From The Floor-An Afternoon Recap 07/08/2014

News

 

Talk/Reports South Korea bought 60,000 South American origin soymeal for November shipment

 

Egypt GASC is in for wheat for August shipment. Should have results tomorrow morning.

 

Cordonnier weekly crop estimates

  • 2014 US corn yield estimated at 165.0 BPA unchanged from previous estimate
  • 2014 US bean yield estimated at 45.0 BPA unchanged from previous estimate
  • ‘14/15 Brazilian bean crop estimated at 93.0 MMT
  • ‘14/15 Brazilian corn crop estimated at 78.0 MMT
  • ‘14/15 Argentine bean crop estimated at 55.0 MMT
  • ‘14/15 Argentine corn crop estimated at  25.0 MMT

 

French Farm Ministry 2014 French crop estimates

  • Soft wheat crop estimated at 36.5 MMT vs. 36.9 MMT a year ago
  • Barley crop estimated at 11.3 MMT vs. 10.3 MMT a year ago
  • Durum crop estimated at 1.4 MMT vs. 1.8 MMT a year ago
  • Rapeseed crop estimated at 5.2 MMT up 19% from a year ago

 

Weekly  API energy inventory report comes out today at 330 pm CST

 

China to auction 5.0 MMT of corn from reserves tomorrow and Thursday

 

CONAB comes out tomorrow morning about 7 am with their ‘13/14 Brazilian crop estimate updates. Previous estimates were

  • Bean crop estimated at 86.1 MMT
  • Total corn crop estimated at 77.9 MMT
  • Wheat crop estimated at 7.37 MMT

 

Weekly DOE energy inventory report comes out tomorrow at 930 am CST . Expecting

  • Crude a draw of 2.75 MB
  • Gas a draw of 450,000
  • Distillates a build of 1.0 MB

 

Weekly US ethanol plant production report comes out tomorrow at 930 am CST

 

Estimated fund activity

  • Wheat sold 1K
  • Corn sold 6K
  • Beans sold 6K
  • Meal sold 2K
  • Bean oil sold 2K

 

Open outcry option players

 

Corn:

FI sold 2000 Z 400 calls/bot 1000 SX 1120 puts

Bache bot 1000 U 450 puts

Bunge bot 500 Z 400 puts/sold 1000 Z 450 calls

ICAP sold 750 Q 410 calls/bot 232 CU

ICAP sold 500 U 400 calls/bot 230 CU

RJO bot 500 short dated U 420-440-460 call fly

RJO sold 500 Z 410 straddles

RJO sold 500 Q 385 straddles

FI sold 500 Z 400 calls

ADM sold 500 Z 400 calls

 

Beans:

ABN sold 2000 X 1160-1200 call spreads

ABN sold 1000 X 1140-1100 put spreads/sold 120 SX

ABN bot 500 X 1100 puts/bot 220 SX

ABN bot 500 X 1100 puts/sold 500 X 1200 calls

ABN sold 400 X 1200 calls/sold 1000 X 1140-1100 put spreads

JPM sold 1000 X 1200-1260 call spreads/bot 170 SX

RJO sold 800 short dated U 1120-1100 put spreads

RJO bot 500 X 1100-1000 put spreads

RJO bot 600 X 1120-1060 put spreads/bot 102 SX

ADM bot 800 X 1020 puts

ADM sold 800 Q 1300 calls

ADM bot 400 Q 1280 puts

Mizuho bot 1500 short dated U 1140 calls

Tenco sold 500 X 1020 puts/sold 85 SX

FCS sold 400 X 1120 straddles

FI bot 400 X 1120 puts

Drax bot 500 X 1040-1000 put spreads/bot 50 SX

Man sold 500 X 1200-1100 put spreads/sold 150 SX

Bache bot 400 H 1120 puts/sold 800 H 1040 puts

Bache bot 400 X 1140-1060 put spreads/bot 92 SX

GFI bot 250 X 1120 puts/sold 500 X 1040 puts

 

Wheat:

ABN bot 1100 U 550 puts/sold 550 U 590 puts

GSA sold 500 U 600-540 put spreads

New Edge bot 500 KCU 670 puts/sold 500 KCZ 630 puts/sold 500 KCZ 740 calls

 

Oil:

ICAP bot 14000 H 40-42 call spreads

ICAP bot 300 Z 40-41 call spreads

New Edge bot 500 Z 38 ½ puts/sold 500 F 41 ½ calls-36 put strangles

New Edge bot 500 U 38 puts/sold 500 F 42 calls

FCS sold 300 Q 40-37 ½ put spreads/bot 300 Q 40 ½ calls

FCS sold 200 Q 39-37 put spreads/bot 200 Q 41 ½ calls

FI bot 300 Z 37 puts

RJO sold 250 V 40-38 put spreads

RJO sold 300 Z 37 puts

 

Meal:

Bache bot 1500 H 360 puts

Bache sold 600 U 410 calls

RJO sold 200 Q 410 puts

Macquarie sold 200 Q 405 calls

JPM sold 200 H 360 puts

 

Crush:

RJO sold 10 N 80 calls at 8-10

RJO bot 15 N 80 calls at 10

RJO bot 1 H 80 put at 10

RJO sold 10 K 80 calls at 8

RJO sold 5 Z 86 calls at 10

ADM sold 25 N 80 calls at 9

 

Closing vols and ATM straddles

 

Corn

Q vol 22 ½ 400 str 15-16 ½

U vol 22 ¼ 400 str 25-25 ¾

V vol 21 ¼ 400 str 31 ½-32 ½

Z vol 20 ¾ 400 str 40 ½-41 ½

H vol 21 410 str 54-55

K vol 21 ¼ 420 str 62 ½-64 ½

N vol 21 ½ 430 str 71 ½ -73 ½

Z 15 vol 21 ¾ 400 str 81 ½-83 ½

 

Beans

Q vol 21 1250 str 45-47

U vol 21 ¾ 1140 str 69-71

X vol 21 1120 str 101-103 ½

H vol 18 ½ 1140 str 130-134

K vol 17 ½ 1140 str 140-144

N vol 17 1140 str 147-150

 

Wheat

Q vol 24 ½ 560 str 23-25

U vol 22 ¼ 560 str 34-36

Z vol 20 ¼ 680 str 56-58

H vol 19 ¾ 600 str 73-76

K vol 19 ¾ 620 str 85-89

 

KC wheat

Q vol 23 ¾ 660 str 27-29

U vol 21 ¾ 660 str 39-42

Z vol 19 ½ 670 str 62-66

H vol 19 680 str 80-85

K vol 19 680 str 89-95

 

Minneapolis wheat

U vol 19 660 str 32-38

Z vol 17 ½ 670 str 54-60

H vol 17 680 str 71-81

 

Meal

Q vol 24 400 str 17.5-19

U vol 23 370 str 25.5-27

V vol 22 360 str 30.5-32

Z vol 22.25 360 str 40-41.5

F vol 20.75 360 str 40.5-42.5

 

Bean oil

Q vol 17 38 str 105-125

U vol 17.25 38 str 175-190

V vol 17.25 38 str 230-240

Z vol 16.75 38 str 295-310

F vol 16.5 38 str 325-340

 

Crush quotes

 

Open                     Closes

 

Aug        50.5-51                 51.0-52.0

Sep        106-107                 100-101

Oct         91-92.5                 91-92.5

Dec        86.5-87                  87.25-87.75

Jan         78.75-79.5            79-79.75

Mch       78.25-79.5           77.5-78.25

May       77.5-79.75           77-78.0

Jly5         77.5-79.5             77.0-77.5

 

Crush and oil share players

  • RJO sold 120 Dec crush at 87
  • RJO bought 40 Dec crush at 86.5
  • No oil share players today

 

 

Data sources: DowJones , Bloomberg, Reuters , DTN news, barchart.com and CME Group, NYSE