New From The Floor-An Afternoon Recap

I am doing an abbreviated report this afternoon. I apologize for the inconvenience .

 

News

 

China sold 834,899 tons of corn or 98.7% at Thursday’s auction. China offered 846,303 tons of corn

 

Tunisia bought 50,000 optional origin soft wheat for June-July shipment

 

Russia’s head of the grain union said persisting hot and dry weather raises the risks for Russia’s grain crop

 

Ukraine Ag Min estimated 2014 spring planting area at 8.1 MH down 2.4% from previous estimate

 

For the week ending May 21st Canadian crushers crushed 152,082 tons of canola up 3% from a week ago – Canadian Oilseed Processors Association

 

For the week ending May 21st Canadian crushers crushed 30,050 tons of beans up 17.8% from a week ago – Canadian Oilseed Processors Association

 

MDA Weather Service estimated 2014 US corn yield at 167.5 BPA

 

MDA Weather Service estimated 2014 US bean yield at 45.9 BPA

 

FranceAgriMer – French weekly crop progress report as of May 19th

  • Corn planting is 98% complete vs. 92% a week earlier and vs. 85% a year ago
  • 90% of the corn crop is rated good to excellent vs. 91% a week earlier and vs. 67% a year ago
  • Soft wheat crop is rated 75% good to excellent vs. 73% a week earlier and vs. 67% a year ago
  • Winter barley crop is rated 72% good to excellent up 2% from the week prior and vs. 66% a year ago

 

Turkish Statistical Institute estimated Turkey’s 2014 grain crop at 33.7 MMT vs. 2013 crop of 37.5 MMT

 

Turkish Statistical Institute estimated Turkey’s 2014 wheat crop at 19.8 MMT vs. 2013 crop of 22.1 MMT

 

Turkish Statistical Institute estimated Turkey’s 2014 corn crop at 5.5 MMT vs. 5.9 MMT in 2013

 

Turkish Statistical Institute estimated Turkey’s 2014 sunflower seed crop at 1.6 MMT vs. 1.5 MMT in 2013

 

Estimated fund activity

  • Wheat sold 2,500
  • Corn bought 2,000
  • Beans sold 3,000
  • Meal bought 1,000
  • Bean oil sold 2,000

 

Open outcry option players

Corn:

RJO sold 500 N 500 calls

RJO sold 500 N 520 calls

RJO bot 300 U 520 calls

FCS bot 500 N 470-445 put spreads/sold 500 N 500 calls

 

Beans:

JPM bot 1500 X 1200-1100 put spreads

ADM bot 2000 X 1060 puts

RJO bot 1000 U 1240 puts/bot 460 SU

RJO bot 250 X 1400 calls/sold 500 X 1480 calls

Rand bot 1000 X 1200 puts/bot 300 SX

FI bot 750 short dated N 1250-1210 put spreads/sold 750 short dated N 1230-1270 call spreads

FI bot 500 X 1160 puts/sold 1000 X 1100 puts

 

Wheat:

JPM sold 400 N 650 puts covered

JPM bot 300 N 620 puts

 

Meal:

Morgan Stanley bot 2500 Z 350-310 put spreads

Macquarie sold 300 Q 490 calls/bot 600 Q 420 puts

Macquarie sold 250 Z 380 puts

MLP bot 250 Z 380 puts

Rosenthal bot 300 N 500 straddles

FCS bot 175 N 500-540 call spreads

FCS bot 160 N 510-550 call spreads

 

Oil:

JPM sold 200 Q 41 calls

 

June options expired today on the close.

 

Weekly COT report comes out today at 230 pm CST

 

Markets are closed on Monday for Memorial Day holiday. See attachments for trading schedules

 

On Monday surveyors SGS and Intertek Agri Services comes out with their Malaysian May 1-25th palm oil export estimates.

 

Weekly Chinese bean auction on Tuesday. They will auction 300,000 tons of beans from reserves

 

Weekly US export inspection report comes out on Tuesday at 10 am CST

 

Weekly US crop progress report comes out on Tuesday at 3 pm CST . Expecting corn crop to be 80-86% planted and expecting bean crop to be 55-62% planted

 

Have a great weekend J

 

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