From The Floor- An Afternoon Recap 9/16/14

News:

 

Bloomberg story – People’s Bank of China provides 500 billion Yuan liquidity to China’s top five banks

 

Egypt bought 180,000 tons of French wheat for October shipment

 

China trade delegation signed agreements with US exporters to buy 4.8 MMT of beans valued at 2.3 billion

 

Cargill said it will be closing corn mill in Memphis Tennessee in Jan 2015 due to underutilization

 

Cargill said corn oil refinery in Memphis will remain open

 

Hearing Cordonnier estimated 2014 US corn yield at 173.0 BPA vs. previous estimate of 170.0 BPA

 

Hearing Cordonnier estimated 2014 US bean yield at 46.7 BPA vs. previous estimate of 45.5 BPA

 

Hearing Cordonnier estimated ‘14/15 Brazil bean crop at 95.0 MMT

 

Dec wheat made a new contract low today of 491

 

Dec KC wheat made a new contract low today of 580

 

Dec Minneapolis wheat made a new contract low today of 563 ½

 

Dec meal made a new contract low today of 323.60

 

Estimated fund activity:

  • Wheat sold 2,000
  • Corn bought 2,000
  • Beans sold 5,000
  • Meal sold 1,000
  • Bean oil sold 2,000

 

Upcoming reports/events:

  • Weekly API energy inventory report comes out today at 330 pm CST
  • URGARA (Argentina Union of Grain Receivers and Annexes) will hold a 24 hour strike on Wednesday
  • Weekly DOE energy inventory report comes out tomorrow at 930 am CST. Expecting
    • Crude a draw of 1.185 MB
    • Gas a draw of 343,750
    • Distillates a build of 543,750
  • Weekly US ethanol plant production comes out tomorrow at 930 am CST
  • Second day of the FOMC 2 day policy meeting is tomorrow
  • Fed announcement tomorrow at 1 pm CST.

 

Open outcry option players:

Corn:

RJO sold 1400 Z 350 puts

ICAP bot 1000 Z 350-320 put spreads

Rosenthal bot 80 V 335 puts

Rosenthal bot 800 Z 340 calls/sold 800 CZ

ABN bot 500 Z’15 450 calls

 

Beans:

Rand bot 1000 X 940 puts/sold 1000 X 1020 calls/bot 520 SX

Drax bot 1000 X 1100 calls

Drax bot 400 X 920 puts/sold 400 X 1040 calls

JPM sold 500 H 1100 calls

JPM sold 500 K 1100 calls

ADM sold 500 X 1000 puts

ADM sold 400 short dated H 1000 calls

ADM sold 400 X 1010 calls

RJO sold 400 V 1000 straddles

RJO sold 500 F 980 puts/bot 1000 F 920 puts

Bache sold 450 X’15 980-1020 call spreads

ICAP sold 500 V 1020 calls

 

Wheat:

ABN bot 500 Z 520 calls/sold 500 Z 590 calls/sold 500 Z 600 calls/sold 500 Z 610 calls/sold 500 Z 620 calls

FCS bot 300 Z 600 calls

New Edge bot 300 Z 580 calls/sold 300 Z 500 straddles

 

Meal:

RJO sold 400 K 330-340 call spreads

JPM bot 200 Z 340-350 call spreads

 

Oil:

Drax bot 450 Z 34 calls

JPM bot 300 Z 35 calls

RJO sold 500 Z 32 puts

RJO bot 200 F 31 puts

Rosenthal sold 260 Z 35 calls

 

Closing vols and ATM straddles:

 

Corn:

V vol 22 ¼ 345 str 10 ¼-11

X vol 22 ¼ 345 str 19-20

Z vol 21 ½ 345 str 24 ¾ -25 ¼

H vol 20 360 str 37-38

K vol 19 ½ 360 str 43-44

N vol 20 370 str 51-52 ½

Z15 vol 20 ¼ 390 str 67 ½-69

 

Beans:

V vol 17 ½ 980 str 23-24 ½

X vol 18 980 str 45 ½-46 ½

F vol 17 ¾ 1000 str 73-74

H vol 17 ¾ 1000 str 92-94

 

Wheat:

V vol 26 500 str 17-18

Z vol 23 500 str 38-40

H vol  21 510 str 55-57

K vol 21 ½ 520 str 64-67

N vol 21 530 str 78-79

 

KC Wheat:

V vol 21 ¾ 580 str 17-19

Z vol 20 ¾ 580 str 40-42

H vol 19 590 str 57-60

K vol 18 ¾ 600 str 68-72

N vol 19 ¼ 590 str 80-81

 

Minneapolis wheat:

Z vol 18 ¾ 570 str 34-38

H vol 17 ½ 580 str 50-55

K vol 17 ½ 590 str 60-66

N vol 17 ½ 600 str 69-75

 

Meal:

V vol 24 340 str 11.5-13.5

X vol 23.25 330 str 20-21.5

Z vol 22.5 330 str 25-27

F vol 21 320 str 28.5-30.5

H vol 19 320 str 32.5-34.5

 

Bean oil:

V vol 20 33 str 85-100

X vol 19 33 str 160-175

Z vol 18.5 33 str 200-215

F vol 18 33.5 str 245-265

H vol 17.75 33.5 str 300-325

 

Crush quotes

 

OPEN                CLOSE

OCT        1.20-1.24        1.24-1.25

DEC        99-99.75          99-1.00

JAN         85-86.5            86,5-87.5

MCH      78-78.5            78-78.5

MAY       76-76.5            75.5-76.5

JLY           76-77                76-77.5

AUG       74-78                77-78

SEP         85-90                 88-90

OCT5      82-92                 83-88

 

Crush and oil share players

  • No crush and oil share players in the pit today