From The Floor-An Afternoon Recap

ews

  • Weekly US export inspections report came out this morning
    • Wheat at 25.19 MB expecting 13-18 MB
    • Corn at 20.902 MB expecting 22-27 MB
    • Beans at 59.381 MB expecting 45-50 MB
  • Argentina’s economy minister said Argentina approved 1.5 MMT of ‘13/14 wheat exports, starting with immediate shipment of 500,000 tons
  • Goldman Sachs CBOT price forecasts
    • 3 month corn price forecasted at $4.25 vs. previous forecast of $4.00
    • 6 month corn price forecasted at $4.25 vs. previous forecast of $4.00
    • 12 month corn price forecasted at $4.00 unchanged from previous forecast
    • 3 month wheat price forecasted at $5.85 vs. previous forecast of $6.50
    • 6 month wheat price forecasted at $5.85 vs. previous forecast of $6.50
    • 3 month bean price forecasted at $12.50 unchanged from previous forecast
    • 6 month bean price forecasted at $11.50 unchanged from previous forecast
  • Hong Kong government confirmed 2nd human death from H7N9 bird flu
  • March beans closed above the 50 day moving average of 1293, closed below the 100 day moving average of 1295 ¾ and closed well above the 200 day moving average of 1274 ½. March beans settled at 1294 ¼
  • March meal closed well above the 100 day moving average of 409.50 and above the 50 day moving average of 413.00. March meal settled at 421.90
  • Today was the fourth day of the fund rebalancing. Fund rebalancing ends tomorrow.
  • Jan futures expire tomorrow at noon CST
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • Malaysian palm oil markets closed tomorrow for public holiday
  • Open outcry option players
    • GFI sold 1,500 SK 1200/1100 put spreads at 16-16 ¼ and sold 300 SK at 1257
    • New Edge bought 1,400 SDFH (short dated March goes off November futures expires when March options expire) 1050 puts and sold 700 SDFH 1100 puts at 9 credit
    • FI bought 3,000 CG 440 calls at 2 7/8 – 3
    • ADM sold 1,000 CK 430p/450c strangles at 27 ¼
    • ABN bought 1,000 CH 440 calls and sold 1,000 CH 400 puts at 21 ¼ debit and sold 900 CH at 431
    • ABN bought 1,000 CK 460 calls and sold 1,000 CK 480 calls at 5 debit and sold 140 CK at 441
    • FC Stone bought 1,000 CH 445 calls at 5 5/8 and sold 340 CH 433
    • FI bought 1,000 CG 420 puts at 1 ½
    • Tenco sold 1,000 WH 570 puts at 16 1/8 and sold 460 WH at 573
    • Tenco sold 1,000 WG 570 puts at 6 ¾ – 6 7/8 and sold 460 WH at 572
    • JP Morgan sold 400 SMH 410-420 call spreads at 5.75 and bought 56 SMH at 420.50
    • ICap bought 250 BON 40-44 call spreads at 80
    • ADM sold 50 July crush 50 calls at 6
    • Rosenthal bought 50 July crush 50 calls at 6

 

Estimated fund activity

  • Wheat bought 2K
  • Corn bought 4K
  • Beans bought 7K
  • Meal bought 3K
  • Bean oil sold 3K

 

Closing vols and ATM straddles

 

Corn

G vol 18 ½ 435 str 11-12

H vol 18 ½ 435 str 20 ½-20 ¾

J vol 18 440 str 26 ½-27 ½

K vol 19 440 str 35 ¼-36 ¼

N vol 21 450 str 49-50 ½

U vol 23 ¼ 450 str 65-66

Z vol 22 ¼ 460 str 74-75 ½

 

Beans

G vol 15 ½ 1290 str 29-31

H vol 15 1/8 1290 str 52-53

K vol 16 1/8 1280 str 87-88

N vol 16 ½ 1260 str 109-111

X vol 16 1120 str 125-127

 

Wheat

G vol 17 ½ 570 str 13-15

H vol 19 ½ 570 str 28-30

K vol 20 ¼ 580 str 48-50

N vol 21 590 str 64-66

U vol 21 ¾ 600 str 79-81

Z vol 20 ½ 610 str 90-93

 

KC Wheat

G vol 14 ½ 620 str 12-17

H vol 16 ¾ 620 str 27-29

K vol 18 ¼ 620 str 47-50

N vol 19 ¼ 620 str 62-65

Z vol 18 ¾ 650 str 88-90

 

Minneapolis wheat

G vol 19 620 str 15-22

H vol 17 620 str 26-32

K vol 18 620 str 43-50

N vol 19 630 str 58-66

U vol 19 ½ 640 str 67-74

Z vol 19 ½ 650 str 85-95

 

Meal

G vol 23.5 420 str 12.5-14.5

H vol 21.5 420 str 22.5-24.5

K vol 20 410 str 32.5-34.5

N vol 19.5 400 str 39-41

Q vol 18.5 390 str 40-43

Z vol 17.5 350 str 43-45

 

Bean oil

G vol 17 37.5 str 80-95

H vol 16.75 37.5 str 155-175

K vol 16.5 38 str 250-270

N vol 16.5 38.5 str 320-340

Q vol 16.25 38.5 str 345-370

Z vol 16 39 str 425-475

 

Crush quotes

 

OPEN             CLOSE

JAN       60-70              65-75

MCH     50-50.5          50-51

MAY     47-48.5          44.5-45

JLY         50-50.5          46-47

AUG     59-60              57-58

SEP        86-88             84.5-86.5

OCT      78.5-80          79-79.5

DEC      74.5-75           74.5-75

 

Crush players

ABN sold 80 March at 51

 

ABN sold 40 May at 45.5

 

ABN sold 40 KNN at 34

 

Rand sold 100 Dec at 75