From The Floor-An Afternoon Recap 9/25/14

News:

 

Surveyor SGS estimated Malaysia’s Sept 1-25th palm oil exports at 1,286,901 tons up 34.6% from a month ago

 

Surveyor Intertek Agri Services estimated Malaysia’s Sept 1-25th palm oil exports at 1,278,703 tons up 29.6% from a month ago

 

Brazil Ag Min estimated Brazil’s ‘14/15 bean crop at 90-96 MMT

 

Brazil Ag Min said Brazil will buy 1-1.5 MMT of corn for public stocks

 

Brazil Ag Min said Brazil will buy 400,000 – 600,000 tons of wheat for public stocks

 

Abiove estimated Brazil’s ‘14/15 soybean crop at 91.0 MMT up 5.4% from ‘13/14 crop

 

Abiove estimated Brazil’s ‘14/15 soybean exports at 48.0 MMT up 3.0 MMT from ‘13/14 exports

 

Abiove estimated Brazil’s 2015 soybean ending stocks at 5.78 MMT vs. 3.8 MMT currently

 

Abiove estimated Brazil’s 2015 bean crush at a record high 38.3 MMT vs. 36.8 MMT in 2014

  • 29.1 MMT of soymeal
  • 7.4 MMT of bean oil

 

Oil World said Argentina Jan – Aug 2014 soybean crush at 25.7 MMT vs. 23.4 MMT a year ago

 

Oil World said Argentina Jan – Aug 2014 sunseed crush at 1.7 MMT vs. 2.1 MMT a year ago

 

IGC estimated ‘14/15 global wheat output at 717 MMT (record) vs. previous estimate of 713 MMT

 

IGC estimated ‘14/15 EU wheat crop at 153.1 MMT vs. previous estimate of 150.8 MMT

 

IGC estimated ‘14/15 Ukraine wheat crop at 23.0 MMT vs. previous estimate of 21.5 MMT

 

IGC estimated ‘14/15 global corn output at 974.0 MMT vs. previous estimate of 973.0 MMT

 

SAGIS said South Africa’s August corn ending stocks at 1.249 MMT

 

Based on a Reuters survey South Africa’s 2014 corn crop is estimated at 14.39 MMT

 

Qatar bought 40,000 tons of Russian origin wheat for Nov-Dec shipment

 

Greek importer bought 3,000 tons of Ukrainian milling wheat for October shipment

 

UkrAgroConsult estimated Ukraine’s 2014 corn crop at 25.9 MMT vs. previous estimate of 27.0 MMT

 

UkrAgroConsult estimated Ukraine’s 2014 grain crop at 57.4 MMT vs. previous estimate of 58.5 MMT

 

India’s weather office said India’s monsoon rains were 9% below average in the past week

 

The Max Rubner Institute said Germany’s 2014 wheat protein content is at 13.1% unchanged from a year ago and vs. five year average of 13.4%

 

Vietnam Farm Ministry said Vietnam exported 5.02 MMT of rice between Jan-Sept down 5.2% from a year ago

 

Weekly EIA Nat Gas storage report came out today at 930 am CST at up 97 BCF expecting up 94 BCF

 

G7 headlines from Bloomberg

  • *G-7 REAFFIRMS NEEDS FOR POLITICAL TRANSITION IN SYRIA
  • *G-7 SAYS READY TO IMPOSE FURTHER SANCTIONS ON RUSSIA IF NEEDED
  • *G-7 RECOGNIZES U.S. MILITARY ACTION AS `IMPORTANT CONTRIBUTION’
  • *G-7 SAYS RUSSIA MUST IMMEDIATELY MEET COMMITMENT OF MINSK PACT
  • *G-7 SEEKS `STRUCTURED EXCHANGE’ FOR NATIONS TO FIGHT TERRORISM
  • *G-7 SAYS EBOLA COUNTRIES `MUST NOT BE ISOLATED’
  • *G-7 WELCOMES `ALL CONTRIBUTIONS,’ INCLUDING TRAINING, EQUIPMENT
  • *G-7: `WE COMMIT OURSELVES’ TO HELP UKRAINE REBUILD ECONOMY
  • *G-7 SEEKS TO ADDRESS FLOW OF FOREIGN FIGHTERS, FINANCE TO ISIL
  • *G-7 SAYS EXPERTS NEED UNRESTRICTED ACCESS TO MH-17 CRASH SITE
  • *G-7 FOREIGN MINISTERS ISSUE STATEMENT ON ISLAMIC STATE
  • *G-7 REITERATES CONDEMNATION OF RUSSIAN ACTION IN CRIMEA
  • *G-7 FOREIGN MINISTERS JOINTLY DEMAND RELEASE OF ISIL HOSTAGES
  • G-7 Says Airstrikes on Islamic State ‘Important Contribution’
  • *G-7 CONDEMNS ONGOING VIOLATIONS OF UKRAINE CEASEFIRE
  • *G-7 EXPRESSES `READINESS’ TO HELP EBOLA COUNTRIES IN STATEMENT
  • *G-7 SAYS IT HAS `CONTINUED GRAVE CONCERN’ OVER UKRAINE

 

Nov beans made a new contract low today of 922 ¼

 

Dec meal made a new contract low today of 303.30

 

Dec Chicago wheat made a new contract low today of 466 ¼

 

Dec corn low of day matched the contract low of 325 ¼

 

Estimated fund activity:

  • Wheat sold 3,000
  • Corn sold 4,000
  • Beans sold 7,000
  • Meal sold 2,000
  • Bean oil bought 500

 

Upcoming reports/events:

  • Globoil India 2014 meeting starts in Mumbai tomorrow and ends on Sunday
  • October options expire tomorrow at 115 pm CST
  • Weekly COT report comes out tomorrow at 230 pm CST
  • CEC comes out on Tuesday with their final South African production estimates
  • Effective October 1st 2014 NFA assessment fee will be lowered to 1 cent per side vs. 2 cents per side currently.

 

Open outcry option players:

  • ABN sold 2,500 Nov bean 980/1060 put spreads at 74 ¼ -74 ½
  • ABN sold 1,500 Nov bean 1000/1100 put spreads at 97
  • RJO sold 2,500 Jan bean 920 puts and bought 5,000 Jan bean 860 puts at 2-2 ¾ credit
  • RJO sold 1,500 Nov bean 930/950 call spreads at 8 ¼
  • ICAP sold 1,000 Nov bean 940 calls at 19 and bought 500 Nov futures at 932
  • Rand bought 1,000 Dec bean 880 puts and sold 2,000 Dec bean 840 puts at a ½ credit
  • JP Morgan bought 1,000 Jan bean 900 puts and sold 2,000 Jan bean 840 puts at 2 ¼ debit
  • Cunningham bought 1,400 May bean 800 puts and sold 1,400 march bean 800 puts at 1 5/8 -1 ¾ debit
  • ICAP sold 1,000 Dec corn 320 calls at 16 5/8
  • ABN bought 1,000 Dec corn 360 calls at 2 5/8
  • ICAP bought 1,000 Dec corn 360 calls at 2 ½
  • FI sold 1,000 short dated Jan corn 375 straddles at 23
  • ABN sold 1,000 Dec corn 320 calls at 14 5/8
  • ABN sold 2,000 Dec corn 320/350 call spreads at 11-11 1/8
  • Tenco bought 1,500 Dec corn 370 puts at 45 1/8 and sold 1,400 Dec futures at 326 ½
  • Goldman Sachs bought 2,000 Oct wheat 560 puts and sold 2,000 Dec wheat 560 puts at 1 ½
  • ICAP sold 700 Dec wheat 500 calls at 8 ¾ tied to futures at 473
  • Bunge sold 500 July meal 320 calls at 11.50
  • FI bought 1,400 Dec meal 280 puts and sold 200 Dec meal 300 straddles at 3.00 credit tied to futures at 304.50
  • Macquarie bought 1,150 July meal 410 calls and sold 1,150 Dec 2015 meal 270 puts at 5.00-5.90 credit
  • Rosenthal sold 1,000 Dec meal 300 puts at 8.45-9.70
  • Knight bought 300 Dec bean oil 33 calls and sold 300 Oct oil 33 calls at 80 debit
  • FI sold 600 Dec bean oil 33/36 call spreads and bought 600 Dec bean oil 31 puts at 25 credit

 

Closing vols and ATM straddles:

 

Corn:

V vol 25 325 str 3-5

X vol 25 325 str 18-19

Z vol 22 ¾ 325 str 23-23 ¾

H vol 21 ¼ 340 str 36-37

K vol 20 ½ 350 str 42 ½-43 ½

N vol 20 ¾ 350 str 49 ½-50 ½

Z15 vol 20 ¾ 370 str 65 ½-66 ½

 

Beans:

V vol 22 920 str 11 ½ -12 ½

X vol 22 ¼ 920 str 47-48

Z vol 20 ½ 930 str 60 ½ -62

F vol 20 940 str 74 ½-75 ½

H vol 19 ¼ 940 str 91 ½-93

 

Wheat:

V vol 27 470 str 6-8

Z vol 24 ½ 470 str 36-37

H vol 21 490 str 52-53

K vol 20 ½ 500 str 60-63

N vol 21 500 str 72-74

 

KC Wheat:

V vol 19 560 str 5-8

Z vol 21 ¼ 560 str 37-39

H vol 18 ½ 570 str 51-55

K vol 18 ½ 570 str 63-66

N vol 19 560 str 72-77

 

Minneapolis wheat:

Z vol 19 ½ 540 str 32-37

H vol 17 ¾ 550 str 46-52

K vol 17 ½ 560 str 56-62

N vol 18 570 str 66-72

 

Meal:

X vol 23.5 300 str 16.5-18.5

Z vol 23.25 300 str 23.5-25.5

F vol 22 300 str 26-28

H vol 20.75 300 str 31-33

K vol 19 300 str 34-37

 

Bean oil:

X vol 20.5 33 str 150-170

Z vol 19.75 33 str 200-215

F vol 18.75 33.5 str 240-270

H vol 18.25 33.5 str 300-325

K vol 19 33.5 str 350-380

 

Crush quotes

OPEN                CLOSE

OCT         1.185-1.20       1.225-1.235

DEC         1.01-1.02          1.05-1.055

FZZ          92.5-94              96.5-97.5

JAN         91-92.5              92-94

MCH       82.5-83               83-85

MAY       78-78.5               78.5-79.5

JLY           77.5-78               78.5-79

AUG       76-78                   77-79

SEP          84-91                   88-92

OCT5       83.5-90               83.5-90

 

Crush and oil share players

  • No crush pit players today
  • No oil share pit players today

 

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