News From The Floor-An Afternoon Recap

News

 

Hearing China canceled 165,000 – 180,000 tons of US beans this morning

 

Philippines seek 41,200 tons of US meal for March shipment

 

Pakistan bought 1,500 tons of Ukraine rapeseed

 

Effective today – USDA started reporting export inspection numbers in metric tons not in bushels.

Weekly US export inspections report from this morning

  • Wheat – 446,197 tons (16.393 MB) expecting 272,513 – 408,230 tons (10-15 MB )
  • Corn – 695,181 tons (27.37 MB) expecting 482,625 -609,632 tons (19-24 MB)
  • Beans – 1,551,796 tons (57.01 MB) expecting 1,143,0474 – 1,306,336 tons (42-48 MB)

 

Chinese industry analysts estimated Feb-March Chinese bean imports at 9-10 MMT

 

Chinese industry analysts said Chinese meal demand has slowed due to bird flu outbreak

 

Oil World estimated ‘13/14 global palm oil exports at 43.2 MMT down 2.3% from a year ago . 1st decline in 16 years

 

South Korea Ag Min said poultry demand is down 70% due to bird flu outbreak

 

AgRural said hot and dry weather could hurt Brazil’s late planted bean crop. AgRural said if temps do not break and if there is no rain by Feb 15thAgRural will lower Brazilian bean estimate.

 

AgRural said as of Friday Brazil had harvested 12% of their bean crop .

 

AgRural said as of Friday Mato Grosso Brazil has harvested 22% of their bean crop and that record high yield are being reported.

 

Safras e Mercado said Brazil bean harvest is 13% complete vs. 6% a week ago vs. 10% a year ago and vs. 8% five year average

 

Safras e Mercado said Mato Grosso bean harvest is 19% complete vs. 9% a week ago and vs. 16% a year ago

 

Egypt’s supply minister said Egypt has enough wheat supplies to last until mid June

 

India PEC tenders to sell 70,000 tons of wheat for Feb-March shipment

 

French Ag Min estimated 2014 rapeseed area at 1.5 MH unchanged from previous estimate and vs. 1.4 MH a year ago

 

French Ag Min estimated 2014 winter wheat area at 5.0 MH vs. previous estimate of 4.9 MH and vs. 5.0 MH a year ago

 

USDA attaché in China estimated ‘13/14 corn imports at 5.0 MMT

 

USDA attaché in China estimated ‘13/14 corn consumption at 213.0 MMT

 

USDA attaché in China estimated ‘13/14 corn crop at 217.0 MMT

 

USDA attaché in China estimated ‘13/14 corn ending stocks at 76.5 MMT

 

Coamo (Brazil’s largest grain cooperative) said on Friday hot and dry Brazilian weather has seriously harmed Brazil’s bean crop

 

Ukraine Ag Min said Ukraine exported 22.0 MMT of grain between July 1 – January 27 up 33.3% from a year ago

 

Ukraine Ag Min said Ukraine exported 640,000 tons of grain between Feb 1- Feb 7

 

Ukraine Ag Min estimated Ukraine’s ‘13/14 grain exports at 32.5 MMT vs. 23.0 MMT a year ago

 

47 ethanol receipts were canceled Friday afternoon

 

NCC estimated 2014 US cotton planting area at 11.26 MA up 8% from a year ago

 

NCC estimated 2014 global cotton planting area at 62.1 MA vs. 61.4 MA from a year ago

 

Today was the second day of the Goldman Sachs roll . On the close

  • 5,702 contracts of March May bean spreads traded on the screen at 13 ¼
  • 125 contracts of March May bean spreads traded in the pit at 13 ½
  • 4,000 contracts of March May meal spreads traded at 17.10 on the screen
  • 3,700 contracts of March May bean oil spreads traded on the screen at 31
  • 900 March May bean oil spreads traded in the pit at 31
  • 18,750 contracts of March May corn traded on the screen at 5 ¾
  • 1,900 contracts of March May corn traded in the pit at 5 ¾
  • 6,640 contracts of March May wheat traded on the screen at – ½ to even

 

CONAB comes out tomorrow morning with their Brazilian crop estimate updates . Previous estimates were

  • ‘13/14 bean crop at 90.33 MMT
  • ‘13/14 wheat crop at 5.47 MMT
  • ‘13/14 wheat imports at 6.5 MMT
  • ‘13/14 total corn crop at 78.97 MMT
  • ’13.14 corn exports estimated at 18.0 MMT
  • ‘13/14 bean domestic use at 40.5 MMT
  • ‘13/14 cotton crop estimated at 1.63 MMT

 

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

 

Estimated Fund Activity

  • Wheat bought 5,000
  • Corn sold 2,000
  • Beans sold 4,000
  • Meal sold 2,000
  • Bean oil bought 2,000

 

Open outcry option players

 

Corn:

Newedge sold 1400 K 420 puts/sold 280 CK

Newedge bot 1100 K 470 calls/sold 386 CK

ABN bot 1300 K 480 calls/sold 320 CK

FI bot 2000 K 430 puts

ADM bot 1000 K 445-440 put spreads

RJO sold 1000 H 435-450 call spreads

RJO bot 1000 week 4 445 puts

ABN bot 500 K 450 calls

ADM sold 500 K 445 straddles

 

Beans:

FI bot 1500 J 1390 calls

JPM sold 700 N 1200 puts/sold 140 SN

Rosenthal bot 1000 K 1320 puts

Macquarie sold 1000 H 1300 puts/sold 240 SH

Newedge bot 500 J 1380 calls

Morgan Stanley sold 800 N 1200 puts/sold 160 SN

Morgan Stanley sold 400 X 1040 puts/sold 104 SX

Bunge bot 500 H 1360 calls/sold 500 H 1280 puts/sold 175 SH

 

Wheat:

Tenco bot 500 H 590-600 call spreads

Newedge sold 500 H 700-680 put spreads

ADM bot 400 KC N 640 calls/sold 400 Chgo N 620 calls

 

Meal:

JPM sold 250 K 400 puts

JPM sold 250 N 390 puts

Bunge sold 200 K 400 puts

ADM bot 200 N 410 puts/sold 200 Z 350 puts

 

Oil:

RJO bot 200 J 39 calls/sold 200 H 37 ½ calls

 

Closing vols and ATM straddles

 

Corn

H vol 19 440 str 11 ½-12 ¼

J vol 17 450 str 19 ½-20 ½

K vol 19 ¾ 450 str 31-32

N vol 21 ¾ 450 str 46 ¼ -47 ¼

U vol 23 ¾ 460 str 62 ½ -63 ½

Z vol 22 ¼ 460 str 70 ½ – 71 ½

 

Beans

H vol 15 1320 str 28-30

J vol 14 ½ 1310 str 49-51

K vol 14 ¾ 1310 str 69-71

N vol 15 ½ 1300 str 95-97

X vol 16 1120 str 116-119

 

Wheat

H vol 24 590 str 20-22

J vol 22 ¾ 590 str 35-37

K vol 22 ¾ 590 str 48-50

N vol 24 590 str 67-68

U vol 24 ¼ 600 str 83-85

Z vol 23 610 str 97-100

 

KC Wheat

H vol 21 ¼ 650 str 20-22

K vol 21 1/8 650 str 50-51

N vol 22 ½ 640 str 68-71

Z vol 21 660 str 97-100

 

Minneapolis wheat

H vol 20 ½ 650 str 17-21

J vol 19 630 str 22-29

K vol 18 630 str 36-45

N vol 18 ½ 630 str 50-59

U vol 20 ¾ 630 str 70-79

Z vol 20 ¾ 650 str 86-96

 

Meal

H vol 22.5 445 str 14-15.5

K vol 19.25 430 str 29-31

N vol 18.75 420 str 36.5-38

Q vol 18.25 400 str 38-41

U vol 17.75 380 str 38.50-41.50

Z vol 17 350 str 40.5-42.5

 

Bean oil

H vol 15.25 39 str 75-90

J vol 15.5 39 str 150-170

K vol 15.5 39 str 205-225

N vol 15.5 39.5 str 270-295

Q vol 15.75 39.5 str 310-340

U vol 15.75 39.5 str 335-365

Z vol 15.75 39 str 400-440

 

Crush quotes

 

OPEN                  CLOSE

MCH      76.5-77.5          76.5-77.5

MAY      57.5-58              56-57

JLY         52.5-53               52.5-53

AUG      60-63                  60-63

SEP        87-89                  89-90

OCT       83-84                  83-84

DEC       75-75.5              75.5-76

JAN       68.5-70              69.5-70.5

 

Crush players

 

ADM sold 100 March at 75.5

 

FI bought 20 March at 78.5

 

FI bought 20 May at 58.75