News From The Grain Floor

Good morning

 

“Thank you, God, for giving me strength and making me a ballplayer.”

Jim “Catfish” Hunter

 

I apologize for the abbreviated morning letter. I will send additional news from last night and this morning in a little while.

 

July options expire today on the close

Open interest in July options

  • Corn – July futures currently at 669, Dec futures currently at 558
    • 650 calls 9,681 open
    • 650 puts 13,450 open
    • 660 calls 11,749 open
    • 660 puts 11,280 open
    • 670 calls 9,114 open
    • 670 puts 8,712 open
    • 680 calls 7,674 open
    • 680 puts 5,020 open
    • Short dated (expires today goes off Dec future) 550 calls 3,586 open
    • Short dated 550 puts 10,387 open
    • Short dated 560 calls 5,260 open
    • Short dated 560 puts 2,927 open
  • Beans – July futures currently at 1499 , Nov futures currently at 1279
    • 1480 calls 3,435 open
    • 1480 puts 3,844 open
    • 1500 calls 7,029 open
    • 1500 puts 7,741 o[pen
    • 1510 calls 1,315 open
    • 1510 puts 4,559 open
    • Short dated 1280 calls 3,455 open
    • Short dated 1280 puts 1,590 open
    • Short dated 1300 calls 1,047 open
    • Short dated 1300 puts 647 open
  • Meal – July futures currently at 447.00
    • 440 calls 1,276 open
    • 440 puts 976 open
    • 450 calls 2,296 open
    • 450 puts 2,406 open
  • Bean oil – July futures currently at 4836
    • 48 calls 1,559 open
    • 48 puts 3,810 open
    • 48.5 calls 664 open
    • 48.5 puts 2,580 open
    • 49 calls 1,049 open
    • 49 puts 2,979 open
  • Wheat – July futures currently at 699
    • 680 calls 1,104 open
    • 680 puts 2,174 open
    • 690 calls 1,570 open
    • 690 puts 1,787 open
    • 700 calls 5,028 open
    • 700 puts 6,269 open
    • 710 calls 2,108 open
    • 710 puts 1,500 open

 

Overnight closes

  • SN up 1 ½ at 1499
  • SX down 5 ¾ at 1279 ¼
  • CN down 3 ½ at 669 ¾
  • CZ down 2 ¾ at 557 ¾
  • WN down 1 ½ at 699
  • WU down 1 ¼ at 706 ½
  • SMN up 1.70 at 447.30
  • SMZ down 1.80 at 377.90
  • BON down 2 at 4838
  • BOZ down 5 at 4717
  • RRN up 6.50 at 1604

 

Overnight volume

  • SN 5,879
  • SX 18,109
  • CN 4,484
  • CZ 6,813
  • WN 5,274
  • WU 4,276
  • SMN 3,570
  • SMZ 5,218
  • BON 4,072
  • BOZ 6,380
  • RRN 115

 

Opening calls

  • Beans 4-6 lower
  • Corn 2-4 lower
  • Wheat steady lower
  • Meal mixed
  • Bean oil steady to 10 lower
  • Rice 5-7 higher

 

Dollar higher. Stock market higher. Silver lower. Crude lower. Gold higher

 

Nikkei up 1.656%

Hang Seng down .587%

Shanghai Index down .497%

 

Argentina markets closed for holiday . trading resumes Monday.

 

Palm oil down 24. Chinese grain markets lower

 

TALK China is buying and or seeking US ,Canadian, and or  Australian wheat for reserves

 

CNGOIC said China’s palm oil stocks at ports at 1.24 MMT vs. 900K tons a year ago

 

South Korea bought 55K tons of Argentine origin soymeal for October shipment

 

South Korea importing samples of French wheat and exploring options to import European milling wheat due to GM wheat found in Oregon

 

Iraq seeks 50K optional origin wheat

 

46 bean oil receipts were canceled yesterday afternoon

  • 22 out of Cargill Buffalo IA
  • 24 out of Bunge Decatur IN

 

Favorable Midwest weather pattern for corn and bean development with warmer temps and less rain in forecast the next 5 days

 

Open interest as of yesterday’s close

  • CN 164,855 open, down 16,822
  • CZ 536,543 open, up 2,581
  • Total corn 1,232,170 open, down 7,074
  • SN 123,435 open, down 8,901.
  • SX 348,508 open, up 1,511
  • Total beans 324,036 open, down 467
  • SMN 54,870 open, down 7,611
  • SMZ 148,881 open, up 3,871
  • Total meal 317,563 open, down 2,178
  • BON 53,632 open, down 12,906
  • BOZ 153,566 open , up 3,854
  • Total bean oil 347,368 open, down 4,006
  • WN 66,879 open, down 13,736
  • WU 134,986 open, up 6,739
  • Total wheat 419,267 open, down 1,280

 

Upcoming reports/events

  • Weekly COT report comes out today at 230 pm CDT
  • Dec meal will be top step Monday
  • Sept wheat will be top step Monday
  • Weekly US export inspections comes out on Monday at 10 am CDT
  • Weekly US crop progress report comes out on Monday at 3 pm CDT
  • Brazilian port workers may strike on June 25th
  • Argentine farm leaders meet on June 25th to discuss government and possibility of more strikes.
  • Surveyors SGS and Intertek Agri Services come out on Tuesday with their Malaysian June 1-25th palm oil export estimates
  • June 27th is position day for July futures and June 28th is First Notice Day for July futures
  • USDA grain stocks and Planted acreage report comes out on June 28th at 11 am CDT
  • June 28th is month end and the end of the quarter.

 

Thank you,

 

Kate Rosenberg