From The Floor-An Afternoon Recap

News

 

Markets will be closed tomorrow for Good Friday holiday. See attachments for trading schedules.

 

Article from the New York Times today at 12:06 pm CST read – US and Russia agree on pact to defuse Ukraine crisis

 

Rosario port workers called off strike that was scheduled for today

 

Oil World said India imported 3.9 MMT of palm oil between Oct 2013- March 2014 vs. 4.6 MMT a year ago

 

Oil World said India imported 638,000 tons of sunseed oil between Oct 2013 – March 2014 vs. 507,000 tons a year ago

 

Oil World said India imported 625,000 tons of bean oil between Oct 2013-March 2014 vs. 391,000 tons a year ago

 

Oil World said Brazil biodiesel production between January and February is at 425,000 tons vs. 380,000 tons a year ago

 

Buenos Aires Grains Exchange – Weekly Argentine crop progress report

  • Bean harvest is 21.4% complete vs. 14% a week ago and vs. 38% a year ago
  • Average bean yield is 32.0 TPH
  • Estimated ‘13/14 bean crop at 54.5 MMT unchanged from previous estimate and vs. 48.5 MMT a year ago
  • Corn harvest is 19.7% complete vs. 16.5% a week ago and vs. 31.7% a year ago
  • Estimated ‘13/14 corn crop at 24.0 MMT unchanged from previous estimate
  • Sunflower harvest is 97.9% complete vs. 100% complete a year ago

 

Strategie Grains estimated EU28 ‘14/15 soft wheat crop at 137.2 MMT vs. previous estimate of 137.7 MMT

 

Strategie Grains estimated EU28 ‘14/15 corn crop at 65.1 MMT vs. previous estimate of 65.2 MMT

 

Russia Statistics Agency said Russia April 1st grain stocks were at 19.4 MMT up 8.1% a year ago

 

Japan bought 136,261 tons of food wheat for May – Sept shipment. Breakdown

  • 28,021 tons of US western white wheat
  • 30,300 tons of US dark northern spring wheat
  • 48,350 tons of Canada western red spring wheat
  • 29,590 tons of Australian white wheat

 

Japan bought 822 tons of feed barley via SBS tender for July shipment

 

Indonesia has been buying Indian corn for May shipment

 

Indonesia seeks 250,000 tons of optional origin corn for June shipment

 

Philippines have bought 150,000 tons of corn from Thailand between January – March

 

USDA attaché in Kenya estimated ‘14/15 corn production at 2.8 MMT unchanged from a year ago

 

USDA attaché in Kenya estimated ‘14/15 corn imports at 900,000 tons vs. 800,000 tons a year ago

 

USDA attaché in Kenya estimated ‘14/15 corn domestic use at 3.8 MMT vs. 3.7 MMT a year ago

 

USDA attaché in Kenya estimated ‘14/15 wheat crop at 350,000 tons vs. 320,000 tons a year ago

 

USDA attaché in Kenya estimated ‘14/15 wheat imports at 1.4 MMT unchanged from a year ago

 

USDA attaché in Kenya estimated ‘14/15 wheat domestic use at 1.8 MMT vs. 1.7 MMT a year ago

 

Scattered showers in US Plains forecast for this weekend, may not be enough.

 

Southeast areas of the Midwest will have good planting weather this weekend, northwest areas have rains and winds in forecast

 

Argentina weather forecast dry next 5-7 days, good for harvest

 

Weekly EIA Nat Gas storage report came out today at 930 am CST at +24 BCF expecting +35 BCF

 

Weekly COT report will come out on Monday at 230 pm CST due to tomorrow’s holiday

 

Surveyors SGS and Intertek Agri Services will come out on Monday with their Malaysian April 1-20th palm oil export estimates.

 

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

 

Weekly US crop progress report comes out on Monday at 3 pm CST

 

Estimated fund activity

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

 

Open outcry option players

  • Macquarie sold 2,000 May bean 1550/1560 call spreads at 1 5/8 and bought 120 May futures at 1516
  • New Edge bought 2,800 Sept bean 1100/1200 put spreads at 18 7/8 -19 ¼
  • New Edge sold 500 Nov bean 1200 straddles at 147-148
  • GFI bought 1,000 Nov bean 1160/1200 put spreads at 15 ¾ -15 7/8
  • Rand bought 800 July bean 1500 straddles at 110 and sold 64 July futures at 1505
  • FI sold 2,500 Dec corn 500 calls at 41 -41 ½
  • Macquarie bought 1,000 short dated May corn 490 puts at 6 3/8 -6 ½ and bought 280 Dec futures at 498
  • ICap sold 500 July wheat 710 calls at 33 ½ and bought 240 July futures at 706
  • Rand sold 600 July KC wheat 740 calls at 52-53 ½
  • New Edge bought 300 July meal 490-510 call spreads and sold 300 July meal 450-420 put spreads at 50 debit
  • EDF Mann bought 400 July meal 470/450 put spreads at 7.75
  • Jefferies bought 1,500 Aug meal 420 puts and sold 1,500 July meal 430 puts at 6.75 -7.10 debit
  • FI bought 200 May bean oil 42 puts at 8
  • FI sold 200 May bean oil 45 calls at 10
  • ICap bought 250 May bean oil 4250 calls at 120 tied to futures at 4350
  • RJO sold 500 June bean oil 42 calls at 220 – 225

 

Closing vols and ATM straddles

 

Corn

K vol 19 ½ 495 str 10 ½-11 ½

M vol 28 ½ 500 str 28 ½-29 ½

N vol 26 ½ 500 str 43 ½-44 ½

U vol 29 ¾ 500 str 69 ¼ -70 ¼

Z vol 27 ½ 500 str 83 ¾-84 ¾

H vol 25 ¼ 500 str 92-93

 

Beans

K vol 18 ½ 1520 str 33-35

M vol 22 1500 str 83 ½-85

N vol 22 1500 str 110-111

Q vol 22 ¼ 1420 str 130-133

X vol 20 ¾ 1240 str 146-148

F vol 18 ¾ 1240 str 154-158

 

Wheat

K vol 24 690 str 21 ½ -22 ½

M vol 28 695 str 49 ½-50 ½

N vol 29 ¾ 695 str 69 ½-70 ½

U vol 29 ½ 700 str 97-98 ½

Z vol 28 720 str 123 ½-125 ½

H vol 26 720 str 135-138

 

KC wheat

K vol 25 ¼ 760 str 23-25

M vol 26 ½ 760 str 50-53

N vol 27 ¾ 760 str 69-73

U vol 27 ¼ 770 str 96-101

Z vol 26 780 str 122-127

 

 

Minneapolis wheat

K vol 23 730 str 18-24

M vol 27 740 str 46-52

N vol 27 740 str 63-69

U vol 27 750 str 90-97

Z vol 26 ¼ 760 str 116-124

H vol 24 ¼ 770 str 125-135

 

Meal

K vol 25 490 str 13-15

M vol 24.5 480 str 28.5-29.5

N vol 24 480 str 40-42

Q vol 23 450 str 44-46

 

Bean oil

K vol 22 4350 str 105-120

M vol 22.25 44 str 235-245

N vol 21.25 44 str 300-320

Q vol 20.5 4350 str 360-385

 

Crush quotes

 

Open                      Closes

 

May       37.5-39                 37-37.5

Jly           26.5-27                 29-29.5

Aug        41-42.5                 41-42

Sep        94-99                     92-94

Oct         84.25-85               83-85

Dec        78.5-79                  79.25-79.75

Jan         71-73                     71.5-73

Mch       70-71                     71-72

May       69-70.5                 69-70

Jly           68.5-71                 69-70

 

 

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