheat prices in China. – Bloomberg
  • MDA Weather Services toured 53 corn fields across IN, IL, IA , MN, SD, and NE last week.
    • Average corn yield for the tour was 198.9 BPA
    • Toured 19 fields in IA and said average yield was 201.9 BPA vs. USDA Iowa yield estimate of 163.0 BPA
    • Toured 4 fields in IN and said average yield was 164.2 BPA vs. USDA Indiana yield estimate of 166.0 BPA
    • Toured 16 fields in IL and said average yield was 208.4 BPA vs. USDA Illinois estimate of 165.0 BPA
    • Toured 5 fields in MN and said average yield was 214.3 BPA vs. USDA estimate of 166.0 BPA
    • Toured 6 fields in SD and said average yield was  193.9 BPA vs. USDA South Dakota estimate of 138.0 BPA
    • Toured 3 fields in NE and said average yield was 159.5 BPA vs. USDA Nebraska estimate of 161.0 BPA
  • Hearing Cordonnier estimated 2013 US corn yield at 154.0 BPA unchanged from his previous estimate and vs. USDA estimate of 154.4 BPA
  • Hearing Cordonnier estimated 2013 US bean yield at 42.0 BPA unchanged from his previous estimate and vs. USDA estimate of 42.6 BPA
  • Egypt FIHC bought 52K tons of bean oil for Sept shipment
  • Britain’s customs data showed they imported 276,451 tons of wheat in June .
  • Britain’s customs data showed Britain imported 2.96 MMT of wheat in ‘12/13 more than triple the amount from ‘11/12
  • Today was the last day of the Goldman Sachs roll. In the last minute of trade
    • Wheat – 9,000 traded on the screen at 13 ¼
    • KC Wheat – 2,957 traded on the screen at 5 ¾
    • Corn – 18,762 traded on the screen at 8 and 761 traded in the pit in the last minute of trade at 8. On the post (modify) JP Morgan sold 1,000 UZ 500 at 7 ¼ and 500 at 7 ½ . Rosenthal bought 500 UZ at 7 ½
  • Argentine soybean crushing workers in Rosario will hold a 24 hour strike tomorrow
  • Weekly API energy inventory report comes out today at 330 pm CDT
  • Weekly DOE #s come out tomorrow at 930 am CDT expecting
    • Crude a draw of 1.5 MB
    • Gas a draw of 1.6 MB
    • Distillates a build of 1.0 MB
  • Weekly US ethanol plant production report comes out tomorrow at 930 am CDT
  • Last trading day for August futures is tomorrow. Futures expire at noon CDT.
  • Open outcry option players
    • Tenco bought 1,500 Oct soybean 1190 puts and sold 300 Nov 1230 straddles at even.
    • ICap bought 1,500 Nov bean 1200 puts at 29-29 ½ and bought 1,500 Nov bean futures at 1228-1229
    • Tenco bought 1,000 Nov 1340 bean calls at 9 3/8 and sold 180 Nov futures at 1232
    • Rosenthal bought 500 Oct soybean 1220 puts at 26
    • FI bought 3,000 Oct corn 440 puts at 7 ¼ -8
    • ADM bought 1,000 Sept short dated corn 480 calls at 2
    • ADM bought 600 Dec wheat 700 calls and sold 600 Nov wheat 680 calls at ¾ credit
    • Mizuho sold 250 Dec meal 350 puts at 9.75
    • Tenco bought 1,000 Dec meal 400 calls sold 1,000 Dec meal 320 puts at 6.00 debit
    • Rosenthal bought 500 Oct bean oil 42 calls at 25
    • JP Morgan bought 1,000 Dec bean oil 40 puts at 40 tied to futures at 4315
  • Malaysia Palm Oil Board July data report comes out tomorrow. Based on a Reuters survey – estimates for the report
    • Palm oil stocks expecting 1.60 MMT vs. 1.65 MMT in June
    • Palm oil output expecting 1.56 MMT vs. 1.42 MMT in June
    • Palm oil exports expecting 1.45 MMT vs. 1.41 MMT in June

 

Estimated Fund Activity

  • Wheat sold 3K
  • Corn sold 15K
  • Beans bought 3K
  • Meal bought 1K
  • Bean oil bought 2K

 

Closing vols and ATM straddles

 

Corn

U vol 28 460 str 16 ½-18

V vol 26 ½ 450 str 30-31 ½

X vol 25 ¾ 450 str 40 ½-42

Z vol 24 ½ 450 str 46-47

H vol 23 ½ 460 str 62-63

K vol 23 ¾ 470 str 70-71 ½

Z vol 20 ¾ 480 str 88-90

 

Beans

U vol 21 ¼ 1260 str 36-38

V vol 20 1230 str 62 ½-64 ½

X vol 18 ¾ 1230 str 82-84

F vol 18 1220 str 106-109

H vol 18 1220 str 126-130

K vol 18 1180 str 137-142

 

Wheat

U vol 21 630 str 17-18

V vol 21 640 str 34-36

Z vol 20 ½ 640 str 54-56

H vol 21 650 str 79-81

K vol 22 660 str 97-100

N vol 22 ¾ 660 str 110-112

 

KC wheat

U vol 21 690 str 19-21

V vol 20 ½ 700 str 36-38

Z vol 20 700 str 57-59

H vol 21 ½ 710 str 83-87

 

No Minneapolis wheat info today

 

Meal

U vol 34 400 str 18-20

V vol 26 380 str 25.5-27.5

Z vol 24 370 str 37-39

F vol 23.5 370 str 41.5-43.5

H vol 22.25 370 str 47-49

K vol 21.75 370 str 52-55

 

Bean oil

U vol 16.75 42.5 str 90-105

V vol 16.5 42.5 str 175-190

Z vol 16 43 str 275-295

F vol 15.75 43 str 315-340

H vol 15.75 43.5 str 375-400

K vol 15.75 44 str 440-470

 

Crush quotes

OPEN           CLOSE

AUG    20-30           45-55

SEP      99-1.01       93.5-95.5

OCT     70-71           69-71

DEC      64-64.5       64-64.5

JAN      64.5-65       64.5-65

MCH    66-67           67.5-68

MAY     67-68          68-69

JLY         68.5-69       68-69

 

Crush player

 

Tenco sold 30 XUU at 1.25

 

Thank you,

 

Kate Rosenberg