From The Floor-An Afternoon Recap

News

 

Weekly  US export inspections report came out today at 10 am CST

  • Wheat at 552,525 tons , expecting 450-575,000 tons
  • Corn at 1,060,147 tons , expecting 950,000 – 1.2 M tons
  • Beans at 167,953 tons , expecting 80-175,000 tons

Report China was eyeing new crop US soybeans

 

Algeria seeks 50,000 optional origin barley for July-Aug shipment

 

Reuters and analysts said the bean rally was due to unwinding of corn/beans, technical strength, fund buying, and meal rallied – meal was the leader.

 

Last week Oil World said April global bean exports were a record high of 12.9 MMT

 

Last week Oil World said Sept – April global bean exports were a record high of 77.4 MMT up 30% from a week ago

 

Last week Oil World said Russia’s first half of the year exports of bean oil , sun oil, and rapeseed oil doubled to 1.4 MMT

 

Las week Oil World said India’s Oct – Sept soymeal exports may fall by 1.1 MMT to a four year low

 

July corn closed above the 100 day moving average of 476 ¼ . July corn settled at 477 ¼

 

Weekly US crop progress report comes out today at 3 pm CST . Expecting corn planting to be 70-80% complete, expecting bean planting to be 28-40% complete and expecting winter wheat conditions to be steady to 1% higher than a week ago.

  • Reuters average estimate for corn planting is 74%
  • Reuters average estimate for bean planting is 35%
  • Reuters averages estimate for spring wheat planting is 52%
  • Reuters is expecting winter wheat good to excellent conditions to be + or – 1% from a week ago

 

China to auction 300,000 tons of beans from reserves on tomorrow

 

Surveyors SGS and Intertek will estimate Malaysia’s May 1-20th palm oil exports tomorrow

 

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

 

Estimated fund activity

  • Wheat bought 1K
  • Corn sold 4K
  • Beans bought 6K
  • Meal bought 3K
  • Bean oil sold 2K

 

Open outcry players

 

Corn Options:

ICAP bot 2000 N 530 calls

ADM bot 500 N 550 calls

New Edge sold 1000 U 470-420 put spreads

New Edge bought 2,000 July short dated 500-520 call spreads

 

Beans Options:

ADM Sold 500 June 1450 Puts 7.125-8.75

ADM Sold 200 SDFN 1180 Puts 6.25

ADM Bot 250 SDFN 1200 Puts 11.5

Bunge Bot 200 SDFN 1200 Puts 12.5

ADM Sold 500 Nov 1120/1200 Call spds/ Bot 500 Nov 1040 Puts 42-43 credit

FI Bot 300 Nov 1100 Puts/ Sold 300 SDFN 1200 Puts 7 db

ABN Sold 1000 Jul1 480 Calls 22/ Bot 400 Jul futures 1458

EDF Sold 500 Jul 1500 calls 15.375-15.5/ Bot 150 Jul futures 1459

ADM Bot 600 Jul 1400 Puts 10.125-10.5

ICAP Sold 400 SDFN 1190/1160 Put spds 5.625 credit

Macquarie Sold 200 Jul 1370 Puts/ sold 200 Jul 1560 Calls 9.75 credit

ADM Bot 500 Nov 1200 Puts 50-52.5

ADM Bot 500 Jul1 380 Puts 5

ADM Bot 500 Jul 1360 Puts 3

ADM Sold 500 Nov 1160 Puts 35/ Sold 160 Nov futures 1228

ADM Bot 500 June 1460 puts 4.5-4.75

Rosenthal Bot 400 June 1450 Puts 2.5

ADM Sold 200 Jul1 480 Puts 29.625-30

Rosenthal Sold 200 SDFN 1270 calls 10-10.5

Tenco bot 300 Jul 1420 Puts 9

ADM Bot 500 June 1490 Calls 11.25-11.5

ADM Bot 500 June 1500 Calls 7.625-9.5

Bache Sold 200 Jul 1460 Puts/ Sold 200 Jul 1500 calls 46 credit

JP Morgan Bot 1000 Jul1 440 Puts/ Sold 1000 Jul 1520 Calls 5.5 credit/ Bot 630 Jul futures 1488

Rosenthal Bot 450 June 1520 calls 2.75

 

Wheat Options:

New Edge sold 1000 N 725 puts

New Edge bot 500 N 640-620 put spreads

RJO bought 600 Z 730c/630p combos

FCS sold 500 N 640 puts

JPM sold 500 N 640 puts

 

Oil Options:

New Edge bought 250 N 44 c 12

New Edge  sold 350 M 41.5/40.5 ps +65

Rosenthal bought 300 N  39 p/ -300 N  42.5 c -10,

Rosenthal  sold 500 U 39 p 85

Rosenthal  bought 200 N 39 P  sold 200 N 4250 C -5

Fc stone bought 200 Q 40/38 ps sold 200 Q 43 C -25

Mizuho bought 500 Q 41/44 cs -74

ADM bought 250 N 41 C 60:

 

Bean oil futures:

Sal Stone (Division of FC Stone) sold 1,300 July bean oil at 4040-4050

 

Meal Options:

Fc stone sold 100 M 480 c 5.75

New Edge bot 50 Q 390 P 1.75

New Edge sold 100 M 440 c/ bought 100 N 440 c -1.75

JP Morgan bot 250 Q 440 p 9.25-9.00

 

Closing vols and ATM straddles

 

Corn

M vol 19 ¾ 475 str 9 ¼ -9 ¾

N vol 22 475 str 25 ¼ -25 ¾

Q vol 28 475 str 46-46 ½

U vol 28 ¼ 480 str 55 ¼ -55 ¾

Z vol 26 480 str 70 ¾ -71 ½

H vol 23 ¾ 480 str 79-80

 

Beans

M vol 18 ¼ 1480 str 24 ½ -25 ½

N vol 18 1480 str 63-65

Q vol 20 1420 str 96-99

U vol 20 ½ 1300 str 107-110

X vol 20 1240 str 128-131

 

Wheat

M vol 25 ½ 675 str 17-18

N vol 26 ½ 675 str 43-44

Q vol 27 685 63 ½-64 ½

U vol 27 ¼ 680 str 76-77 ½

Z vol 25 ¼ 700 str 100-101 ½

H vol 24 710 str 117 ½-120 ½

 

KC wheat

m vol 29 ¾ 770 str 20-22

N vol 26 ¾ 770 str 48-51

U vol 26 ½ 780 str 81-86

Z vol 24 790 str 105-110

H vol 23 790 str 122-128

 

Minneapolis wheat

M vol 24 ½ 740 str 14-20

N vol 24 ½ 740 str 39-44

U vol 25 ¼ 750 str 73-79

Z vol 24 ¼ 760 str 96-101

H vol 23 ½ 760 str 114-120

 

Meal

M vol 25 490 str 9-11

N vol 24.5 490 str 28-29.5

Q vol 24.25 470 str 38.5-40.5

U vol 24.25 430 str 41.5-43.5

V vol 23.75 400 str 43.5-45.5

Z vol 22.5 400 str 50-51

 

Bean oil

M vol 16.5 40.5 str 50-65

N vol 17 40.5 str 155-175

Q vol 18 40.5 str 235-255

U vol 18.25 40.5 str 285-305

V vol 18.25 40 str 330-350

Z vol 18.25 40 str 395-415

 

Crush quotes

OPEN             CLOSE

JLY            39-40              38-39

AUG        49.5-50           48-50

SEP          97-1.01           97-1.00

OCT         85-86               85-87

DEC         77.5-78.5       78.5-79

JAN         72-73               72-73

MCH       72-72.5           71.5-72

MAY        71.5-72.5       72-72.5

JLY5         70.5-71.5       70.5-71.5

AUG5      70-76.75        70-76.75

 

No Crush and oil share players today

 

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