From The Floor-An Afternoon Recap

News

 

US lawmakers call a congressional hearing on concerns about food and feed imports from China for June 17th. – Reuters

 

AgroConsult estimated Brazil’s winter wheat crop at 46.6 MMT vs. previous of 42.1 MMT and vs. 46.9 MMT a year ago

 

Bulgaria Ag Min estimated 2014 wheat crop at 4.6 MMT unchanged from 2013.

 

For the week ending June 11th Canada crushed 114,572 tons of canola up 5.9% from a week ago

 

For the week ending June 11th Canada crushed 17,333 tons of beans down 39.3% from a week ago

 

FranceAgriMer weekly French crop progress report as of June 9th

  • Soft wheat crop 72% good to excellent down 2% from the week prior and vs. 68% good to excellent a year ago
  • Winter barley 68% good to excellent down 3% from the week prior and vs. 67% good to excellent a year ago
  • Spring barley 67% good to excellent down 2% from the week prior and vs. 71% good to excellent a year ago
  • Durum wheat 61% good to excellent down 1% from the week prior
  • Corn 88% good to excellent unchanged from the week prior

 

July KC wheat closed above the 200 day moving average of 709. KC July wheat settled at 713 ¼

 

Weekly COT supplemental report. Large spec positions as of June 10th. Futures and options combined

  • Wheat short 50,929
  • KC wheat long 4,481
  • Corn long 85,661
  • Beans long 40,507
  • Meal long 51,612
  • Bean oil short 38,964

 

Surveyors SGS and Intertek come out on Monday with their Malaysian June 1-15th palm oil export estimates.

 

Weekly US export inspections report comes out on Monday at 10 am CST

 

NOPA May crush report comes out on Monday at 11 am CST . Based on a Reuters survey expecting

  • Crush  = average estimate 126.984 MB , range of estimates are 120.55-134.793 MB. April crush was 132.667 MB and May 2013 crush was 122.631 MB
  • Bean oil stocks =  average estimate 1.977 B lbs. range of estimates are 1.918- 2.030 B lbs. April bean oil stocks were 2.058 B and May 2013 bean oil stocks were 2.469 B
  • Meal exports = no estimate is given. April exports were 670,455 tons and May 2013 meal exports were 425,742 tons

 

Weekly US crop progress report comes out on Monday at 3 pm CST . Expecting

  • Corn condition steady to 2% higher good to excellent
  • Bean condition steady to 2% higher good to excellent
  • Bean planting 92-94% complete
  • Spring wheat condition 1-3% higher good to excellent

 

Estimated fund activity

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

 

Open outcry option players

  • ADM bought 500 Aug bean 1460 calls at 10-10 ½
  • ADM bought 500 July short dated 1220 calls at 9 ¼ -9 ½
  • FI bought 800 July bean 1400 puts at 5 ½ -6
  • RJO bought 1,000 Sept corn 500/550 call spreads at 3 ¾ -4
  • ADM bought 2,000 Sept corn 480 calls and sold 2,000 Sept corn 400 puts at 4 ½ – 5 debit
  • FI bought 5,000 Sept short dated corn 400 puts at 3 7/8 -4 ½ (FI bought a total of 15,000 CDFU 400 puts this week)
  • ABN bought 400 Aug wheat 625 calls at 9 ½ -9 5/8 tied to futures at 599
  • Macquarie bought 300 Sept KC wheat 720 straddles at 57-58 tied to futures at 720
  • FI bought 500 Dec meal 370/340 put spreads sold 300 Dec meal 460 calls at 1.00 debit
  • FI bought 500 March bean oil 42 calls at 140

 

 

Closing vols and ATM straddles

 

Corn

N vol 22 445 str 10 ½ -11 ½

Q vol 27 ¼ 440 str 32 ½ -33 ½

U vol 26 ¾ 440 str 41 ¼ -41 ¾

Z vol 25 ¼ 450 str 60-61

H vol 24 ½ 460 str 73 ½-75

K vol 24 460 str 81 ½-83

Z15 vol 20 ½ 460 str 88 ½-90 ½

 

Beans

N vol 17 1430 str 28-30

Q vol 20 1370 str 74-76

U vol 20 ½ 1260 str 90-93

X vol 20 ¼ 1220 str 117-120

F vol 18 ¼ 1220 str 129-133

 

Wheat

N vol 21 ½ 590 str 14-16

Q vol 23 ¾ 600 str 38-40

U vol 23 600 str 47-50

Z vol 22 ¼ 620 str 72-74

H vol 21 ¼ 630 str 90-94

 

KC wheat

N vol 25 710 str 17-20

Q vol 23 ½ 710 str 44-47

U vol 23 710 str 55-59

Z vol 22 720 str 81-85

H vol 21 ¼ 730 str 99-105

 

Minneapolis wheat

N vol 20 685 str 14-19

U vol 20 690 str 45-51

Z vol 19 ½ 700 str 68-74

H vol 19 ½ 710 str 86-93

 

Meal

N vol 26.5 470 str 14.5-16

Q vol 25 440 str 31-33.5

U vol 24.75 420 str 36.5-38

V vol 22.75 400 str 40-42

Z vol 22.75 400 str 46-49

 

Bean oil

N vol 20 39.5 str 75-95

Q vol 19.5 40 str 200-220

U vol 18.75 40 str 250-270

V vol 18 40 str 295-320

Z vol 17.25 40 str 350-380

 

 

Crush quotes

 

OPEN                CLOSE

JLY          44-46                 39-43

AUG       47-49                 42-45

SEP         96.5-1.00          95-98

OCT        91-93                 89-91

DEC         88-88.5             87.5-88.5

JAN         77.5-78             77.5-78

MCH       74-75                73-74
MAY       71-72.5             70-72

JLY5         68.5-70             68-70

AUG5     70.5-76.75        67-76.75

 

Crush and oil share players

  • ABN sold 30 Dec crush at 87.25
  • ADM sold 20 Sept crush at 98
  • Tenco sold 50 Aug crush at 45
  • No oil share players in pit today

 

 

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