News From The Floor-An Afternoon Recap

News

 

Informa came out today at 1030 am CST with their US wheat and world crop estimates

  • ‘14/15 US winter wheat production estimated at 1.616 BB up 82 million from ‘13/14
    • Hard red winter wheat estimated at 953 MB vs 744 MB a year ago
    • Soft red winter wheat estimated at 447 MB vs. 565 MB a year ago
    • White wheat estimated at 216 MB vs. 225 MB a year ago
  • ‘14/15 US winter wheat yield estimated at 46.5 BPA vs. 47.4 BPA a year ago
    • Hard red winter wheat yield estimated at 39.4 BPA vs. 36.8 BPA a year ago
    • Soft red winter wheat yield estimated at 60.9 BPA vs. 63.7 BPA a year ago
  • 2013 US cotton production estimated at 12.93 million bales down 258,000 bales from USDA January estimate
  • ‘13/14 Brazilian corn crop estimated at 68.0 MMT vs. previous estimate of 65.45 MMT
  • ‘13/14 Argentine corn crop estimated at 23.0 MMT vs. previous estimate of 22.6 MMT
  • ‘13/14 Brazilian bean crop estimated at 86.75 MMT vs. previous estimate of 88.8 MMT
  • ‘14/15 Ukraine corn crop estimated at 26.0 MMT vs. previous estimate of 23.0 MMT
  • ‘14/15 Ukraine corn area estimated at 4.7 MH vs. previous estimate of 4.2 MH

 

Senate Finance Committee Approves Tax Extenders with Biofuel Incentives

  • By a voice vote, the Senate Finance Committee today approved a tax extenders package that would retroactively extend tax credits for cellulosic biofuel and biodiesel for two years. – Bloomberg

 

FC Stone estimated Brazil’s ‘13/14 bean crop at 87.6 MMT vs. previous estimate of 87.5 MMT

 

FC Stone estimated Brazil’s ‘13/14 corn crop at 71.24 MMT vs. previous estimate of 71.5 MMT

 

South Korea MFG bought 194,000 tons of US and South American corn for August/Sept shipment

 

Kuwait bought 30,000 tons of optional origin barley for July shipment

 

Xinhua Daily reported that China rejected 65,225 tons of US corn , DDGS due to unapproved GMO content

 

FAO estimated ‘14/15 world cereals production at 2.521 billion tons up 6 million tons from previous estimate

 

FAO estimated 2014 global wheat crop at 702.0 MMT vs. previous estimate of 704.0 MMT and down 2% from a year ago

 

FAO estimated 2014 global wheat  ending stocks at 582.3 MMT up 3.8 M from previous estimate

 

Report on Reuters said planting delays are expected in US corn belt after brutal winter

 

Based on a Reuters poll of 10 analysts Egypt’s ‘14/15 wheat imports estimated at 10.5 MMT unchanged from ‘13/14 import estimate

 

Based on a Reuters poll of 10 analysts Egypt’s ‘14/15 wheat crop estimated at 7.0 MMT unchanged from ‘13/14 wheat crop

 

Weekly EIA Nat Gas storage report came out today at 930 am at – 74 BCF as expected

 

Weekly US March unemployment report comes out tomorrow at 730 am CST

 

Weekly COT report comes out tomorrow at 230 pm CST

 

Malaysian Palm Oil Board comes out on April 10th with their March palm oil data report

 

Surveyors SGS and Intertek Agri Services come out on April 10th with their Malaysian April 1-10 palm oil

 

Estimated fund activity

  • Wheat bought 3K
  • Corn bought 6K
  • Beans bought 4K
  • Meal bought 1K
  • Bean oil bought 3K

 

Open outcry option players

 

Corn:

Jefferies bot 1000 Z 650 calls

Jefferies sold 1000 N 490 puts

ADM sold 700 K 520 calls/480 put strangles

Rand bot 1000 Z 490-410 put spreads/bot 680 CZ

ADM sold 600 week 1 495 calls

ICAP bot 500 Z 530 calls

FCS sold 500 N 530 calls

New Edge sold 500 K 500 straddles

 

Beans:

New Edge bot 2000 U 1120 puts/sold 4000 U 1060 puts

ABN bot 1500 X 1100-1040 put spreads

JPM bot 700 X 1100 puts

New Edge sold 650 U 1140-1040 put spreads

New Edge bot 500 X 1140 puts/sold 1000 X 1040 puts

Tenco sold 500 K 1380 puts

Macquarie bot 500 K/N cso 40 cents calls

Rosenthal sold 300 K/N cso 15 cents puts

Man bot 600 X 1080 puts

 

Wheat:

New Edge bot 600 N 860 calls

ICAP sold 500 K 680 straddles

 

Oil:

JPM bot 500 Z 44 calls

Man sold 400 K 43 calls

Man sold 400 K 42 ½ calls

New Eedge sold 1000 K 41 ½ calls

Bunge sold 500 K 40 ½ puts

Rosenthal bot 300 K 41 ½-40 put spreads

Rosenthal sold 200 K 42 calls

 

Meal:

Rosenthal bot 250 Z 360 puts/sold 250 N 450 puts

JPM bot 200 K 430 puts

 

Closing vols and ATM straddles

 

Corn

K vol 24 500 str 23-24

M vol 25 ¾ 500 str 38-39 ½

N vol 27 ¼ 500 str 50-51

U vol 30 500 str 74-75

Z vol 27 ¾ 500 str 87 ½ -88 ½

H vol 25 ¼ 510 str 95-97

 

Beans

K vol 18 ¼ 1470 str 53 ½ – 55

M vol 20 ½ 1450 str 87-89

N vol 20 ¼ 1450 str 107-110

U vol 20 ¾ 1260 str 127-131

X vol 19 ¼ 1200 str 135-138

 

Wheat

K vol 23 ½ 680 str 31-32

M vol 27 680 str 54-56

N vol 28 ½ 680 str 71-73

U vol 27 ¾ 690 str 94-96

Z vol 26 ¾ 700 str 118-120

 

KC wheat

K vol 22 ¾ 740 str 31-34

M vol 25 ½ 750 str 54-56

N vol 26 ½ 750 str 71-73

U vol 25 ½ 750 str 93-96

Z vol 24 ½ 770 str 118-120

 

Minneapolis wheat

K vol 21 ½ 730 str 29-35

M vol 23 730 str 45-53

N vol 25 730 str 63-70

U vol 24 ¼ 730 str 82-90

Z vol 23 ¼ 740 str 100-111

H vol 21 ½ 750 str 102-120

 

Meal

K vol 24 480 str 22.5-24.5

M vol 24 460 str 32-34

N vol 23.5 460 str 39.5-42.5

Q vol 22.75 440 str 44-46

U vol 22 410 str 48-50

 

Bean oil

K vol 19.5 41.5 str 150-170

M vol 19.5 42 str 235-255

N vol 19.5 42 str 290-310

Q vol 19.25 41.5 str 340-370

U vol 19 41 str 370-400

 

Crush quotes

 

OPEN              CLOSE

MAY           38-39              38.5-39.5

JLY              33.5-34           34-34.5

AUG           42-44.5           45-46

SEP             85-90               85-95

OCT            81.5-83.5        79.5-80.5

DEC            74-75.5            74-75

JAN            68.5-70            69.5-70

MCH          67.5-70            68-70

MAY5        67-70                67.5-70

JLY5            65-68                66-68

 

Crush players

 

FC Stone bought 70 May at 38.5-39.5

 

Tenco sold 100 May at 40

 

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