From The Floor- An Afternoon Recap 09/09/14

News:

 

Hearing China has been pricing new crop US and South American beans today

 

Linn Group estimated US 2014 corn crop at 14.671 BB vs. previous estimate of 14.518 BB

 

Linn Group estimated US 2014 bean crop at 3.959 BB vs. previous estimate of 3.849 BB

 

Hearing Cordonnier estimated US 2014 corn yield at 170.0 BPA unchanged from his previous estimate

 

Hearing Cordonnier estimated US 2014 bean yield at 45.5 BPA unchanged from his previous estimate

 

AgroConsult estimated Brazil’s ‘14/15 bean area at 31.6 MH vs. 30.1 MH a year ago

 

French Farm Ministry estimated 2014 soft wheat crop at 37.5 MMT vs. previous estimate of 37.3 MMT and up 1.8% from 2013

 

French Farm Ministry estimated 2014 corn crop at 16.0 MMT vs. previous estimate of 15.1 MMT and up 9% from 2013

 

India’s government sources said India’s September 1st wheat stocks at 35.5 MMT vs. target of 17.1 MMT

 

India’s government sources said India’s September 1st milled rice stocks at 17.3 MMT vs. target of 9.8 MMT

 

India’s MMT tenders to import 10,000 tons of rice

 

CSB estimated Czech Republic’s 2014 grain crop at 7.70 MMT vs. previous estimate of 7.06 MMT and vs. 2013 crop of 6.82 MMT

 

Nov beans made a new contract low today of 992

 

Dec corn made a new contract low today of 343

 

Dec wheat made a new contract low today of 523 ¼

 

Dec meal made a new contract low today of 337.00

 

Dec bean oil made a new contract low today of 3167

 

Estimated fund activity:

  • Wheat sold 1,500
  • Corn  sold 3,000
  • Beans  sold 6,000
  • Meal sold 3,000
  • Bean oil sold 2,000

 

Upcoming reports/events:

  • Weekly API energy inventory report comes out today at 330 pm CST
  • SGS and Intertek will estimate Malaysia’s Sept 1-10th palm oil exports tomorrow
  • Malaysian Palm Oil Board comes out tomorrow with their Malaysian August palm oil data report. Based on a Reuters survey expecting,
    • Palm oil stocks average estimate 1.96 MMT (seven month high) in July palm oil stocks were 1.681 MMT.
    • Palm oil output average estimate is 1.92 MMT in July palm oil output was 1.666 MMT.
    • Palm oil exports average estimate is 1.35 MMT in July palm oil exports were 1.447 MMT
  • Weekly DOE energy inventory report comes out tomorrow at 930 am CST. Expecting
    • Crude a draw of 1.5 MB
    • Gas unchanged
    • Distillates a build of 100,000
  • Weekly US ethanol plant production report comes out tomorrow at 930 am CST
  • See attachment for recap table for Thursday’s USDA report

 

Open outcry option players:

  • ABN bought 1,000 Nov bean 960 puts at 14 ¾ -16
  • Tenco bought 2,500 Oct bean 1040 calls at 5 ¾ -5 7/8 and sold 500 Nov futures at 998
  • Drax sold 1,000 Jan bean 1000/980 put spreads at 8 ½  and sold 80 Jan bean futures at 1003
  • Rand sold 2,000 Nov bean 1040 puts at 58 ½ and sold 1,440 Nov futures at 992
  • Electronic bought 7,000 Dec corn 280 puts
  • Rosenthal bought 1,100 Oct corn 320 puts at 1 1/8
  • JP Morgan bought 1,000 March corn 340 put and sold 1,000 March corn 370 call at 2 ¼ credit
  • FI bought 2,000 Nov corn 340 puts and sold 2,000 Nov corn 360 calls at 3 ¾ – 4 ¼ and bought 1,440 Dec corn futures at 343 ¾
  • JP Morgan bought 1,000 Dec corn 300 puts at 1 7/8 and sold 80 Dec corn futures at 343 ½
  • ADM bought 1,000 Dec corn 330/300 put spreads 1×2 at 4 ½
  • JP Morgan sold 400 Dec wheat 500 puts
  • Tenco bought 500 KC Dec wheat 570 puts
  • ICAP sold 500 Dec meal 340 calls at 15.00
  • ICAP bought 500 July meal 300 puts at 8.00 tied to futures at 344.00
  • EDF Mann sold 500 Dec meal 350 calls at 10.00

 

Closing vols and ATM straddles:

 

Corn:

V vol 25 ¼ 345 str 14 ½ -15 ½

X vol 23 ¾ 345 str 22 ½-23 ½

Z vol 22 ¾ 345 str 27 ½-28 ¼

H vol 21 360 str 40-41

K vol 20 ½ 370 str 47-48

N vol 20 ¾ 370 str 54-55 ½

Z15 vol 21 ¾ 390 str 69 ½-70 ½

 

Beans:

V vol 21 ½ 1000 str 37-38 ½

X vol 20 ½ 1000 str 56 ½-58

F vol 19 ¼ 1000 str 83-84

H vol 19 1/8 1000 str 103-104

 

Wheat:

V vol 25 1/8 530 str 23-25

Z vol 23 530 str 44-45

H vol  21 ½ 550 str 62-64

K vol 20 ¾ 560 str 72-74

N vol 20 ¾ 560 str 82-84

 

KC Wheat:

V vol 23 ½ 620 str 25-27

Z vol 21 ½ 620 str 46-49

H vol 19 ½ 630 str 64-67

K vol 19 ¼ 630 str 74-79

N vol 19 ¼ 620 str 82-87

 

Minneapolis wheat:

Z vol 19 ¾ 610 str 39-43

H vol 18 ¼ 620 str 57-62

K vol 18 ¼ 630 str 66-72

N vol 18 ¼ 640 str 75-84

 

Meal:

V vol 29 350 str 17.5-19.5

X vol 25 340 str 24.5-26

Z vol 24 340 str 29-31

F vol 21 340 str 31.5-33.5

H vol 19.5 330 str 36-38

 

Bean oil:

V vol 19 31.5 str 100-120

X vol 18.25 31.5 str 160-180

Z vol 17.75 31.5 str 195-210

F vol 17.5 32 str 235-255

H vol 17.25 32 str 285-315

 

Crush quotes

 

OPEN               CLOSE

SEP        2.40-2.60         2.55-2.75

OCT       1.23-1.24         1.275-1.295

DEC       1.005-1.01       99.5-1.01

JAN       91-92                 89.5-92.5

MCH     81-82                 80-81.5

MAY     76.5-77              76.5-77.5

JLY         75-76                  76-77

AUG      73-77                 75-78

SEP5      81-86.5              81-87

 

Crush and oil share players

  • No crush and oil share players in the pit today