News From The Floor-An Afternoon Recap

News

  • TALK China bought 300,000 tons of Brazilian beans for July shipment
  • TALK China seeking/buying 2-4 more US bean cargoes for march/April shipment
  • JC Intelligence said more US corn based DDG is being okayed for China imports . Last week 20-25% of US DDG passed inspection this week 40-50% passed and JCI expects 60-70% of US DDG imports to pass inspection next week.
  • Citi Group forecasted 2014 average CBOT corn price at $4.25 unchanged from their previous forecast
  • Citi Group forecasted 2014 average CBOT bean price at $11.80 unchanged from previous forecast
  • Cordonnier’s weekly ‘13/14 South American crop estimates
    • Brazilian bean crop at 90.0 MMT unchanged from previous estimate
    • Brazilian corn crop at 68.5 MMT unchanged from previous estimate
    • Argentina bean crop at 56.0 MMT unchanged from previous estimate
    • Argentina corn crop at 23.0 MMT vs. previous estimate of 24.0 MMT
  • MDA Weather Service said 15% of wheat crop in the US Plains could be harmed by cold weather
  • Syria’s Hoboob said Syria imported 2.4 MMT of wheat in 2013 vs. 550,000 tons in 2012
  • Solvent Extractors Association of India said India exported 586,437 tons of oilmeal in December up 3% from a month ago
  • Solvent Extractors Association of India said India exported 451,314 tons of meal in December down 10.32% from November
  • Solvent Extractors Association of India said India exported 93,144 tons of rapeseed meal in December up 400% from November
  • March beans closed above the 200 day moving average of 1274 ½. March beans settled at 1276
  • March meal closed above the 50 day moving average of 411.40. March meal settled at 415.80
  • Weekly API energy inventory report comes out today at 330 pm CST
  • Weekly DOE #s come out tomorrow at 930 am CST
  • Weekly US ethanol plant production report comes out tomorrow at 930 am CST
  • Open outcry option players
    • FI bought 2,000 March short dated beans (goes off Nov futures but expires when March options expire) 1000 puts at 1 ½
    • ADM sold 1,000 Nov bean 1160/1120 put spreads at 22 ½
    • Macquarie bought 1,000 March bean 1260 puts and sold 1,500 May bean 1360 calls at 1 ½ credit. Bought 400 March futures at 1280 and sold 360 May futures at 1262
    • Tenco sold 1,000 Dec corn 420/490 call spreads at 32 ½
    • ICap bought 1,000 Feb corn 425 calls and sold 2,000 Feb corn 440 calls at 1 7/8 debit
    • Rosenthal bought 1,000 March wheat 650/600 put spreads at 33 1/8
    • Rosenthal bought 2,000 March wheat 600 puts and sold 4,000 March wheat 650 calls at 2 ¾-3 debit
    • Tenco sold 500 Dec meal 320 puts at 10.75 and sold 140 Dec futures 347.00
    • Tenco sold 1,000 May meal 380 puts at 7.50-8.50 and sold 250 May futures at 407.50
    • FC Stone bought 500 March bean oil 38 calls at 95
  • 2014 Fund Rebalance starts tomorrow and ends on Tuesday Jan 14th. . Hearing
    • Corn – need to buy 70,000 – 125,000 contracts
    • Beans – need to buy 2,000 – 5,000 contracts
    • Wheat – need to buy 3,000 – 5,000 contracts
    • KC Wheat – need to buy 2,000 – 4,000 contracts
    • Meal – need to sell 3,000 – 5,000 contracts
    • Bean oil – need to buy 10,000 – 15,000 contracts

 

Estimated Fund Activity

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

 

Crush quotes

 

OPEN            CLOSE

JAN          65-70             69-72.5

MCH        53.4-54         55.5-56.5

MAY        53-54             54.5-55.5

JLY           55-55.5          55.5-56

AUG       60.5-63          61-62.5

SEP         86.5-88.5       86.5-87

OCT        77-79              77.5-78.5

DEC        74.5-75           75-75.5