From The Floor-An Afternoon Recap

News

 

RUMOR/TALK China canceled or washed out 20 cargoes of beans, rolled another 20 cargoes of beans and is still wanting to cancel/washout 20 more cargoes of beans this week

 

USDA attaché in Japan estimated Japan’s ‘14/15 wheat imports at 6.0 MMT vs. 6.2 MMT in ‘13/14

 

USDA attaché in Japan estimated Japan’s ‘14/15 wheat domestic use at 6.5 MMT vs. 6.7 MMT in ‘13/14

 

USDA attaché in Japan estimated Japan’s ‘14/15 corn imports at 16.0 MMT vs. 15.5 MMT in ‘13/14

 

USDA attaché in Japan estimated Japan’s ‘14/15 domestic use at 16.0 MMT  vs. 15.5 MMT in ‘13/14

 

India imported 393,828 tons of palm oil in February down 50% from a year ago

 

India imported 578,975 tons of veg oil in February down 40% from a year ago

 

India imported 96,420 tons of bean oil in February up 54% from a year ago

 

India imported 57,950 tons of sunflower oil in February down 31% from a year ago

 

India imported 3.5 MMT of edible oils between Nov- Feb down 6% from a year ago

 

Canada’s canola crushings this week totaled 131,095 tons down 6% from a week ago

 

Canada’s bean crushings this week totaled 40,965 tons up 54%

 

As of 3/13/14 Ukraine has planted grain on 306,000 hectares vs. 410,000 hectares a year ago

 

May bean oil closed below the 200 day moving average of 4256. May bean oil settled at 4229

 

May Minneapolis wheat closed above the 200 day moving average of 724 ½. May Minneapolis settled at 731 ¾

 

March futures expired today at noon CST

  • March corn at 472 ¼ down 12
  • March beans at 1376 down 14 ¾
  • March wheat at 690 ¼ up 11 ¼
  • March KC wheat at 744 up 13 ¾
  • March Minneapolis wheat at 751 unchanged
  • March meal at 449.00 down .60
  • March bean oil at 4202 down 75

 

 

Weekly COT report comes out today at 230 pm CST

 

Surveyors SGS and Intertek Agri Services come out on Monday with their Malaysian March 1-15th palm oil export estimates

 

Weekly US export inspection report comes out on Monday at 10 am CST

 

NOPA February crush report comes out on Monday. Based on a Reuters poll expecting

  • Crush – average estimate 140.9 MB , range of estimates are 133.6 – 147.5 MB . In January the crush was 156.943 MB . In February 2013 the crush was 136.322 MB
  • Bean oil stocks – average estimate 1.870 billion lbs. , range of estimates are 1.7-2.196 B . In January bean oil stocks were 1.794 B and in February 2013 bean oil stocks were 2.790 B lbs.
  • Meal exports – no estimates are given for meal exports but in January meal exports were 787,961 tons

 

Texas weekly crop progress report comes out on Monday at 3 pm CST

 

Estimated fund activity

  • Wheat bought 5K
  • Corn sold 2K
  • Beans sold 4K
  • Meal bought 1,500
  • Bean oil sold 3K

 

Option players

 

Corn:

Tenco sold 5000 Z 410 puts

FI bot 1500 Z 350 puts/sold 500 Z 400 puts

ABN bot 900 U 470-420 put spreads

Rosenthal sold 2000 Z 460-390 put spreads

 

Beans:

Newedge sold 1000 K 1400-1340 put spreads

JPM sold 1000 J 1340 puts/1420 call strangles/bot 175 SK

JPM sold 800 K 1460-1500 call spreads/bot 80 SK

Rosenthal bot 500 J 1420 calls

ADM bot 500 X 1180 puts

 

Wheat:

Tenco bot 5000 N 600 puts

Man bot 1000 N 600 puts

Rosenthal bot 3000 K 630 puts

JPM bot 1500 K 720-740 call spreads

 

Oil:

Bunge sold 700 N 41 ½ puts

Newedge sold 300 K 44-42 put spreads

FCS bot 300 Z 43-47 call spreads/sold 300 Z 38 puts

FCS bot 200 N 42 ½-40 ½ put spreads/sold 200 N 45 ½ calls

Newedge bot 240 N 43-41 ½ put spreads

JPM sold 200 K 42 puts

Rosenthal bot 200 K 45-47 call spreads

 

Meal:

ADM bot 400 Z 360 puts/bot 200 SMN

Macquarie sold 300 H 310 puts

ADM bot 200 Z 360 puts/sold 200 N 430 puts

 

 

Closing vols and ATM straddles

 

Corn

J vol 27 485 str 14 ½ -15 ½

K vol 28 ½ 485 str 37-38

M vol 26 ½ 490 str 45-46

N vol 27 490 str 54-55

U vol 28 ½ 490 str 73-74

Z vol 25 ½ 480 str 81 ½-82 ½

 

Beans

J 1390 str 33 ½-35

K vol 20 ¾ 1390 str 78 ½-79 ½

N vol 20 ¾ 1380 str 117 ½-118 ½

Q vol 20 ¾ 1340 str 131-134

U vol 20 ¼ 1240 str 131-134

X vol 18 1180 str 131 ½-133

 

Wheat

K vol 36 ¾ 690 str 67-70

N vol 32 ¼ 690 str 90-93

U vol 30 ½ 700 str 112-114

Z vol 28 ¾ 710 str 132-136

 

KC wheat

K vol 31 750 str 64-68

N vol 28 ¾ 750 str 89-93

U vol 27 ¾ 750 str 107-111

Z vol 25 ¾ 760 str 128-133

 

 

Minneapolis wheat

K vol 29 730 str 55-61

N vol 29 730 str 86-91

U vol 28 720 str 100-109

Z vol 27 730 str 120-133

 

Meal

K vol 25.5 440 str 29.5-31.5

N vol 22.75 430 str 40-42

Q vol 21.75 410 str 42-44

U vol 21 390 str 42-44

Z vol 18.75 360 str 45-47

 

Bean oil

J vol 23.5 42.5 str 95-115

K vol 19.75 42.5 str 220-235

N vol 19.75 42.5 str 330-345

Q vol 19.25 42 str 370-395

U vol 18.5 42 str 390-415

Z vol 18 41.5 str 465-490

 

Crush quotes

 

open                                     close

 

May       48.5-50                                 53-54

Jly           42-44                                     43-44

Aug        42.75-46                               43-43.5

Sep        90-96                                     92-95

Oct         86-88                                     85.5-86.5

Dec        78.75-79.75                         77.5-78

Jan         73-75                                     73-75.5

 

Crush player

 

ADM sold 100 May/July/July at 27

 

 

 

 

Thank you and have a nice weekend.