From The Floor-An Afternoon Recap

News:

 

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

  • Wheat at 581,483 tons , expecting 375,000 -500,000 tons
  • Corn at 987,936 tons , expecting 950,000 – 1.15 million tons
  • Beans at 61,847 tons, expecting 75,000 -175,000 tons

 

Ukraine Ag Min said as of today Ukraine farmers have harvested 839,000 tons of grain on 306,000 hectares

 

Kansas Wheat Commission and the Kansas Association of Wheat Growers highlights from today’s daily report.

  • Kansas is the biggest US producer of winter wheat
  • Kansas winter wheat harvest is underway
  • 15 cooperative branches around Sterling KS has harvested 2.0 MB of wheat as of Saturday
    • Average yields 30-40 BPA
    • Test weights 59-63 pounds per bushel
  • Skyland Grain in Johnson KS (western part of state)
    • This year’s harvest may be a little better than last year.
    • Seeing higher than expected yields
    • Test weights 62-63 pounds per bushel
    • Said harvest should wrap up in about a week to two weeks
  • Claflin KS farmer
    • His first harvested field only averaged 2.0 BPA due to winterkill
    • His other fields averaged 30-40 BPA yields
  • Mid-Kansas Coop in Lindsborg KS
    • This year’s harvest will be about half of last year’s harvest
    • Have harvested 140,000 bushels or 20%
    • Average yields about 30.0 BPA
    • Test weights a little over 60 pounds per bushel

 

Sept KC wheat close below the 200 day moving average of 716 ½. KC Sept wheat settled at 712 ¾

 

Dec bean oil closed above the 50 day and 100 day moving average of 4058. Dec bean oil settled at 4066

 

Estimated fund activity

  • Wheat sold 2K
  • Corn sold 12K
  • Beans bought 2K
  • Meal sold 3K
  • Bean oil  bought 2K

 

Weekly US crop progress report comes out today at 3 pm CST. Based on a Reuters survey expecting

  • Corn good to excellent conditions to fall 2% from a week ago vs. five year average of about 68% good to excellent . Range of estimates were 1-3% lower than a week ago
  • Bean good to excellent condition to fall 2% from a week ago vs. five year average of about 64% good to excellent. Range of estimates were steady to 5% lower than a week ago
  • Soybean planting estimated at 95% complete
  • Winter wheat harvest expecting 28% complete
  • Winter wheat conditions expecting steady from a week ago
  • Spring wheat conditions expecting down 1% from a week ago

 

China to auction 352,000 tons of beans from reserves tonight/tomorrow

 

China to auction a total of 4.99 MMT of corn from reserves Tuesday and Wednesday.

 

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

 

Expecting to see estimates for Monday’s USDA acreage and stocks report some time tomorrow.

 

Open outcry option players

  • GFI sold 1,000 Aug bean 1500 calls at 3 ½ -4
  • JP Morgan bought 2,000 Nov bean 1340/1400 call spreads at 9 7/8 – 10 1/8
  • ADM bought 500 Aug bean 1360 puts at 36 ¼
  • ADM bought 500 Aug bean 1330 puts at 22-22 ½
  • ADM bought 500 Sept short dated bean 1180 puts at 21-21 ¾
  • ADM sold 1,000 Sept corn 430 puts at 13 and sold 270 Dec futures at 449 ½
  • Rosenthal bought 1,500 Sept corn 440 puts and sold 1,500 Dec corn 480 calls at a ¼ – 1 debit
  • ICAP bought 2,000 March corn 440 puts at 28 3/8 and bought 840 March futures at 455
  • ICAP sold 2,000 Dec corn 440 puts at 26 ¼ -27
  • ICAP bought 1,000 May corn 460 puts at 38 ½ and bought 450 May futures at 465
  • ABN sold 1,500 Sept corn 430 puts at 13 and sold 420 Sept futures at 449 ½
  • Macquarie bought 500 Sept corn 460 calls and sold 1,000 Sept corn 550 calls at 9 debit and sold 110 Sept futures at 440
  • Tenco sold 600 May wheat 700 calls at 29 ½ -30
  • New Edge bought 500 Sept wheat 590 puts and sold 500 Dec wheat 690 straddles at even money
  • Macquarie bought 1,200 Dec meal 390 puts at 18.50 and bought 480 Dec futures at 400.00
  • FI bought 500 Sept bean oil 41 calls at 110

 

Closing vols and ATM straddles

 

Corn

Q vol 29 440 str 30 ¾ -31 ¼

U vol 27 ½ 440 str 39 ¾-40 ¼

V vol 26 ¼ 440 str 47 ½ -48

Z vol 25 ¼ 440 str 57-57 ½

H vol 24 ½ 450 str 71 ½-72 ½

K vol 24 ½ 460 str 81 ½-82 ½

N vol 24 470 str 88 ½ -90 ½

Z15 vol 20 ¾ 460 str 88 ½ -90 ½

 

Beans

Q vol 21 ½ 1360 str 69 ½-71 ½

U vol 22 1270 str 89-91

X vol 20 ½ 1240 str 117-119

F vol 18.5 1240 str 128-132

H vol 17 ½ 1240 str 137-141

 

Wheat

Q vol 25 ¼ 590 str 36-38

U vol 24 ¾ 590 str 47-49

V vol 24 610 str 59 ½-60 ½

Z vol 23 ¼ 610 str 72-74

H vol 22 ½ 630 str 88-92

K vol 21 ½ 650 str 100 ½-103 ½

 

KC wheat

Q vol 26 ½ 710 str 43-47

U vol 24 ¾ 710 str 55-59

Z vol 22 ¼ 720 str 80-84

H vol 21 730 str 95-100

 

Minneapolis wheat

U vol 21 690 str 45-50

Z vol 20 700 str 68-75

H vol 18 ½ 710 str 82-90

 

Meal

Q vol 25 440 str 27-29

U vol 24 410 str 33-35

V vol 23 400 str 37.5-39.5

Z vol 21.5 390 str 45.5-47.5

F vol 20.5 390 str 46-48

 

Bean oil

Q vol 19.75 41 str 185-205

U vol 19.5 41 str 250-275

V vol 18.75 40.5 str 295-315

Z vol 17.25 40.5 str 340-365

F vol 17 41 str 380-410

 

Crush quotes

 

OPEN              CLOSE

JLY          33-34              24.5-26

AUG       48-48.5          45-47

SEP         91-94              90-93

OCT        88-90              85-86

DEC        85-86              81.5-82

JAN        75-76              72-73

MCH      72.5-74          71-72

MAY       71-72.5         70-72

JLY5         68-71            67-70

AUG5     71-78            69-78

 

Crush and oil share players

  • Jefferies sold 70 July beans , Aug products crush at -8.5
    • July/Aug crush calculated settlement is -13.45
  • Jefferies sold 220 July bean, Sept products crush at -60.25 and -61.75
    • July/Sept crush calculated settlement is – 67.05
  • Jefferies sold 150 July beans, Oct products crush at -99.5
    • July/Oct crush calculated settlement is -105.74
  • No oil share players in the pit today

 

 

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