From The Floor-An Afternoon Recap

News:

 

German Farm Coop estimated Germany’s 2014 wheat crop at 25.46 MMT up 1.8% from 2013

 

German Farm Coop estimated Germany’s 2014 winter rapeseed crop at 5.97 MMT up 3.5% from 2013

 

Sunvin Group estimated India’s ‘14/15 edible oil imports at 12.1 – 12.3 MMT vs. ‘13/14 estimate of 11.1 MMT

 

Sunvin Group said India will lose 2 MMT of oilseed production due to poor monsoon , if monsoon worsens India may lose an additional 1-1.5 MMT of oilseed output

 

Kansas wheat harvest should be complete within the week.

 

Nov bean made a new low today of 1092 ¼

Dec corn made a new low today of 391 ½

 

Dec wheat made a new contract low today of 568 ½

 

Dec KC wheat made a new contract low today of 654 ½

 

Sept Minneapolis wheat made a new contract low today of 640

 

Dec meal made a new contract low today of 349.30

 

USDA July supply and demand and crop production report comes out tomorrow at 11 am CST. See attachment for recap table.

 

Weekly COT report comes out tomorrow at 230 pm CST.

 

Estimated fund activity

  • Wheat sold 1K
  • Corn sold 8K
  • Beans sold 5K
  • Meal sold 2K
  • Bean oil  bought 2K

 

Open outcry option players

  • ABN bought 1,000 Nov bean 1040/1000 put spreads at 9 7/8
  • ICAP bought 1,000 Nov bean 1140 calls at 34 ¼ and sold 420 Nov futures at 1105
  • RJO bought 1,500 Nov bean 1000 puts and sold 500 Nov bean 1100 puts at 3 credit
  • FI bought 4,000 week 2 corn 400 calls at 1 ¾ (Week 2 expires tomorrow and goes off the Sept future)
  • FI sold 1,500 Sept short dated corn 400 puts at 18 – My broker said they bought about 18,000-20,000 of these a month or so ago – open interest coming in this morning was 22,000
  • Rand bought 3,000 Oct corn 380 puts and sold 3,000 Dec corn 440 calls at a ½ -5/8 debit and bought 1,710 Dec futures at 398.
  • ICAP bought 1,000 Aug corn 400 calls at 4 ½ and sold 320 Sept futures at 389 ½
  • ICAP bought 1,000 Dec corn 400-430 call spreads at 9 ¼
  • ADM sold 1,250 Dec wheat 490/510 put spreads at 2 7/8
  • FI bought 500 week 2 wheat 570 calls at 2
  • New Edge bought 600 Oct wheat 570 puts and sold 600 Dec wheat 520p/610 c strangle at 1 debit
  • FI bought 700 Aug meal 420 calls at 4.40-4.70
  • EDF Mann sold 700 Dec meal 350 puts at 16.75-17
  • FI bought 1,300 Dec bean oil 37.50-40 call spread at 87 and sold 240 Dec futures at 3750
  • JP Morgan bought 1,000 Oct bean oil 37-35 put spreads and sold 1,000 Oct bean oil 40 calls at 33 debit

 

Closing vols and ATM straddles

 

Corn

Q vol 26 ½ 385 str 16 ¾ -17 ¾

U vol 25 385 str 26 ¼-27 ¼

V vol 23 ½ 390 str 33 ½-34 ½

Z vol 22 ½ 390 str 42 ½-43

H vol 22 400 str 55-56

K vol 22 410 str 63-64 ½

N vol 22 420 str 72-72 ½

Z15 vol 20 ¾ 430 str 81 ½-83 ½

 

Beans

Q vol 22 1230 str 44 ½-46 ½

U vol 22 1120 str 67 ½-69 ½

X vol 20 ¾ 1100 str 97 ½-99

F vol 18 ¾ 1100 str 111-115

H vol 18 ¼ 1100 str 125-128

K vol 17 ½ 1120 str 135-139

N vol 16 ½ 1120 str 140-144

 

Wheat

Q vol 24 ½ 550 str 22-23

U vol 23 550 str 34-35

Z vol 20 ¼ 570 str 55-56

H vol 19 ¾ 590 str 72-74

K vol 20 610 str 83-88

 

KC wheat

Q vol 24 650 str 25-27

U vol 21 ¼ 650 str 39-42

Z vol 19 ¼ 660 str 60-63

H vol 18 ¼ 670 str 74-77

K vol 18 670 str 81-88

 

Minneapolis wheat

U vol 19 640 str 31-37

Z vol 17 ½ 650 str 53-59

H vol 17 ½ 670 str 70-76

 

Meal

Q vol 23.8 400 str 18.5-20.5

U vol 24.8 370 str 25-27

V vol 23.7 350 str 30-32

Z vol 23.3 350 str 38-41

H vol 20.3 350 str 43-46

K vol 18 360 str 44-47

N vol 17 360 str 45-49

 

Bean oil

Q vol 17 3750 str 100-115

U vol 17.25 3750 str 175-190

V vol 17.25 3750 str 230-250

Z vol 16.75 3750 str 295-315

F vol 16.5 3750 str 320-340

H vol 16.25 3750 str 365-400

K vol 16 3750 str 400-450

N vol 16 38 str 425-500

 

Crush quotes

Open                                   Closes

Aug        56.0-57.0                              57.5-58.5

Sep        103.5-107.0                         106.0-107.0

Oct         94.5-95.5                              95.5-96.5

Dec        89.25-89.5                            89.75-90.25

Jan         81.25-81.75                         81.0-83.0

Mch       79.5-79.75                           80-80.75

May       77.5-78.5                              78.25-79.0

May       77.5-78.25                           78.0-78.5

 

Crush and oil share players

  • RJO sold 130 Dec crush at 89.50
  • RJO bought 160 Dec crush at 89
  • Rosenthal bought Dec share 120 (bot BOZ) x 96 (sold SMZ) at 34.7% (10×8)

 

 

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