From The Floor-An Afternoon Recap

News

 

Tomorrow is the last trading day for May futures. Futures expire at noon CST.

 

Hearing China sold 276,168 tons of beans at auction (more than expected). China offered 300,000 tons of beans.

 

Chinese 2014 wheat crop expected to be a record 126-130 MMT

 

Chinese wheat areas have received good rains recently .

 

Hearing Cordonnier estimated 2014 US corn yield at 163-165 BPA unchanged from his previous estimate

 

Hearing Cordonnier estimated 2014 US bean yield at 44-45 BPA unchanged from his previous estimate

 

Hearing Cordonnier estimated ‘13/14 Brazilian bean crop at 86.5 MMT unchanged from his previous estimate

 

Hearing Cordonnier estimated ‘13/14 Brazilian corn crop at 73.5 MMT vs. his previous estimate of 72.0 MMT

 

Hearing Cordonnier estimated ‘13/14 Argentine bean crop at 55.0 MMT vs. his previous estimate of 54.0 MMT

 

Hearing Cordonnier estimated ‘13/14 Argentine corn crop at 24.0 MMT vs. his previous estimate of 23.5 MMT

 

MARS estimated EU28 ‘14/15 soft wheat yield at 5.79 TPH vs. previous estimate of 5.73 TPH, down .6% from a year ago and up 3.8% from the five year average

 

MARS estimated EU28 ‘14/15 barley yield at 4.59 TPH vs. previous estimate of 4.61 TPH , down 5.3% from a year ago and up 2.3% from the five year average

 

MARS estimated EU28 ‘14/15 corn yield at 7.08 TPH vs. previous estimate of 7.03 TPH, up 5.9% from a year ago and up 3.5% from the five year average

 

MARS estimated Ukraine ‘14/15 corn yield at  5.43 TPH vs. previous estimate of 6.03 TPH down 15% from a year ago

 

MARS estimated ‘14/15 Ukraine wheat yield at 2.99 TPH vs. previous estimate of 2.67 TPH down 12% from a year ago

 

Ukraine Ag Min said as of May 13th Ukraine has planted 86% of their corn crop on 4.4 MH

 

Ukraine Ag Min estimated 2014 corn area at 5.136 MH vs. 4.8 MH a year ago

 

Ukraine Ag Min said spring crops planting is 87% complete.

 

Ukraine Ag Min said between July 1st – May 13th Ukraine has exported 30.4 MMT of grain

 

Ukraine Ag Min estimated total ‘13/14 grain exports at 33.0 MMT

 

French Farm Ministry estimated France 2014 corn area at 1.67 MH down 5.5% from a year ago and up 1.5% from five year average

 

French Farm Ministry said as of May 1st French farmers have planted 73% of their corn crop vs. 46% a year ago

 

Manitoba government said limited crop planting is taking place due to cool wet conditions . Some areas need dry warm weather to start planting

 

UK customs data showed UK imported 126,201 tons of wheat in March

 

UK customs data showed UK imported 308,927 tons of corn in March

 

July corn closed below the 50 day moving average of 501. July corn settled at

 

Weekly API energy inventory report comes out today at 330 pm CST

 

Weekly DOE energy inventory report comes out tomorrow at 930 am CST. Expecting

  • Crude oil unchanged
  • Gas a build of 300,000
  • Distillates a build of 500,000

 

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

 

Estimated fund activity

  • Wheat sold 2K
  • Corn bought 3K
  • Beans bought 6K
  • Meal bought 3K
  • Bean oil bought 2K

 

Open outcry option players – another quiet day on the trading floor

  • ADM bought 1,000 July bean 1470/1500 call spreads at 13 ¼ – 13 ½
  • GFI bought 2,000 Nov bean 1200/1160 put spreads at 17 ½
  • Macquarie bought 1,000 July bean 1400/1470 put spreads at 23 and bought 280 July futures at 1476.
  • EDF Mann bought 1,000 July bean 1520 calls sold 1,000 July bean 1460 puts at 5-6 credit
  • New Edge sold 1,300 Sept short dated soybean 1140/1120 put spreads at 4 7/8 -5
  • FI bought 1,000 July corn 480 puts and sold 1,000 June corn 480 puts at 5 ¼
  • ICAP bought 1,000 July corn 500 puts at 14 5/8 and bought 470 July futures at 501.
  • ICAP bought 500 June wheat 680 puts at 4
  • Bunge bought 1,000 July soymeal 480 puts at 9.25-10.00
  • RJO bought 800 Dec meal 370/330 put spreads at 12.00
  • Knight bought 500 Sept bean oil 41.5-45 call spreads and sold 500 Sept bean oil 38 puts at 55 debit.

 

Closings vols and ATM straddles

 

Corn

M vol 20 ½ 500 str 13 ½-14 ½

N vol 23 500 str 29 ½ -30 ¼

Q vol 28 ¼ 500 str 50-51

U vol 28 ½ 500 str 59 ¼ -59 ¾

Z vol 25 ¾ 490 str 73-74

H vol 23 ¾ 500 str 84-85 ½

Z 15 vol 19 ½ 490 str 92-94

 

Beans

M vol 17 1480 str 34-36

N vol 18 ¼ 1480 str 69 ½ -71 ½

Q vol 20 ¾ 1420 str 104-107

U vol 21 ¼ 1280 str 112-115

X vol 20 ¾ 1220 str 134 ½ -137

 

Wheat

M vol 28 710 str 25-28

N vol 28 710 str 50-52

U vol 28 ¼ 720 str 84-86

Z vol 26 730 str 107-110

H vol 24 ¾ 750 str 126-130

 

KC wheat

M vol 26 ¾ 830 str 29-31

N vol 27 ¼ 830 str 58-60

U vol 26 ½ 830 str 90-95

Z vol 24 ½ 840 str 115-120

H vol 24 840 str 137-143

 

Minneapolis wheat

M vol 25 ½ 790 str 23-29

N vol 25 ½ 790 str 48-54

U vol 26 ¼ 800 str 83-89

Z vol 24 ¼ 810 str 111-117

H vol 24 820 str 129-139

 

Meal

M vol 24.5 480 str 16-17.5

N vol 23.5 480 str 29.5 – 31.5

Q vol 23.75 460 str 39-41

U vol 23.75 420 str 41.5-43.5

V vol 23 390 str 43-45

Z vol 23 380 str 50.5-52.0

 

Bean oil

M vol 17.5 41.5 str 90-110

N vol 18 41.5 str 185-205

Q vol 18.75 41 str 265-285

U vol 19.25 41 str 320-345

V vol 19.5 41 str 370-395

Z vol 19.25 41 str 440-465

 

Crush quotes

OPEN             CLOSE

MAY        35-45              35-45

JLY            39-39.5          36-36.5

AUG         46.5-48          46-47.5

SEP           98-99.5          98.5-1.00

OCT          86.5-87          86.5-87

DEC          79.5-80           80-80.5

JAN          73-73.5           73-74

MCH        72-73               72-73

MAY5      71-72               71-72

JLY5          70-70.5           70.5-71

 

Crush and oil share players

 

ADM bought 300 July crush at 37

ADM sold 300 August crush at 46.75

JP Morgan sold 75 July crush at 39.5

ABN bought 80 March bean oil/64 July meal oil share at 34.90%

Rosenthal bought 52 July bean oil/meal oil share at 34.80%

 

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