From The Floor-An Afternoon Recap

News

 

Egypt GASC bought 60,000 tons of Romanian wheat for July shipment .

 

South Korea NOFI bought 123,000 tons of optional origin corn for Dec-Jan shipment

 

Reports of fund liquidation in July soybeans.

 

SovEcon estimated Russia’s 2014 grain crop at 87-90 MMT vs. previous estimate of 88-92 MMT

 

Buenos Aires Grains Exchange estimated Argentina’s ‘13/14 corn crop at 25.0 MMT vs. previous estimate of 24.0 MMT

 

FranceAgrimer estimated ‘13/14 French soft wheat exports outside the EU at 12.0 MMT vs. previous estimate of 11.6 MMT

 

FranceAgrimer estimated ‘13/14 French soft wheat ending stocks at 2.8 MMT vs. previous estimate of 3.1 MMT

 

UkrAgroConsult said Ukraine’s 2014 grain harvest has started. Ukraine Ag Min said 2.6 MH of grain, mostly  barley have been harvested .

 

German farm cooperatives estimated Germany’s 2014 wheat crop at 25.5 MMT vs. previous estimate of 24.94 MMT and up 1.9% from 2013

 

German farm coops estimated Germany’s winter rapeseed crop at 5.9 MMT vs. previous estimate of 5.6 MMT and up 2.2% from 2013

 

Kazakhstan exported 8.33 MMT of grain by rail between July 1st – June 10th vs. 6.69 MMT a year ago

 

Kazakhstan Ag Min estimated ‘13/14 grain exports at 9.0 MMT vs. 7.1 MMT a year ago

 

UK customs data showed that UK imported 113,861 tons of wheat in April .

 

Saskatchewan Canada crop planting is 93% complete vs. five year average of 87%

 

South Korea canceled tender for 4,039 tons of Australian rice for Oct shipment

 

Today was the last day of the Goldman Sachs roll . On the close

 

Informa comes out tomorrow at 11 am CST with US 2014 acreage and production estimates . Previous estimates from Informa were

  • US corn acreage previously estimated at 91.6 MA vs. USDA March estimate of 91.7 MA
  • US bean acreage previously estimated at 82.1 MA vs. USDA March estimate of 81.5 MA
  • US all wheat acreage previously estimated at 56.1 MA vs. USDA March estimate of 55.8 MA
  • US cotton acreage previously estimated at 10.21 MA vs. USDA March estimate of 10.9 MA
  • US balance sheet 2014 US bean crop estimated at 3.635 BB
  • US balance sheet 2014 US bean yield estimated at 45.2 BPA
  • US balance sheet 2014 US corn crop estimated at 13.935 BB
  • US balance sheet 2014 US corn yield estimated at 165.3 BPA

 

USDA will update their US 2014 acreage estimates on June 30th

 

Weekly COT report comes out tomorrow at 230 pm CST .

 

 

Open outcry option players

  • FI bought 800 Sept bean 1200 puts and sold 800 Sept short dated July 1200 puts at 15 ½ debit
  • Rosenthal sold 1,200 July/Nov bean CSO 200 puts at 4-8
  • Jefferies sold 500 July bean 1420 puts at 5 ½ -6 1/8
  • ABN bought 1,000 Aug corn 440 puts and sold 1,000 Sept corn 430 puts at 1 1/8 debit
  • RJO bought 1,400 Dec corn 430 puts at 24-24 1/8 and bought 560 Dec futures at 442
  • New Edge bought 1,000 Sept corn 400 puts at 5 5/8 and bought 200 Sept futures at 439
  • FI bought 2,000 Sept short dated corn 400 puts at 5 1/8 (Yesterday they bought 8,000 at 4 ½ – 5 ¼ ) This is a new position.
  • JP Morgan sold 1,000 Dec corn 400p/500c strangle at 24-24 ¼
  • Tenco sold 1,000 Dec corn 400p/500 call strangle at 24-24 ¼
  • Tenco bought 2,000 Sept corn 500 calls at 5 3/8 -5 ½
  • ICAP bought 400 Sept wheat 620/660 call spreads at 10
  • ABN bought 500 Aug wheat 600/570 put spreads at 12 1/8 -12 ¼
  • ABN bought 900 Sept wheat 650/700 call spreads at 6
  • New Edge bought 300 Sept KC wheat 810 calls at 4 ½
  • Bunge bought 1,000 July meal 500 calls at 2.00
  • Bunge bought 1,000 July meal 470/480 call spreads at 4
  • Macquarie sold 500 Sept bean oil 40.5 calls at 65 and bought 150 Sept futures at 3880
  • JP Morgan bought 1,000 July bean oil 40 puts at 130 and bought 850 July bean oil futures at 3880

 

Crush and oil share players

  • New Edge sold 200 September crush at 93.25
  • ABN sold 70 Jan crush at 76.25
  • ABN sold 20 July crush at 40
  • New Edge sold 200 Oct crush at 89

 

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