From The Floor-An Afternoon Recap

News

 

Market talk , reports of Chinese crushers reselling Brazilian bean cargoes to the US as many as 8-10 cargoes for April – July shipment

 

Taiwan bought 150,000 tons of South African corn over the past week for June/July shipment

 

Oil World estimates

  • ‘13/14 South American bean crop at 151.45 MMT vs. previous estimate of 150.6 MMT and up 5.5% from a year ago
  • ‘13/14 Brazilian bean crop at 84.5 MMT vs. previous estimate of 84.0 MMT
  • ‘13/14 Argentine bean crop at 53.5 MMT vs. previous estimate of 53.0 MMT
  • ‘13/14 global bean crop at 279.7 MMT unchanged from previous estimate
  • Jan – March South American bean exports estimated at 10.2 MMT vs. 6.1 MMT a year ago
  • Brazil March bean exports estimated at 5.0 MMT a record for the month
  • April – August global bean exports estimated at 47.1 MMT vs. 44.9 MMT a year ago
  • China imported bean stocks by the end of April may be above 4.0 M more than a year ago
  • ‘13/14 global ending bean stocks estimated at 72.2 MMT up 17% from a year ago

 

APK Inform estimated Ukraine 2014 grain crop at 57.3 MMT vs. 63.0 MMT in 2013 , including 19.2 MMT of wheat (22.3 M a year ago ) and 29.0 MMT of corn (30.9 M a year ago )

 

Gulke Group estimated 2014 US corn acreage at 90.069 MA

 

Gulke Group estimated 2014 US bean acreage at 83.5 MA

 

Hearing Cordonnier estimated 2014 US corn area at 92.0-93.0 MA

 

Hearing Cordonnier estimated 2014 corn yield at 163-164 BPA

 

Hearing Cordonnier estimated 2014 US bean area at 80-81 MA

 

Hearing Cordonnier estimated 2014 US bean yield at 44-45 BPA

 

Hearing Cordonnier estimated ‘13/14 Brazilian bean crop at 86.0 MMT unchanged from previous estimate

 

Hearing Cordonnier estimated ‘13/14 Brazilian corn crop at 68.5 MMT unchanged from previous estimate – he said he could raise his estimate

 

Hearing Cordonnier estimated ‘13/14 Argentine bean crop at 54.0 MMT unchanged from previous

 

Hearing Cordonnier estimated ‘13/14 Argentine corn crop at 23.0 MMT unchanged from previou

 

Weekly API energy report comes out today at 330 pm CST

 

Weekly DOE #s come out tomorrow at 930 am CST expecting

  • Crude a build of 2.5 MB
  • Gas a draw of 1.6 MB
  • Distillates a draw of 1.24 MB

 

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

 

Estimated fund activity

  • Wheat sold 2K
  • Corn sold 4K
  • Beans bought 2K
  • Meal bought 1K
  • Bean oil sold 1K

 

Open outcry option players

Corn:

Citi bot 2500 K 500 calls/sold 1000 CK

ADM bot 1000 week 1 520 calls

ADM bot 700 Z 480 puts/bot 350 CN

ICAP bot 2000 K 500 calls/sold 2000 short dated K 500 calls

Macquarie bot 1000 Z 460 puts

 

Beans:

ABN bot 1200 X 1100 puts/sold 1200 X 1300 calls/bot 672 SX

ABN bot 1000 K 1500 calls/sold 1000 K 1360 puts/sold 450 SK

Rosenthal sold 1000 K 1500 calls

Rosenthal bot 1000 short dated N 1100 puts

Rosenthal bot 500 K 1370 puts

Bunge sold 500 short dated N 1160 puts

ADM bot 800 week 1 1450 calls/sold 800 K 1450 calls

JPM bot 1000 N 1240 puts

Newedge sold 350 short dated K 1220 calls

 

Wheat:

FI bot 2000 K 740 calls/sold 640 WK

 

Meal:

FI bot 500 Z 330 puts/sold 500 CZ 420 puts

JPM bot 250 K 400 puts

Rosenthal bot 200 Z 330 puts

RJO bot 200 Q 420 puts/sold 200 Q 450 calls

 

Oil:

JPM sold 500 K 40 puts

RJO bot 200 N 41 ½ calls/sold 200 N 39 puts

RJO bot 200 Q 41 ½ calls/sold 200 N 39 puts

RJO bot 200 Q 41 puts/sold 200 Q 43 calls

Rosenthal bot 200 Q 50 calls

 

Vols and ATM straddles

 

Corn

K vol 29 ¾ 490 str 34-34 ¾

M vol 27 ½ 490 str 43-44

N vol 28 490 str 53-54

U vol 29 ½ 490 str 73 ¼ -74 ¼

Z vol 26 ¼ 490 str 82 ½-83 ½

H vol 24 490 str 88 ½ -90 ½

 

Beans

K vol 21 1420 str 70-72

M vol 21 1400 str 83 ½-85

N vol 20 ¾ 1400 str 112-113

X vol 18 ½ 1180 str 131-133

 

Wheat

K vol 33 ½ 710 str 55-57

M vol 33 710 str 74-77

N vol 32 710 str 88-90

U vol 29 ½ 720 str 107-109

Z vol 28 730 str 130-133

 

KC Wheat

K vol 30 ½ 790 str 54-58

M vol 29 790 str 71-75

N vol 29 ¼ 790 str 87-91

U vol 27 ½ 790 str 109-114

Z vol 26 800 str 130-136

 

Minneapolis wheat

K vol 28 760 str 48-54

N vol 29 760 str 80-89

U vol 29 760 str 107-116

Z vol 28 770 str 130-141

 

Meal

K vol 25 460 str 27-29

M vol 24 450 str 35-37

N vol 23.5 440 str 41-43

Q vol 22.5 430 str 43-45

U vol 21.5 400 str 44-46

Z vol 20 370 str 47-49

 

Bean oil

K vol 20 41 str 185-200

M vol 20 41 str 260-280

N vol 20 41 str 315-330

Q vol 19.75 41 str 360-385

U vol 19.25 40.5 str 385-405

Z vol 18.5 40.5 str 455-470

 

Crush quotes

 

OPEN               CLOSE

MAY         39.5-40.5         40-41.5

JLY             36.5-38            36.5-37.5

AUG          44-46.5            44.5-45

SEP            84-87                84.5-87

OCT           83.5-85             84.5-85

DEC           77-77.5             78-78.5

JAN           73-74.5             73-74.5

MCH         70-73.5             71.5-74

MAY5       70-70.5             70-71

JLY5           69.5-70.5         69.5-70.5

 

Crush player

  • FC Stone bought 300 May crush at 43.0-43.75