From The Floor-An Afternoon Recap

News

 

South Korea bought 198,000 tons of optional origin corn for Nov-Dec shipment

 

Jordan bought 50,000 optional origin feed barley for Oct shipment

 

Reports – Brazilian farmer’s bean sales were very active throughout the day , with estimates of 700,000 tons – 1.0+ million tons sold.

 

Yesterday afternoon 24 bean oil receipts were canceled out of Bunge Decatur IN (I forgot to add this information to my morning wire)

 

Japan’s Ag Min said use of corn in animal feed in March was 46.2% vs. 46% in February and vs. 42.2% in March 2013

 

Japan’s Ag Min said use of wheat in animal feed in March was 2.5% vs. 2.7% a month ago and vs. 3.6% in March 2013

 

SovEcon estimated Russia’s ‘14/15 grain exports at 24.0 MMT vs. previous estimate of 22.0 MMT and vs. ‘13/14 estimate of 25.6 MMT

 

SovEcon estimated Russia’s ‘14/15 wheat exports at 17.5 MMT vs. ‘13/14 estimate of 18.3 MMT

 

SovEcon estimated Russia’s 2014 grain crop at 90.0 MMT vs. previous estimate of 88.0 MMT and vs. 2013 crop of 92.4 MMT

 

SovEcon estimated Russia’s 2014 wheat crop at 50.0 MMT vs. 2013 wheat crop of 52.1 MMT

 

Cordonnier’s weekly crop estimates

  • Hearing he estimated 2014 US corn yield at 162.0 BPA vs. previous estimate of 163-165 BPA
  • Hearing he estimated 2014 US corn crop at 13.66 BB
  • Hearing he estimated 2014 US bean yield at 44.5 BPA vs. previous estimate of 44.0-45.0
  • Hearing he estimated 2014 US bean crop at 3.62 BB
  • Hearing he left his ‘13/14 Brazilian bean crop estimate unchanged at 86.5 MMT
  • Hearing he left his ‘13/14 Brazilian corn crop estimated unchanged at 73.5 MMT
  • Hearing he left his ‘13/14 Argentine bean crop estimate unchanged at 55.0 MMT
  • Hearing he left his ‘13/14 Argentine corn crop estimate unchanged at 24.0 MMT

 

July meal made a new contract high today of 499.10

 

Dec meal made a new contract high today of 405.80

 

July corn closed below the 100 day moving average of 476 ½ . July corn settled at 473 ½

 

July corn closed above the 200 day moving average of 473. July corn settled at  473 ½

 

Dec corn closed below the 200 day moving average of 479 ¼. Dec corn settled at 472

 

July KC wheat closed below the 50 day moving average of 772 ½ . July KC wheat settled at 768 ¼

 

July Minneapolis wheat closed below the 50 day moving average of 746 ½ . July Minneapolis wheat settled at 738

 

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

 

China will hold their weekly wheat auction tomorrow.

 

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

  • Crude unchanged
  • Gas unchanged
  • Distillates a draw of 500K

 

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

 

Estimated fund activity

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

 

Open outcry option players

 

Corn:

JPM bot 1000 N 460 puts

JPM bot 1000 Z 460 puts

JPM sold 500 N 480 puts

ICAP sold 1000 U 490 calls

ICAP bot 1000 short dated N 500 calls

ADM sold 1000 M 500 puts

New Edge bot 1000 N 460 puts and bought 260 futures

RJO bot 1000 N 450 puts and bot 160 July  futures

 

Beans:

GFI sold 1000 X 1200-1160 put spreads

ABN bot 1000 X 1400 calls

Man bot 500 X 1200 puts/bot 175 SX

Rosenthal sold 500 M 1490 calls

ADM sold 400 short dated N 1200 puts

ADM bot 600 short dated N 1250 calls

RJO bot 400 X 1340-1400 call spreads

 

Wheat:

ICAP sold 1000 U 700 calls tied up

ICAP sold 1000 U 740 calls tied up

Macquarie sold 1000 U 720 calls tied up

ADM bot 500 N 665 puts/sold 500 M 670 puts

FCS bot 400 n 720 calls

RJO bot 500 N 700 calls/sold 500 N 650 puts

 

KC Wheat:

Tenco bot 1000 N 710/630 put spreads

 

Meal:

ADM sold 600 Z 380 puts

ADM sold 600 Z 370 puts

RJO bot 400 N 460 calls

 

Oil:

New Edge bot 400 N 41-41 ½ calls

RJO sold 750 Z 38 puts

RJO bot 350 V 42 calls

New Edge bot 250 N 42 calls

New Edge sold 200 M 41-40 put spreads

 

Closing vols and ATM straddles

 

Corn

M vol 22 470 str 7 ½ -8 ½

N vol 22 ½ 470 str 23 ½ -24 ½

Q vol 28 ½ 470 str 44-45

U vol 28 470 str 52 ½-53 ½

Z vol 26 470 str 68 ¾ -69

H vol 24 480 str 79 ½-80 ½

Z15 vol 20 470 str 92-94

 

Beans

M vol 18 ½ 1470 str 21 ½ -23 ½

N vol 17 ½ 1470 str 60-62

Q vol 19 ¾ 1400 str 93-96

U vol 20 ¼ 1280 str 104-107

X vol 20 1240 str 128-130

 

Wheat

M vol 27 ½ 670 str 14-16

N vol 26 ¾ 670 str 41-43

Q vol 27 ½ 680 str 62-64

U vol 27 ¼ 680 str 75-77

Z vol 25 ½ 700 str 99-102

H vol 24 710 str 112-120

 

KC wheat

M vol 30 770 str 17-19

N vol 27 770 str 47-50

U vol 26 ½ 770 str 82-84

Z vol 25 790 str 107-108

H vol 22 ½ 790 str 118-126

 

Minneapolis wheat

M vol 25 740 str 13-19

N vol 25 740 str 41-47

U vol 26 750 str 76-82

Z vol 24 ½ 760 str 99-106

H vol 23 ½ 770 str 116-123

 

Meal

M vol 27.25 490 str 8.5-10

N vol 24.75 490 str 27.5-29.5

Q vol 24.25 460 str 37-39

U vol 23.75 430 str 41-43

V vol 23.5 400 str 43.5-45.5

Z vol 22.25 390 str 49-51

 

Bean oil

M vol 17 41 str 45-60

N vol 17.25 40 str 150-165

Q vol 18 40 str 230-245

U vol 18 40 str 275-295

V vol 18 40 str 325-350

Z vol 17.75 40 str 385-410

 

Crush quotes

OPEN                CLOSE

JLY          37.5-38.5         41.5-42

AUG       46-48.5            50-51

SEP         95-1.01            94-96

OCT        85-86                84-85

DEC        78-78.75          78.5-79

JAN         72.5-73           72.5-73

MCH       71.5-72.5       72-72.5

MAY       71.5-72           71.5-72

JLY5         70.5-71          70.5-71

AUG5      70-76.75        70-76.75

 

Crush and oil share players

ADM bot 110 July crush at 38

ADM sold 110 Aug crush at 48

Jefferies sold 400 July crush at 39.5-40.5

Tenco sold 100 Aug crush at 50-50.5

ADM bot Dec 138 oil/ 83 meal at 33.30%

JP Morgan bot July 400 oil/ 300 meal at 29.20-29.30%

New Edge sold July 500 oil/ 300 meal at 28.63-29.00%

 

 

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