From The Floor- An Afternoon Recap 8/28/14

News:

 

EIA Nat Gas storage report came out today at 930 am CST at +75 BCF expecting +80 BCF

 

Ukraine/Russian tensions continue

 

Tonight/tomorrow is first notice day. Delivery expectations and registered receipts

  • Wheat – 144 receipts registered as of yesterday afternoon , expecting 0-100 deliveries
  • Corn – 7 receipts registered as of yesterday afternoon, expecting 0 to very light deliveries
  • Beans – 0 receipts registered as of yesterday afternoon , expecting 0 deliveries
  • Meal – 0 receipts registered as of yesterday afternoon, expecting 0 deliveries
  • Bean oil – 5,708 receipts registered as of yesterday afternoon, expecting 200-2,000 deliveries
  • KC wheat – 49 receipts registered as of yesterday afternoon , expecting 0-50 deliveries
  • Minneapolis wheat expecting 100-500 deliveries

 

Jordan canceled tender for 100,000 tons of feed barley for Jan-Feb shipment

 

Iran SLAL seeks 180,000 tons of feed barley ,120,000 tons of corn for Sept –Oct shipment

 

Iran SLAL seeks 3 cargoes of soymeal for Sept Oct shipment

 

UkrAgroConsult said Ukraine exported 2.17 MMT of grain between Aug 1-26th vs. 2.0 MMT exported in July

 

Agritel estimated ‘14/15 French wheat crop at 38.1 MMT vs. 36.8 MMT in ‘13/14

 

Wheat crop quality concerns continue in Western Europe

 

Indian monsoon rains 22% below average the past week.

 

Dec wheat closed above the 50 day moving average of 570 ½ . Dec wheat settled at 571 ¾

 

Estimated fund activity:

  • Wheat bought 4K
  • Corn  bought 5K
  • Beans sold 2K
  • Meal bought 2K
  • Bean oil sold 500

 

Upcoming reports/events:

  • Tomorrow is first notice day
  • Weekly COT report comes out tomorrow at 230 pm CST.

 

Open outcry option players:

 

Corn:

ICAP bot 2000 Z 330-300 put spreads

ICAP  bot 1000 Z 400 calls

ICAP bot 1000 Z 380 calls/sold 380 CZ

ICAP bot 1000 Z 360 puts

ICAP bot 1000 Z 390 calls

ICAP bot 1000 H 380 straddles

ICAP bot 1000 H 380 calls

ADM sold 1500 Z 470 calls

JPM bot 1000 Z 370-410 call spreads

Rosenthal sold 1000 Z 370 puts

Macquarie sold 2000 Z 425 calls

FI bot 1000 Z 340 puts/sold 2000 Z 320 puts/bot 400 CZ

 

Beans:

GSA bot 2000 H 900 puts/sold 2000 X 900 puts

GSA bot 650 H 1000 puts/sold 650 X 1000 puts

ICAP bot 500 X 1140 calls

Rosenthal bot 450 week 5 1040 calls

Drax sold 400 N 1100 calls/bot 800 N 1200 calls

Tenco bot 500 X 1140 calls

FI sold 500 H 1140 calls-940 put strangles/bot 220 SH

 

Wheat:

JPM bot 1150 N 820 calls/sold 115 WN

ICAP sold 1000 Z 580 straddles

ICAP bot 2000 Z 600-620 call spreads/sold 200 WZ

ICAP bot 1300 z 590-620 call spreads

Tenco bot 1000 V 650 calls

Tenco bot 500 V 600 calls

ABN bot 500 V 600 calls

 

Meal:

FI sold 200 Z 360 calls

FI bot 200 Z 380 calls

 

Crush:

Kottke sold 10 Z $1 call at 8

 

Closing vols and ATM straddles:

 

Corn:

V vol 21 370 str 17 ¼-18

X vol 21 ½ 370 str 24 ½ -25 ¼

Z vol 20 ¾ 370 str 29 ½ -30

H vol 20 ¼ 380 str 42-43

K vol 20 390 str 49 ½-50 ½

N vol 20 400 str 58-59 ½

Z15 vol 20 ¼ 410 str 72 ½-73 ½

 

Beans:

V vol 18 1030 str 42-44

X vol 19 ½ 1030 str 63-64

F vol 18 ½ 1040 str 88-90

H vol 18 ¼ 1040 str 104-106

 

Wheat:

V vol 26 570 str 34-35

Z vol 24 ¼ 570 str 52-54

H vol 22 590 str 71-73

K vol 21 ¼ 600 str 80-83

N vol 20 ¾ 600 str 89-93

 

KC Wheat:

V vol 25 ¼ 640 str 36-38

Z vol 22 ½ 640 str 54-58

H vol 20 ½ 650 str 72-76

K vol 20 660 str 83-88

N vol 19 ½ 650 str 87-93

 

Minneapolis wheat:

Z vol 21 630 str 47-53

H vol 18 ½ 640 str 64-69

 

Meal:

V vol 24.25 360 str 19-21

X vol 22.75 350 str 24-26

Z vol 22 350 str 28-30

F vol 20 340 str 31-33

H vol 18.5 340 str 34-38

 

Bean oil:

V vol 17.5 32.5 str 120-135

X vol 17.5 33 str 170-180

Z vol 16.75 33 str 205-220

F vol 16.5 33 str 235-260

H vol 16.5 33.5 str 285-315

 

Crush quotes

OPEN                CLOSE

SEP          1.94-2.05        2.30-2.40

OCT         1.235-1.26      1.27-1.31

DEC         95.5-96            98-99

JAN         82-83                84-85

MCH       75.5-76            76-77

MAY        72-73               73-73.5

JLY            72.5-73.5       73-74

AUG        72-77               73-77

SEP5         82-88              84-88

 

No crush or oil share pit players today

 

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