From The Floor-An Afternoon Recap

News

 

South Korea FLC bought 53,000 tons of optional origin corn for October shipment

 

Iraq seeks 30,000 tons of rice from the US , South America, and or Vietnam.

 

Buenos Aires Grains Exchange estimated Argentina’s ‘14/15 wheat area at 4.3 MH vs. previous estimate of 4.1 MH and vs. ‘13/14 area of 3.62 MH

 

Saskatchewan crop planting is 7% complete vs. 9% five year average

 

FAO estimated Syria’s 2014 wheat crop at 1.97 MMT down 18% from a year ago

 

Kazakhstan statistics agency said Kazakhstan has exported 1.315 MMT of wheat in the first quarter of 2014 up 39.3% from a year ago

 

Kazakhstan Ag Min estimated ‘13/14 grain exports at 9.0 MMT

 

Kazakhstan Ag Min estimated 2014 grain area at 15.9 MH unchanged from 2013

 

Kazakhstan Ag Min said Kazakhstan exported 7.66 MMT of grain by rail between July 1st –  May 10th vs. 6.07 MMT a year ago

 

Strategie Grains estimated EU28 ‘13/14 soft wheat exports at 28.1 MMT vs. previous estimate of 26.8 MMT

 

Strategie Grains EU 28 ‘14/15 crop estimates

  • Soft wheat crop estimated at 137.4 MMT vs. previous estimate of 137.2 MMT and vs. ‘13/14 crop of 135.1
  • Soft wheat yield estimated at 5.7 TPH unchanged from previous estimate and vs. ‘13/14 yield of 5.8 TPH
  • Soft wheat area estimated at 24.0 MH unchanged from previous estimate and vs. 23.2 MH in ‘13/14
  • Barley crop estimated  at 55.9 MMT unchanged from previous estimate and vs. ‘13/14 crop of 59.7 MMT
  • Barley yield estimated at 4.6 TPH unchanged from previous estimate and vs. ‘13/14 yield of 4.9 TPH
  • Barley area estimated at 12.1 MH unchanged from previous estimate and vs. 12.3 MH in ‘13/14
  • Corn crop estimated at 65.9 MMT vs. previous estimate of 65.1 MMT and vs. 64.4 MMT in ‘13/14
  • Corn yield estimated at 6.9 TPH unchanged from previous estimate and vs. 6.6 TPH in ‘13/14
  • Corn area estimated at 9.6 MH vs. previous estimate of 9.4 MH and vs. 9.8 MH in ‘13/14
  • Total grain crop estimated at 298.8 MMT vs. previous estimate of 297.9 MMT and vs. 302.0 MMT in ‘13/14
  • Total grain yield estimated at 5.2 TPH unchanged from previous estimate and vs. 5.3 TPH in ‘13/14
  • Total grain area estimated at 57.3 MH vs. previous estimate of 57.1 MH and vs. 57.2 MH in ‘13/14

 

July bean oil closed above the 100 day moving average of 4090. July bean oil settled at 4104

 

Weekly COT report comes out tomorrow at 230 pm CST

 

Estimated fund activity

  • Wheat sold 4K
  • Corn sold 10K
  • Beans sold 5K
  • Meal sold 2K
  • Bean oil sold 2K

 

Open outcry option players

  • FI bought 2,000 Nov bean 1140/1100 put spreads at 10 ¾ – 10 7/8 (FI bought 4,000 of the spreads yesterday at 11 ¼ -11 ¾ )
  • JP Morgan bought 2,000 July bean 1460 puts and sold 2,000 July bean 1500 calls at 8 credit , and bought 1,460 July futures at 1480
  • ADM sold 700 July bean 1470 calls at 37 ½ – 38 ½
  • ADM bought 4,000 July corn 550 calls at 1 ¼
  • Rand bought 2,000 Dec corn 500 calls at 29 -29 3/8
  • JP Morgan bought 2,000 July corn 490 puts at 15 ½
  • Tenco bought 1,000 Dec wheat 900 calls at 8
  • Tenco sold 1,000 Dec wheat 800 calls at 20 ½-22
  • New Edge sold 800 June wheat 680 puts at 11 tied to July futures at 680
  • GFI bought 500 July meal 480 calls and sold 500 July 2015 meal 420 calls at .80 -1.00 credit
  • Tenco bought 400 July meal 490 calls at 13.75-14.00 tied to futures at 487.
  • New Edge bought 300 July meal 440 calls sold 300 June meal 440 calls at 1.75 debit
  • New Edge bought 400 July bean oil 44 calls at 20

 

Closing vols and ATM straddles

 

Corn

M vol 20 ¼ 485 str 11 ¾ -12 ¾

N vol 22 ¾ 485 str 27 ½-28 ½

Q vol 28 ½ 480 str 48-49 ½

U vol 28 ½ 480 str 56 ½ -57 ½

Z vol 26 ¼ 480 str 71 ½ -72 ½

H vol 24 ¼ 490 str 82 ½-83 ½

Z 15 vol 19 ¾ 480 str 91 ½-93 ½

 

Beans

M vol 16 ¼ 1470 str 29-31

N vol 17 ½ 1470 str 64-66

Q vol 19 ½ 1400 str 96-99

U vol 20 ½ 1260 str 106-109

X vol 20 1220 str 128-131

 

Wheat

M vol 26 ¼ 680 str 22-23

N vol 26 ½ 680 str 45-47

U vol 27 ¼ 690 str 78-80

Z vol 25 ¼ 700 str 101-103

H vol 24 ¼ 720 str 120-123

 

KC wheat

M vol 28 780 str 27-30

N vol 27 780 str 52-55

U vol 26 ¼ 780 str 83-87

Z vol 24 ¼ 800 str 118-122

H vol 23 820 str 125-132

 

 

Minneapolis wheat

M vol 25 ¼ 760 str 20-26

N vol 25 ¼ 760 str 45-51

U vol 26 ¼ 760 str 79-85

Z vol 24 ¾ 770 str 103-110

H vol 24 780 str 123-130

 

Meal

M vol 25.5 480 str 14-15.5

N vol 24.5 480 str 29-30.5

Q vol 24.5 460 str 39-41

U vol 24.5 420 str 42.5-44.5

V vol 23 390 str 42.5-44.5

Z vol 23.25 390 str 50-52

 

Bean oil

M vol 16.5 41 str 65-85

N vol 18 41 str 170-185

Q vol 18.5 41 str 255-280

U vol 19.25 41 str 310-335

V vol 19.25 41 str 360-400

Z vol 19 41 str 425-450

 

 

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