From The Floor-An Afternoon Recap

News

 

Weekly US export inspections came out today at 10 am CST

  • Beans at 939,738 tons expecting 770,000 – 940,000 tons
  • Corn at 976,742 tons expecting 850,000 – 1 million tons
  • Wheat at 496,396 tons expecting 420,000 – 540,000 tons

 

Indonesia Palm Oil Association said Indonesia exported 1.58 MMT of palm oil in February vs. 1.57 MMT of palm oil in January and vs. 1.92 MMT in February 2013.

 

Safras e Mercado estimated Brazil’s ‘13/14 bean crop at 86.14 MMT vs. CONAB estimate of 85.4 MMT

 

Safras e Mercado said Brazil’s summer corn crop is 57% harvested vs. 44% a year ago

 

Safras e Mercado said Brazil’s winter corn crop is 85% planted vs. 88% a year ago

 

Safras e Mercado estimated Brazil’s ‘13/14 total corn crop at 71.1 MMT vs. 82.1 MMT a year ago

 

AgRural said Brazil’s bean harvest is 59% complete vs. 49% a week ago and vs. 54% a year ago .

 

AgRural estimated Brazil’s bean crop at 86.0 MMT

 

Ukraine’s Ag Min said Ukraine has exported 25.66 MMT of grain between July 1st – March 14th up 37.5% from a year ago

 

Russia’s Ag Min said Russia has exported 19.355 MMT of grain between July 1st – March 12th up 38.9% from a year ago

 

SovEcon estimated Russia’s ‘13/14 grain exports at 24.0-24.4 MMT vs. previous estimate of 23.1 MMT

 

SovEcon estimated Russia’s ‘13/14 wheat exports at 17.4-17.8 MMT vs. previous estimate of 16.5 MMT

 

SovEcon estimated Russia’s ‘13/14 corn exports at 3.8 MMT vs. previous estimate of 3.5 MMT

 

Kazakhstan exported 418,400 tons of wheat in January up 53.9% from a year ago

 

Egypt’s government to buy 4 MMT of local wheat this year.

 

South Korea to kill about 18,000 birds due to bird flu outbreak.

 

May corn closed above the 200 day moving average of 476 ½.  May corn settled at 479

 

May Minneapolis wheat closed above the 200 day of 723 ½. May Minneapolis settled at 724

 

May bean oil closed below the 200 day moving average of 4252. May bean oil settled at 4182

 

Weekly Texas crop progress report comes out this afternoon at 3 pm CST.

 

FOMC 2 day policy meeting begins tomorrow. Fed’s announcement comes out on Wednesday at 1 pm CST.

 

Weekly API energy inventory report comes out tomorrow at 330 pm CST.

 

EU leaders meet for two days in Brussels on Thursday and Friday

 

Estimated Fund Activity

  • Wheat sold 3,000
  • Corn sold 5,000
  • Beans bought 3,000
  • Meal bought 2,000
  • Bean oil sold 2,000

 

Open outcry option players –quiet on the trading floor today.

  • ABN bought 500 April bean 1350 puts at 3 3/8 – 3 ½
  • EDF Mann sold 500 July bean 1340/1280 put spreads at 18 ½
  • FI sold 600 N/X CSO soybean 250 calls at 20
  • Tenco bought 800 Sept corn 450 straddles at 74-74 ¼
  • Rand bought 500 Dec corn 470 puts sold 500 Dec corn 400 puts and sold 500 Dec corn 530 calls at 1 ½ debit , and bought 310 Dec futures at 482
  • Tenco bought 800 July wheat 800 calls at 12 ¼ – 13 ½
  • JP Morgan bought 1,000 June wheat 650/600 put spreads at 14 ½ -14 ¾
  • Macquarie bought 200 May 2015 meal 340 puts and sold 200 May 2015 390 calls at 60 credit
  • FI bought 500 May bean oil 42 straddles and sold 500 May bean oil 44 straddles at 55 credit

 

Closing vols and ATM straddles

 

Corn

J vol 27 ¼ 480 str 11 ¼-12 ¼

K vol 28 ½ 480 str 35 ½-36 ½

M vol 26 ½ 480 str 43 ¼-44 ¼

N vol 27 480 str 52 ½-53 ½

U vol 28 ½ 480 str 71 ½ -72 ½

Z vol 25 ½ 480 str 80-81

 

Beans

J vol 21 ½ 1390 str 27-29

K vol 21 ¼ 1390 str 77-79

N vol 21 1380 str 117-120

U vol 20 ½ 1240 str 130-134

X vol 18 ¼ 1180 str 131-134

 

Wheat

J vol 40 670 str 23-25

K vol 33 670 str 57-60

N vol 30 680 str 82-85

U vol 29 690 str 104-107

Z vol 27 ½ 700 str 125-129

 

KC wheat

J vol 32 ½ 740 str 22-24

K vol 29 740 str 55-58

N vol 27 ½ 740 str 82-85

U vol 26 ¾ 740 str 102-106

Z vol 25 750 str 123-128

 

No Minneapolis wheat info today

 

Meal

J vol 26 450 str 10-12

K vol 24.75 450 str 29.5-31.5

N vol 22.75 430 str 40.50-42.50

Q vol 21.75 420 str 43.5-45.5

U vol 20.75 400 str 42.5-44.5

Z vol 19.25 360 str 44.5-46.5

 

Bean oil

J vol 24.5 42 str 75-90

K vol 20.5 42 str 210-220

N vol 20 42 str 325-340

Q vol 19 42 str 365-385

U vol 19 41.5 str 390-410

Z vol 18.25 41 str 470-480

 

Crush quotes

 

OPEN            CLOSE

MAY      54-55             52-53.5

JLY          45-45.5         43-44

AUG       44-44.5         43-43.5

SEP         90-95             90-95

OCT        85-86             85-86.5

DEC        76-77             76.5=77.5

JAN        70.5-72.5      71.5-73.5

MCH      71-73.5          72-73.5

MAY5     69-71             69-71

JLY5         69.5-71          69.5-70

 

No Crush players today

 

OilShare players

 

Rosenthal bought 200 Dec oil/160 Dec meal at 36.25%

 

 

ADM bought 80 Dec oil / meal at 36.00%