From The Floor- An Afternoon Recap 11/20/14

News:

 

Egypt GASC bought 60,000 tons of French wheat for December shipment.

 

Thailand bought 260,000 tons of South American soymeal for May forward shipment

 

Iraq bought 150,000 tons of rice from the US and Thailand

 

Argentina Ag Ministry estimated ‘14/15 Argentine wheat crop at 12.0 MMT (first wheat crop estimate of the season) vs. ‘13/14 crop of 9.2 MMT

 

Argentina Ag Ministry estimated ‘14/15 bean planting area at 20.1 MH vs. previous estimate of 20.3 MH

 

Argentina Ag Ministry estimated ‘14/15 corn planting area at 5.56 MH

 

Weekly EIA Nat Gas storage report came out today at 930 am CST at – 17 BCF expecting – 14 BCF.

 

Japan’s use of corn in animal feed in September was 45% vs. 45% a month ago and vs. 41.8% a year ago

 

Japan’s customs data showed Japan imported 1,994,490 tons of grain in October down 9.8% from a year ago.

  • Imported 1,415,294 tons of grain from the US in October up 45.9% from a year ago

 

Japan’s customs data showed Japan imported 206,010 tons of beans in October down 4.7% from a year ago

  • Imported 68,937 tons of beans from the US in October up 20.5% from a year ago

 

Russia’s federal statistics agency said Russia’s November 1st grain stocks at 42.9 MMT up 18.5% from a year ago

 

Ukraine Ag Ministry said that Ukraine’s 2014 grain harvest is 97% complete

 

Ukraine Ag Ministry said Ukraine’s average 2014 grain yield is 4.31 TPH vs. 4.02 TPH a year ago

 

The shipping season on the upper Mississippi River will end on Thursday due to ice surrounding locks and dams near Minnesota’s Twin Cities , earliest close on record.

 

Estimated fund activity:

  • Wheat bought 4,000
  • Corn bought 12,000
  • Beans bought 5,000
  • Meal bought 2,000
  • Bean oil bought 2,000

 

Upcoming reports/events:

  • Talk/reports EPA may announce its 2014 and 2015 bio fuel mandates tomorrow.
  • December options expire tomorrow at 115 pm CST
  • Weekly COT report comes out tomorrow at 230 pm CST

 

Open outcry option players:- extremely quiet on the trading floor today.

  • Jefferies bought 500 July bean 900 puts at 20 ¼
  • Rosenthal sold 500 July 940 puts and sold 500 July bean 1140 calls at 58 1/8-58 ½
  • ICAP bought 1,000 Dec corn 360 p /365 c strangle at 8 5/8 tied to Dec futures at 372 ½
  • ICAP sold 1,000 Jan corn 380 calls at 14 ½
  • RJO sold 500 February corn 380 straddles at 31 5/8.
  • ABN sold 500 Feb corn 380 straddles at 32
  • ADM sold 1,000 Jan corn 380 calls at 12 ½
  • ABN bought 1,000 July corn 450/500 call spreads at 7 and sold 150 July corn futures at 398 ½
  • Mizuho bought 2,500 February wheat 500 puts at 4 5/8 -5
  • Drax sold 500 Dec wheat 540 straddles at 9-10 ½ .
  • ADM bought 200 Jan meal 350 puts and sold 200 Dec meal 370 puts at 6.40 debit
  • Rosenthal bought 1,500 Dec bean oil 32 puts at 5
  • XFA sold 300 Jan bean oil 32.50 puts at 85 tied to Jan futures at 3250

 

Closing vols and ATM straddles:

 

Corn:

Z vol 37 375 str 5 ¾ -6 ¾

F vol 22 ½ 390 str 21 ½-22 ½

G vol  24 ½ 390 str 31 ½-32 ½

H vol 24 ¼ 390 str 37 ¼-38 ¼

K vol 23 ¾ 390 str 48-49

N vol 24 400 str 58 ½-59 ½

U vol 24 ¾ 410 str 69-70 ½

Z15 vol 22 ¾ 420 str 75-76 ½

 

Beans:

Z vol 23 ½ 1020 str 13-15

F vol 21 ½ 1020 str 54 ½-56 ½

H vol 22 ¼ 1020 str 90-93

K vol 21 1040 str 112-115

N vol 21 ¼ 1040 str 132 ½-135 ½

X15 vol 19 ½ 1000 str 147-151

 

Wheat:

Z vol 25 ½ 550 str 7-9

F vol 23 550 str 31-33

H vol 22 ¾ 550 str 49-51

K vol 22 ¼ 560 str 63-66

N vol 22 ¾ 560 str 77-80

 

KC wheat:

Z vol 21 ½ 600 str 7-8

F vol 20 ¼ 610 str 30-33

H vol 20 610 str 47-50

K vol 20 610 str 61-65

N vol 20 ½ 610 str 74-79

 

Minneapolis wheat:

Z vol 23 580 str 6-8

H vol 18 ¾ 590 str 44-46

K vol 18 ¾ 600 str 55-60

N vol 20 ½ 600 str 70-76

 

Meal:

Z vol 44 370 str 8.5-10

F vol 31 350 str 27.5-29.5

H vol 29 350 str 36.5-38.5

K vol 26 340 str 42-44

N vol 23.5 340 str 47.5-49.5

 

Bean oil:

Z vol 24.5 32.5 str 30-50

F vol 21.5 32.5 str 170-185

H vol 20.75 33 str 265-280

K vol 20 33 str 330-350

N vol 19.5 33.5 str 380-410

 

No crush info today

 

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