From The Floor-An Afternoon Recap

News

 

Iraq seeks 10,000 sunflower oil

 

Somar said yesterday Mato Grosso Brazil bean harvest is 10% complete vs. five year average of 9%

 

Somar said yesterday Parana Brazil bean harvest is 9% complete vs. five year average of 6%

 

Safras e Mercado said yesterday that Brazil bean harvest is 5.7% complete vs. 2.8% a week ago vs. 6.4% a year ago and vs. 3.8% five year average

 

Ukraine Ag Min said Ukraine exported 2.79 MMT of grain in January down 40% from December

 

Ukraine Ag Min said Ukraine exported 21.9 MMT of grain between July – January

 

Russia bought 4,590 tons of intervention grain making the total since Oct 15th at 587,925 tons

 

Informa’s world production estimates

  • Brazil’s ‘13/14 total corn crop estimated at 66.55 MMT vs. previous estimate of 67.55 MMT
  • Brazil’s ‘13/14 bean crop estimated at 89.7   MMT vs. previous estimate of 88.7 MMT
  • Argentina’s ‘13/14 corn crop estimated at 22.4  MMT vs. previous estimate of 25.0 MMT
  • Argentina’s ‘13/14 bean crop estimated at 57.0 MMT vs. previous estimate of 57.5 MMT
  • Argentina ‘13/14 wheat crop estimated at  10.0 MMT vs. previous estimate of 9.8 MMT
  • India’s ‘14/15 wheat crop estimated at 99.0 MMT vs. previous estimate of 96.6 MMT
  • 2014 global cotton crop estimated at 115.6 MB vs. 2013 crop of 117.9 MB

 

Cordonnier’s weekly South American crop estimates

  • ‘13/14 Brazilian bean crop estimated at 90.0 MMT unchanged from previous estimate
  • ‘13/14 Brazilian corn crop estimated at 68.5 MMT unchanged from previous estimate
  • ‘13/14 Argentine bean crop estimated at 53.5 MMT unchanged from previous estimate
  • ‘13/14 Argentine corn crop estimated at 22.5 MMT unchanged from previous estimate

 

Ukraine Ag Minister 2014 crop estimates

  • Grain crop at 62.1 MMT down 1.4% from 2013
  • Wheat crop at 21.2 MMT down 1% from 2013
  • Corn crop at 30.2 MMT down 2.2% from 2013
  • Barley crop at 8.3 MMT up 10% from 2013
  • Sunflower crop at 9.3 MMT down 15.4% from 2013
  • Soybean crop at 2.9 MMT up 6.7% from 2013
  • Rapeseed crop at 2.1 MMT down 12.9% from 2013

 

Estimated fund activity

  • Wheat bought 7,000
  • Corn bought 10,000
  • Beans bought 8,000
  • Meal bought 4,000
  • Bean oil bought 2,000

 

March beans closed well above the 50 day moving average of 1300 ¾. March beans settled at 1313 ¼

 

March corn closed above the 100 day moving average of 440. March corn settled at 441 ¾

 

March meal made new contract highs today. The high of the day was 447.60

 

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

 

Weekly DOE #s come out tomorrow at 930 am CST

 

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

 

 

Open outcry option players

 

New Edge bought 800 March bean 1250 puts at 3

 

RJO bought 800 May bean 1340 calls at 15-17 ½

 

FI sold 800 March bean 1280/1240 put spreads at 4

 

FI bought 1,400 March bean 1330 calls and sold 700 March bean 1300 calls at 4 ¼ credit

 

Macquarie bought 1,000 March bean 1300/1280 put spreads at 5 ¾ and bought 160 SH at 1313

 

Macquarie bought 1,000 March bean 1360 calls and sold 1,000 March 1260 puts at 5/8 debit and sold 240 March bean futures at 1313

 

FI bought 1,000 April bean 1240/1200 put spreads at 6 3/8

 

ICap bought 2,500 April corn 450/470 calls spreads at 5 1/8 and sold 650 May futures at 444 ¼

 

RJO bought 1,000 Dec corn 650 calls at 2 ½

 

ABN sold 1,000 March corn 430p/450c strangles at 5 ¾

 

JP Morgan bought 7,000 July corn 490 calls at 8 1/8 -9 ½

 

JP Morgan bought 1,000 March corn 440 calls and sold 1,000 March wheat 585 calls at even

 

Merrill Lynch sold 1,000 March corn 440 calls and bought 1,000 March wheat 585 calls at even

 

Macquarie bought 1,000 May wheat 650 calls at 7

 

Macquarie bought 500 July wheat 650 calls at 14

 

Macquarie bought 1,400 July wheat 570 puts at 28 ¾ -29 ½ and bought 588 July futures at 579

 

JP Morgan sold 1,000 May wheat 620 calls at 12

 

Rand sold 700 March wheat 580 calls at 10

 

Rosenthal bought 600 March meal 440 puts at 6.50

 

JP Morgan sold 500 March meal 440/460 call spreads at 8.00

 

New Edge bought 1,200 July bean oil 42 calls at 90

 

Closing vols and ATM straddles

 

Corn

H vol 16 ¾ 440 str 12 ¾ -13 ¾

J vol 16 450 str 20-21

K vol 18 ½ 450 str 31-32

N vol 21 450 str 45 ½-47

U vol 23 ¼ 460 str 62 ½-63 ½

Z vol 22 460 str 71-72

 

Beans

H vol 15 1320 str 34 ½-35 ½

J vol 15 1300 str 55-56

K vol 15 ¾ 1300 str 76-77

N vol 16 ½ 1280 str 103-105

X vol 16 ½ 1120 str 122-124

 

Wheat

H vol 24 ¼ 580 str 24-26

J vol 23 590 str 37-40

K vol 23 590 str 50-52

N vol 24 ½ 590 str 69-71

U vol 25 600 str 87-89

Z vol 23 ½ 610 str 100-102

 

KC Wheat

H vol 20 ½ 650 str 23-25

K vol 20 ¼ 640 str 48-50

N vol 22 ¼ 630 str 67-70

Z vol 21 650 str 97-99

 

Minneapolis wheat

H vol 20 ½ 620 str 19-26

J vol 19 610 str 30-37

K vol 18 610 str 38-45

N vol 18 ½ 620 str 53-60

U vol 20 ¾ 630 str 70-79

Z vol 20 ¾ 640 str 85-95

 

Meal

H vol 20.25 450 str 17-19

K vol 19 420 str 30-32

N vol 18.5 410 str 37-39

Q vol 18 400 str 38.5-40

U vol 18 370 str 38.5-40.5

Z vol 17.5 350 str 42-44

 

Bean oil

H vol 15.25 37.5 str 95-110

J vol 15.25 38 str 155-170

K vol 15.5 38 str 215-225

N vol 15.5 38.5 str 280-295

Q vol 15.75 38.5 str 320-350

U vol 15.75 38.5 str 340-370

Z vol 15.75 38.5 str 410-440