From The Floor-Afternoon Recap

News

  • Egypt’s GASC in for wheat for February shipment
  • Ukrainian State Statistics Service said Ukraine 2013 grain crop was 62.99 MMT (record) . Including 22.3 MMT of wheat, 30.9 MMT of corn, and 11.04 MMT of sunseed.
  • Jordan bought 50,000 tons of optional origin wheat
  • Egypt FIHC tenders tonight for 40K sunflower oil for Feb shipment
  • FranceAgriMer estimated ‘13/14 France soft wheat ending stocks at 2.7 MMT vs. previous estimate of 2.4 MMT
  • FranceAgriMer estimated ‘13/14 non-EU soft wheat exports at 11.5 MMT vs. previous estimate of 11.8 MMT
  • FranceAgriMer estimated ‘13/14 corn ending stocks at 2.9 MMT vs. previous estimate of 3.1 MMT
  • Rumor from overnight – Chinese bean boat has been diverted to Taiwan
  • Vietnam Food Association estimated Vietnam’s 2014 rice exports at 6.5- 7.0 MMT vs. 6.7 MMT in 2013 and vs. 2012 record of 7.72 MMT
  • March corn settled below the 50 day moving average of 430. March corn settled at 425 ¾
  • Weekly US jobless claims report comes out tomorrow at 730 am CST
  • Weekly US export sales report comes out tomorrow at 730 am CST expecting
    • Wheat 350-600K
    • Corn 300-550K
    • Beans 750K – 1.0 MMT
    • Meal 50-150K
    • Bean oil 0-35K
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST
  • Open outcry option players
    • ADM bought 1,000 SX 1100/1200 call spreads and sold 1,000 SX 1040 puts at 1-2 credit
    • GFI sold 2,000 SH 1400 calls at 2 1/8 -2 5/8 and bought 200 SH at 1310
    • ADM bought 1,000 SK 1260 puts at 29 ½ -29 ¾
    • Macquarie bought 1,000 SH 1400 calls at 2 7/8 -3
    • Tenco bought 1,000 SH 1400 calls at 3 ¼ -3 ½
    • Tenco bought 1,000 SDFH (March short dated) 1170 calls at 4 and sold 160 SX futures at 1118
    • New Edge bought 1,000 CZ 450/400 put spreads at 21
    • New Edge bought 2,000 CU 400 puts and sold 2,000 CDFU (Sept short dated) 400 puts at 2 ¼ – 2 3/8 debit
    • New Edge bought 1,800 CDFN (July short dated) 390 puts and sold 900 CDFN 420 puts at 3 debit
    • RJO bought 1,000 CU 440 puts at 7/8-1
    • JP Morgan sold 700 WK 600 puts at 17
    • Jefferies bought 600 WN 530 puts at 9 ½-9 5/8
    • Macquarie bought 1,000 WU 590 puts at 37 ¾ -38 ¼ and bought 450 WU at 595
    • RJO bought 500 SMN 370 puts at 6.00
    • Macquarie bought 400 BOG 3850 straddles and sold 400 BOH 3850 straddles at 55 credit

 

Estimated fund activity

  • Wheat sold 3K
  • Corn sold 5K
  • Beans bought 5K
  • Meal bought 2K
  • Bean oil bought 2K

 

Closing vols and ATM straddles

 

Corn

G vol 16 ½ 425 str 8 ½ -9 ½

H vol 17 425 str 18-19

J vol 16 ½ 430 str 23 ½-25

K vol 18 430 str 32-33

N vol 21 440 str 47 ½-48

U vol 23 ¼ 450 str 63 ½-65

Z vol 22 450 str 72-73 ½

 

Beans

G vol 14 ¾ 1320 str 24-25

H vol 14 ¾ 1320 str 49 ½-50 ½

K vol 15 ¾ 1300 str 85-87

N vol 16 ¼ 1280 str 106-110

X vol 16 1120 str 120-125

 

Wheat

G vol 17 ¼ 570 str 12-14

H vol 19 ½ 570 str 27-29

K vol 21 570 str 49-51

N vol 23 580 str 68-70

U vol 23 ½ 590 str 84-87

Z vol 22 600 str 94-98

 

KC Wheat

G vol 15 ½ 620 str 12-14

H vol 17 620 str 27-29

K vol 18 ¾ 620 str 48-51

N vol 21 620 str 67-70

Z vol 20 640 str 93-98

 

Minneapolis wheat

G vol 16 620 str 11-16

H vol 15 620 str 21-28

K vol 17 620 str 41-48

N vol 17 630 str 51-59

U vol 18 ½ 630 str 67-75

Z vol 18 ½ 650 str 83-91

 

Meal

G vol 20.75 440 str 10-13

H vol 20 440 str 22-23.50

K vol 19 420 str 32.50-34

N vol 18.25 410 str 38-39.50

Q vol 18.25 400 str 40-42

Z vol 17 350 str 43-44

 

Bean oil

G vol 16.75 38 str 70-85

H vol 16.25 38 str 140-155

K vol 16.25 38 str 240-265

N vol 16.25 38.5 str 310-330

Q vol 15.75 39 str 340-365

Z vol 15.75 39 str 425-475

 

Crush quotes

 

OPEN                     CLOSE

 

MCH      54.5-55                 55.5-56.5

MAY      44.5-46                  46-47

JLY          46-47                     46-47

AUG      56-60                     58-59

SEP        86-87                      85-87

OCT       79-80                      79-79.5

DEC       73-74                      73.25-73.5

 

Crush players

  • Tenco sold 50 Oct at 79
  • Kottke sold 20 Sept at 87
  • Rand sold 50 March at 55
  • ABN sold 20 May at 45.5
  • RJO sold 100 Dec at 73
  • RJO sold 100 Sept at 86-86.5