News From the Floor- An Afternoon recap 11/04/14

News:

 

Egypt GASC in for wheat for December shipment.

 

Talk/Reports of bird flu in China. A third case of H7N9 has been reported by China health authorities this morning.

 

Israel canceled tender to buy 90,000 tons of optional origin corn for Jan-March shipment

 

400 Argentine soy crushing workers on strike in Rosario grains hub.

 

F.O. Licht estimated 2015 global biodiesel production at 27.3 million tons  vs. 2014 production of 27.5 million tons and vs. 2013 production of 26.3 million tons

  • 2015 US biodiesel production estimated at 3.7 million tons vs. 4.1 million tons in 2014 and vs. 5.1 million tons in 2013
  • 2015 EU biodiesel production estimated at 10.8 million tons vs. 11.3 million tons in 2014 and vs. 10.7 million tons in 2013
  • 2015 Indonesia biodiesel production estimated at 2.2 million tons vs. 2.5 million tons in 2014 and vs. 2.0 million tons in 2013
  • 2015 Argentina biodiesel production estimated at 2.5 million tons vs. 2.6 million tons in 2014 and vs. 2.0 million tons in 2013
  • 2015 Brazilian biodiesel production estimated at 3.8 million tons vs. 2.8 million tons in 2014 and vs. 2.6 million tons in 2013

 

More Informa estimates from today

  • ‘14/15 EU corn production estimated at 72.5 MMT vs. previous estimate of 71.0 MMT
  • ‘14/15 EU wheat crop estimated at 154.7 MMT up 724,000 tons from previous estimate
  • ‘14/15 Brazilian bean crop estimated at 93.0 MMT up 500,00 tons from previous estimate
  • ‘14/15 Brazilian corn crop estimated at 69.7 MMT down 900,000 tons from previous estimate
  • ‘14/15 Argentine bean crop at 56.0 MMT up 500,000 tons from previous estimate
  • ‘14/15 Australia wheat crop estimated at 22.0 MMT down 1.9 M tons from previous estimate

 

Today was the first day of the Deutsche Bank roll. Roll ends on Monday. They are rolling long Dec 2014 corn positions into Dec 2015 corn. On the close

  • 5,352 Dec ’14 /Dec ’15 corn spreads traded at -43 ¾ to -42 ½

 

Dec corn closed below the 100 day moving average of 370. Dec corn settled at 364 ½.

 

Dec KC wheat closed below the 50 day moving average of 594 ¾ . Dec KC wheat settled at 590 ¼

 

Dec Minneapolis wheat closed below the 50 day moving average of 572. Dec Minneapolis wheat settled at 569

 

Estimated fund activity:

  • Wheat sold 3,000
  • Corn sold 8,000
  • Beans sold 7,000
  • Meal sold 1,000
  • Bean oil sold 4,000

 

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 1.9 million barrels
    • Gas a draw of 1.0 million barrels
    • Distillates a draw of 2.2 million barrels
    • Weekly US ethanol plant production comes out tomorrow at 930 am CST.

 

Open outcry option players: – very quiet on the trading floor today

  • ABN bought 500 Dec soybean 1000 puts and sold 750 Dec soybean 950 puts at 10 ¼ debit
  • Jefferies bought 400 Nov bean 1000 puts and sold 800 Nov bean 900 puts at 8 ¾ -9
  • EDF Mann bought 1,000 Jan bean 870-920 put spreads at 6 1/8- 6 ½
    EDF Mann bought 500 March bean 940-900 put spreads at 9
  • JP Morgan sold 1,000 March corn 380 straddles at 41 ½- 41 ¾
  • ICAP bought 1,000 July corn futures at 396 and sold 2,000 July corn 400 calls at 28 ½-29
  • JP Morgan bought 2,000 Dec corn 400 calls sold 2,000 Dec corn 340 puts at 7/8 debit and sold 440 Dec corn futures at 367
  • FC Stone bought 2,000 Dec corn 330-320 put spreads at 5/8
  • Jefferies sold 1,000 July corn 500 calls at 6-6 ¼
  • ICAP sold 1,700 Dec 2015 corn 450 calls at 22 3/8 -23 tied to Dec 2015 futures at 409 ½
  • ICAP bought 3,000 Dec corn 310-360 call spreads at 43 ½ -43 ¾
  • ICAP bought 1,500 Dec corn 360-340 put spreads at 4 7/8
  • New Edge bought 300 Dec wheat 530-520 put spreads at 4 ¼
  • Rand bought 500 Dec wheat 500 puts at 2
  • Tenco sold 300 July KC wheat 550 puts at 18
  • Bunge bought 600 Dec meal 350-310 put spreads at 6.50
  • EDF Mann sold 500 Jan meal 350 calls at 18.00-18.25
  • Macquarie bought 500 July meal 340-300 put spreads at 17.75 tied to futures at 333.50
  • Macquarie sold 500 July meal 300 puts at 11.10 tied to futures at 332.00
  • Rand sold 1,000 March meal 330 calls at 21.50-21.70 tied to March futures at 333.50
  • Jefferies bought 600 Dec bean oil 34.5 calls at 35 tied to futures at 3342
  • ADM bought 500 Dec bean oil 33 puts at 68-70
  • ABN sold 500 March bean oil 31 puts at 53
  • Drax sold 400 Dec bean oil 33 puts at 65

 

Closing vols and ATM straddles:

 

Corn:

Z vol 29 365 str 18 ¼ -19

F vol 24 ½ 380 str 27 ½-28 ½

G vol 25 380 str 35-36

H vol 24 ¼ 380 str 39 ½-40 ¼

K vol 23 ½ 390 str 49 ½-50 ½

U vol 24 ¼ 400 str 68-69 ½

Z15 vol 22 ¼ 410 str 73-74 ½

 

Beans:

Z vol 29 ¾ 1010 str 51 ½-52 ½

F vol 26 1010 str 78 ½ -79 ½

H vol 23 ½ 1020 str 102 ½-103 ½

X15 vol 19 ½ 1000 str 150-152

 

Wheat:

Z vol 23 530 str 22-24

F vol 21 ½ 540 str 33-36

H vol 22 540 str 51-53

K vol 21 ¾ 550 str 63-65

N vol 22 ½ 560 str 78-82

 

KC wheat:

Z vol 19 ¼ 590 str 19-24

F vol 18 ½ 600 str 30-36

H vol 19 ½ 600 str 47-51

K vol 19 ¾ 600 str 64-67

N vol 20 ¾ 590 str 74-78

 

Minneapolis wheat:

Z vol 19 ½ 570 str 18-23

H vol 18 ½ 580 str 43-49

K vol 18 ½ 590 str 54-60

N vol 20 600 str 71-77

 

Meal:

Z vol 43.5 370 str 28-30

F vol 32.25 350 str 35-37

H vol 28.25 340 str 40.5-42.5

K vol 25.5 330 str 44-46

N vol 23.5 340 str 49-51

 

Bean oil:

Z vol 23.75 33 str 145-160

F vol 21.75 33.5 str 225-240

H vol 20.25 33.5 str 300-315

K vol 19.5 35 str 365-385

N vol 18.75 34 str 400-430

 

Crush quotes:

OPEN                  CLOSE

DEC       1.61-1.63         1.69-1.73

FZZ        1.61-1.63         1.71-1.73

JAN       1.30-1.335       1.34-1.365

MCH      95-96                93-96

MAY      80-81.5             79-81

JLY         79-80.5              78.5-80

AUG     79.5-80.5           76-80

SEP        90-1.00              90-1.00

OCT       96-98.5              94-1.04

DEC5     93.5-94.5           89-90

 

Crush and oil share players:

  • RJO sold 460 Jan crush at 1.26-1.355
  • Rosenthal bought 20 March oil / meal at 33.18%

 

 

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