From The Floor-An Afternoon Recap 9/23/14

News:

 

Argentine Ag Secretary estimated Argentina’s ‘14/15 bean planting area at 20.0 MH unchanged from ‘13/14 area

 

Argentine custom workers suspend work strike as wage talks continue

 

Ukraine Ag Min said Ukraine has exported 7.8 MMT of grain between July 1st – Sept 23rd up 48% from a year ago

 

Indian Ag Min said 2014 oilseeds area is at 17.68 MH vs. 19.25 MH in 2013

 

Indian Meteorological Department said Indian monsoon rains since June 1st are down 11% from the fifty year average

 

China has bought 200,000 tons of Bulgarian corn this month.

 

China has bought corn from the Ukraine this month also

 

Nov beans made a new contract low today of 931 (overnight)

 

Dec soymeal made a new contract low today of 307.50

 

Dec corn made a new contract low today of 325 ¼

 

Estimated fund activity:

  • Wheat sold 1K
  • Corn sold 6K
  • Beans sold 2K
  • Meal sold 1K
  • Bean oil bought 1K

 

Upcoming reports/events:

  • Weekly API energy inventory report comes out today at 330 pm CST
  • Weekly DOE energy inventory report comes out tomorrow at 930 am CST. Expecting
    • Crude a build of 750,000 barrels
    • Gas a draw of 300,000 barrels
    • Distillates a build of 350,000 barrels
  • Weekly US ethanol production report comes out tomorrow at 930 am CST

 

Open outcry option players:

  • ADM sold 600 Jan bean 1000/980 put spreads at 13 5/8 and sold 55 Jan bean futures at 945
  • Tenco bought 1,500 Nov bean 870 puts at 5 3/8 -5 ½ and bought 210 Nov bean futures at 937
  • JP Morgan bought 1,000 Oct bean 960 puts at 23 ¼ and bought 870 Nov futures at 938
  • RJO bought 1,500 Jan bean 860 puts and sold 750 Jan bean 920 puts at 3 credit
  • FI bought 500 July bean 900 puts and sold 1,000 July corn 350 puts at 12 ½ credit
  • Rosenthal bought 500 Dec meal 280 puts at 29 and sold 500 Nov bean 920 puts at 15 ¾
  • Rosenthal sold 2,000 Dec corn 350-340 put spreads at 7 ½
  • Jefferies bought 1,000 Oct corn 340 puts sold 2,000 Dec corn 315 puts at a ¼ credit
  • FI sold 1,000 Dec corn 300/330 put spreads at 10 ¼
  • FI sold 800 Dec corn 300 puts at 5 1/8 and sold 192 Dec corn futures at 328
  • FI sold 800 July corn 350 puts at 22 ¾
  • Macquarie bought 1,500 Dec wheat 450 puts and sold 1,500 Dec wheat 510 calls at 5/8-3/4 tied to futures at 475
  • Macquarie bought 600 March wheat 500-560 call spreads at 14 ¼ and sold 168 March futures at 488
  • JP Morgan sold 500 Dec wheat 480 calls at 14 ¾ and bought 230 Dec futures at 473
  • New Edge sold 600 March KC wheat 660-720 call spreads at 3
  • RJO sold 500 Dec meal 320-340 call spreads at 4.25
  • ABN sold 2,000 Dec meal 330 puts at 24.75 and sold 1,480 Dec meal futures at 309.50
  • FI sold 500 Dec meal 300 puts at 7.60-7.80
  • Tenco bought 500 Dec meal 280 puts at 2.75-2.85
  • FC Stone sold 200 Dec bean oil 31-33 call spreads and bought 200 Dec bean oil 31 puts at even

 

Closing vols and ATM straddles:

 

Corn:

V vol 25 ½ 325 str 6 ½-7 ¼

X vol 24 ½ 325 str 18 ½-19 ¼

Z vol 23 ¼ 325 str 23 ¾ -24 ¼

H vol 21 ¼ 340 str 36 ½-37 ½

K vol 20 ¼ 350 str 42-44

N vol 20 ½ 350 str 49 ½-51

U vol 22 360 str 59 ½-61

Z15 vol 21 370 str 66-67

 

Beans:

V vol 20 940 str 14 ½-16

X vol 21 940 str 45 ½-46 ½

Z vol 20 940 str 59-61

F vol 19 ¼ 940 str 73 ½-74 ½

H vol  18 ¾ 960 str 91 ½-93

 

Wheat:

V vol 26 480 str 9-11

Z vol 23 ¾ 480 str 36-37

H vol 20 ¾ 490 str 51-53

K vol 20 ¼ 500 str 60-63

N vol 20 ¾ 500 str 70-74

 

KC Wheat:

V vol 21 560 str 9-11

Z vol 20 ¾ 560 str 36-39

H vol 18 ½ 570 str 51-55

K vol 18 ½ 570 str 63-67

N vol 18 560 str 72-76

 

Minneapolis wheat:

Z vol 19 530 str 31-35

H vol 17 ¾ 550 str 46-52

K vol 17 ½ 560 str 56-62

N vol 18 570 str 66-72

 

Meal:

V vol 30 320 str 6-8

X vol 24 310 str 16-18

Z vol 23 310 str 22.5-24.5

F vol 21 310 str 25.5-27.5

H vol 20 300 str 31.5-33.5

 

Bean oil:

V vol 21.5 32 str 50-70

X vol 19.25 32.5 str 140-160

Z vol 18.75 32.5 str 190-210

F vol 18 32.5 str 230-260

H vol 17.75 33 str 285-315

 

Crush quotes:

OPEN              CLOSE

OCT        1.17-1.18       1.16-1.17

DEC        98.5-99.5        98-99.5

FZZ         91-92               94.5-96

JAN         86.5-88           87.5-89

MCH      80-81                81.5-82

MAY      76.5-77            77-77.75

JLY          76.5-77            77-77.5

AUG      75.5-78             76.5-78

SEP        84-90                 84-90

OCT5     82.5-90             82.5-90

 

Crush and oil share players:

  • Tenco sold 110 July crush at 77.25
  • No oil share players