From The Floor- An Afternoon Recap 11/06/14

News:

 

Egypt FIHC bought 95,000 tons of bean oil and 24,000 tons of sunflower oil for Jan-March shipment

 

Solvent Extractors Association of India said India exported 218,307 tons of oilmeal in October vs. 102,389 tons in September

 

Solvent Extractors Association of India said India exported 29,071 tons of meal in October vs. 868 tons in September

 

Solvent Extractors Association of India said India exported 133,393 tons of rapeseed meal in October vs. 58,567 tons in September

 

FAO estimated global 2014 cereals output at 2.522 billion tons vs. previous estimate of 2.523 billion tons

 

FAO estimated 2014 global wheat crop at 722.6 MMT vs. previous estimate of 718.5 MMT

 

FAO estimated 2015 global cereals ending stocks at 624.7 MMT vs. previous estimate of 627.5 MMT

 

SovEcon estimated Russia’s November grain exports at 3.0-3.2 MMT vs. October exports of 3.1 MMT.

 

SovEcon estimated Russia’s 2015 grain crop at below 90.0 MMT vs. 2014 crop estimate of 108.3 MMT

 

EIA Nat Gas storage report came out this morning at 930 am CST at +91 BCF expecting +85 BCF

 

Today was the third day of the Deutsche Bank roll. Roll ends on Monday. They are rolling long Dec 2014 corn positions into Dec 2015 corn. On the close

  • 6,225 Dec ’14 /Dec ’15 corn spreads traded at -45 ½ to -45

 

Dec corn closed above the 100 day moving average of 368 ½ . Dec corn settled at 371 ¼

 

Dec bean oil closed below the 50 day moving average of 3266. Dec bean oil settled at 3253.

 

Estimated fund activity:

  • Wheat sold 2K
  • Corn bought 2K
  • Beans bought 6K
  • Meal bought 4K
  • Bean oil sold 2K

 

Upcoming reports/events:

  • US October unemployment report comes out tomorrow at 730 am CST
  • Tomorrow is the first day of the Goldman Sachs roll. They will be rolling long Dec corn and wheat positions into March for 5 days
  • Weekly COT report comes out tomorrow at 230 pm CST
  • Malaysian Palm Oil Board comes out on Monday with their October palm oil data report. Based on a Reuters survey expecting
    • October palm oil stocks at 2.16 MMT vs. September stocks of 2.09 MMT
    • October palm oil output at 1.86 MMT vs. September output of 1.897 MMT
    • October palm oil exports at 1.58 MMT vs. September exports of 1.628 MMT
    • USDA crop production and supply and demand report comes out on Monday at 11 am CST. See attachment for recap table.

 

Open outcry option players:

  • Jefferies bought 1,000 Jan bean 1160 calls
  • ADM bought 1,300 Jan short dated soybean 1000 calls at 29-30 ½
  • FI sold 800 Jan bean 120 straddles
  • ICAP bought 2,000 Dec corn 390 calls and sold 2,000 Dec corn 350 puts
  • ICAP bought 1,000 March corn 360 puts and sold 1,000 Dec corn 370 puts
  • RJO bought 1,000 Dec corn 390 calls
  • FI bought 400 March wheat 560 calls and sold 800 Dec wheat 540 calls at 7 ½ tied to futures at 521 ½
  • New Edge bought 500 Dec KC wheat 580 puts, sold 500 Jan KC wheat 550 puts, and sold 500 Jan KC wheat 620 calls at 1 debit
  • ICAP bought 1,500 Jan meal 320 calls and sold 1,500 March meal 320 calls
  • ICAP bought 1,300 Dec meal 370 puts and sold 1,300 Dec 2015 meal 290 puts at 2.00-2.50 credit
  • ICAP sold 500 Dec meal 400 calls at 7.and bought 166 Dec meal futures
  • ICAP bought 400 Jan meal 370 calls at 13.25
  • Macquarie sold 1,000 July meal 300 puts at 8.30 and sold 200 July meal futures at 340.00
  • ICAP bought 1,000 Jan meal 350 calls at 26.00
  • RJO sold 500 Dec bean oil 34 calls
  • JP Morgan bought 500 Dec bean oil 36 calls  at 5

 

Closing vols and ATM straddles:

 

Corn:

Z vol 28 ½ 370 str 17-17 ½

F vol 24 ¼ 380 str 27-28

G vol 24 ¼ 380 str 34-35 ½

H vol 23 ¾ 380 str 38 ½-39 ½

K vol 23 ¼ 390 str 48 ½-49 ½

N vol 23 ¼ 400 str 58 ½-59 ½

U vol 24 ¼ 410 str 69-70 ½

Z15 vol 22 ¼ 420 str 74 ½-76

 

Beans:

Z vol 26 1020 str 44-46

F vol 22 ½ 1020 str 68-70

H vol 21 ½ 1020 str 94-96

X15 vol 18 7/8 1000 str 146-149

 

Wheat:

Z vol 23 ¼ 520 str 20-21

F vol 21 ¼ 530 str 32-34

H vol 21 ¾ 530 str 49-50

K vol 21 ¾ 540 str 62-64

N vol 22 550 str 75-77

 

KC wheat:

Z vol 19 580 str 18-20

F vol 18 ½ 580 str 31-33

H vol 19 ¼ 580 str 47-50

K vol 20 580 str 61-65

N vol 20 ½ 580 str 73-79

 

Minneapolis wheat:

Z vol 19 560 str 16-20

H vol 18 ¼ 570 str 42-48

K vol 18 ¼ 580 str 53-59

N vol 19 ½ 590 str 69-75

 

Meal:

Z vol 39.25 390 str 26-27.5

F vol 30 370 str 26-27.50

H vol 26 350 str 38-39.5

K vol 23.5 340 str 42.5-44

N vol 22.25 340 str 47-48.5

 

Bean oil:

Z vol 25.5 32.5 str 130-150

F vol 23 33 str 215-235

H vol 21 33 str 290-310

K vol 20.25 33 str 350-380

N vol 19.75 33.5 str 400-450

 

Crush quotes:

OPEN                 CLOSE

DEC         1.68-1.72         1.85-1.90

FZZ          1.68-1.70         1.90-1.92

JAN         1.30-1.32         1.445-1.455

MCH       96-96.5             99-99.5

MAY       82-83                 82-82.5

JLY           81.5-82             79.5-80

AUG       82-84                  82-85

SEP         90-1.03              90-1.015

OCT        94-98                  93-98

DEC5      90-91                  90-92

 

Crush and oil share players:

  • ABN sold 70 May crush at 81.25-81.75
  • No oil share pit players today

 

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