From The Grain Floor-An Afternoon Recap

News

 

Relatively quiet day on the trading floor today

 

Weekly US export inspection report came out today at 10 am CST

  • Wheat at 266,507 tons (9.79 MB) expecting 300K – 410K tons (11.02-15.06 MB)
  • Corn at 827,610 tons (32.57 MB) expecting 545K – 675K tons (21.45-26.57 MB)
  • Beans at 1,470,848 tons (54.04 MB) expecting 1.25 MMT – 1.47 MMT (45.93-54.01 MB)

 

Cordonnier weekly ‘13/14 South American crop estimates

  • Brazilian bean crop at 89.0 MMT vs. previous estimate of 89.5 MMT
  • Brazilian corn crop at 68.5 MMT unchanged from previous estimate
  • Argentine bean crop at 53.5 MMT unchanged from previous estimate
  • Argentine corn crop at 22.5 MMT unchanged from previous estimate

 

Jordan canceled tender for 100,000 optional origin feed barley for July shipment

 

March bean oil closed above the 100 day moving average of 4012. March bean oil settled 4036

 

March meal made a new contract high today of 458.50.

 

May beans, corn, wheat, KC wheat, meal , bean oil , and rice go top step (spot month) tonight/tomorrow.

 

China to auction 600,000 tons of wheat from reserves tomorrow

 

Weekly API energy inventory report comes out tomorrow at 330 pm CST

 

Estimated Fund Activity

  • Wheat bought 5K
  • Corn bought 4K
  • Beans bought 8K
  • Meal bought 3K
  • Bean oil bought 5K

 

Open outcry players

  • ADM sold 500 March bean 1330 calls at 27-27 ¾
  • ABN sold 500 Nov bean 1080 puts at 35 ¼ -35 ½
  • Jefferies bought 4,000 July corn 450 calls and sold 4,000 May corn 430 calls at 1 ¾ credit
  • ABN sold 1,000 Dec corn 400/450 put spreads at 18 ¾ -18 7/8
  • ABN bought 1,000 May corn 450 calls sold 1,000 May corn 470 calls and sold 1,000 May corn 420 puts at 4 ¾ debit
  • Rosenthal sold 1,000 March corn 450 calls at 3 ¼
  • Mizuho bought 1,000 March corn 450 calls at 2 ½
  • RJO bought 1,000 May corn 470 calls at 7 5/8 -7 ¾
  • JP Morgan bought 700 May wheat 530 puts at 2
  • Tenco bought 500 May wheat 595 puts and sold 1,000 May wheat 565 puts at 3 ¾ debit
  • New Edge bought 900 March wheat 610 calls and sold 450 March wheat 600 calls at a ¼ debit
  • JP Morgan bought 1,200 March wheat 610 puts at 6-7 and bought 588 March futures at 609-612
  • JP Morgan sold 2,500 March meal 460 calls at 3.50-4.75
  • ADM bought 500 March meal 420 calls at 38.25-38.50
  • JP Morgan bought 500 May bean oil 40 calls at 140-145
  • Mizuho sold 400 March bean oil 39 calls at 85

 

 

Closing vols and ATM straddles

 

Corn

H vol 19 ¼ 450 str 7-8

J vol 15 ¾ 455 str 16 ½-17 1/2

K vol 18 ½ 455 str 28 ¼ -19 ¼

N vol 21 ¾ 460 str 45 ¾-46 ¾

U vol 24 460 str 62-63

Z vol 22 ½ 460 str 71-72

H vol 20 ½ 470 str 77-78 ½ 

Beans

H vol 20 1360 str 20 ½-22

J vol 17 ½ 1340 str 55-56

K vol 17 1340 str 77-78 ½

N vol 17 1320 str 103-105

X vol 16 ½ 1140 str 122-124

 

Wheat

H vol 26 610 str 13-15

J vol 24 610 str 33-36

K vol 23 ½ 610 str 47-50

N vol 24 ¼ 610 str 66-70

U vol 24 ¼ 620 str 83-87

Z vol 23 630 str 97-10

 

KC wheat

H vol 23 ½ 690 str 13-16

K vol 22 680 str 50-53

N vol 23 670 str 70-74

Z vol 21 680 str 97-101

 

Minneapolis wheat

H vol 25 680 str 13-16

K vol 21 660 str 47-48

N vol 20 660 str 55-63

U vol 21 660 str 74-81

Z vol 20 680 str 86-94

 

Meal

H vol 26.5 455 str 10-11

K vol 21 440 str 440 str 31-32.5

N vol 20 420 str 38.5-40.5

Q vol 19.5 400 str 40.5-42.5

U vol 18 380 str 38-41

Z vol 17.5 350 str 42-44

 

Bean oil

H vol 19 40 str 55-65

J vol 17.75 4050 str 160-180

K vol 16.75 4050 str 230-240

N vol 16.75 41 str 305-325

Q vol 16.25 41 str 330-360

U vol 16.25 4050 str 355-385

Z vol 16 40 str 425-450