News From The Floor-An Afternoon Recap

News

 

Settlements on corn and wheat – CME had technical issues . Corn and wheat was not trading on the electronic platform . This happened about 1245 pm CST.

  • WK settled up 4 ¾ at  681
  • WN settled up 5 ¾ at  689 ¼
  • WU settled up 6 at 698 ¾
  • WZ settled up 5 ¾ at 712
  • WH settled up 5 ¾ at 723 ¾
  • WK 15 settled up 5 at 730 ¾
  • CK settled up 7 ¾ at 507
  • CN settled up 7 ¾ at 513
  • CU settled up 6 ¼ at 511 ¾
  • CZ settled up 7 ½ at 513
  • CH settled up 8 at 520
  • CK 15 settle up 6 ¾ at 523 ½

 

Corn futures pit on the close ….

 

 

 

Japan seeks 119,178 tons of wheat for May-Sept shipment . Breakdown

  • 19,385 tons of US western white wheat
  • 29,080 tons of US hard red winter wheat
  • 22,920 tons of US dark northern spring wheat
  • 47,883 tons of Canadian western red spring wheat

 

Algeria seeks 50K optional origin milling wheat for May shipment

 

Hearing Cordonnier estimated ‘13/14 Brazilian bean crop at 86.5 MMT unchanged from previous estimate

 

Hearing Cordonnier estimated ‘13/14 Brazilian corn crop at 70.0 MMT unchanged from previous estimate

 

Hearing Cordonnier estimated ‘13/14 Argentine bean crop at 54.0 MMT unchanged from previous estimate

 

Hearing Cordonnier estimated ‘13/14 Argentine corn crop  at 23.5 MMT unchanged from previous estimate

 

IL soft wheat crop rating was 47% good to excellent vs. 72% a year ago (this came out yesterday afternoon )

 

Ukraine Ag Min said Ukraine exported 28.0 MMT of grain between July 1st – April 7th vs. 19.8 MMT a year ago

 

USDA attaché in India estimated ‘14/15 oilseed production at 37.4 MMT down 2.5% from a year ago

 

USDA attaché in India estimated ‘14/15 oilmeal exports at 5.5 MMT up 4% from a year ago

 

USDA attaché in India estimated oil imports at 12.42 MMT up 9.4% from a year ago

 

USDA attaché in Kazakhstan estimated 2014 wheat crop at 14.5 MMT vs. 13.9 MMT a year ago

 

USDA attaché in Kazakhstan estimated 2014 wheat exports at 7.0 MMT vs. 7.5 MMT a year ago

 

USDA attaché in Kazakhstan estimated 2014 wheat domestic use at 7.3 MMT unchanged from a year ago

 

USDA attaché in Kazakhstan estimated 2014 wheat ending stocks at 3.2 MMT vs. 2.9 MMT a year ago

 

French Farm Ministry estimated 2014 winter soft wheat area at 4.99 MH unchanged from previous estimate up .7% from a year ago

 

French Farm Ministry estimated 2014 total wheat area at 5.02 MH

 

French Farm Ministry estimated 2014 spring barley area at 480,000 hectares down 3.2% from a year ago

 

WFP estimated Syria’s wheat production at a record low of 1.7-2.0 MMT due to drought.

 

Today was the second day of the Index fund roll. Roll ends on Friday.

 

Weekly US crop progress report comes out today at 3 pm CST. Expecting winter wheat conditions to be 30-40% good to excellent vs. 36% good to excellent a year ago .

 

Weekly API energy inventory report comes out today at 3 pm CST.

 

Weekly DOE energy inventory report comes out tomorrow at 930 am CST . Expecting

  • Crude a build of 1.4 MB
  • Gas a draw of 1.0 MB
  • Distillates unchanged

 

Weekly US ethanol plant production report comes out tomorrow at 930 am CST

 

Estimated fund activity

  • Wheat bought 3K
  • Corn bought 10K
  • Beans bought 6K
  • Meal bought 2K
  • Bean oil bought 3K

 

Open outcry option players

 

Corn:

ADM bot 2000 N 500 puts

ADM sold 1000 K 500 straddles

ADM bot 1500 K 470 puts

ABN sold 1000 K 485 puts/515 call strangles

ABN sold 500 K 480 puts/520 call strangles

ABN sold 800 N 480-420 put spreads

RJO bot 1000 K 460 puts

RJO bot 1000 week 2 485 puts

ICAP sold 1000 Z 510 straddles

ICAP bot 1000 N 500-480 put spreads

ICAP sold 500 Z 510 straddles

Newedge sold 1100 N 480 puts/sold 363 CN

Rosenthal sold 500 U 500 straddles

 

Beans:

Vision bot 1000 N 1340 puts/sold 2000 N 1280 puts

Newedge bot 1000 K 1560 calls/sold 100 SK

GFI bot 1200 M 1460-1500 call spreads

FI sold 1000 N 1480 calls

FI sold 600 N 1480 calls/bot 264 SN

ICAP bot 600 N 1380-1300 put spreads

ADM sold 500 X 1100 puts/1300 call strangles

 

 

Wheat:

Rosenthal bot 1000 N 750-800 call spreads

Macquarie sold 800 N 780 calls/600 put strangles

RJO bot 500 U 800 calls

 

Meal:

Bunge bot 1100 K 480 puts

RJO bot 500 K 485 puts/sold 500 N’15 410 calls

JPM bot 400 K 330 puts

Rosenthal sold 300 Z 430 puts

Macquarie sold 250 N 500 calls/bot 250 N 440 puts

Macquarie sold 200 Z 350 puts

JPM bot 200 N 470 calls/sold 200 Q 480 calls

 

Oil:

RJO bot 500 K 49-48 ½ put spreads

New Edge bot 300 N 36 puts

ADM sold 250 N 41 puts

 

Closing vols and ATM straddles

 

Corn

K vol 23 ½ 510 str 20-22

M vol 25 ½ 510 str 36-37 ½

N vol 27 ½ 510 str 50-51

U vol 30 ¾ 510 str 75 ½-77 ½

Z vol 28 ¼ 510 str 89-90 ½

H vol 25 ¾ 510 str 97-99

 

Beans

K vol 19 ½ 1480 str 50-52

M vol 20 ½ 1460 str 83 ½ -85 ½

N 20 ½ 1460 str 105-108

U vol 21 1260 str 127-131

X vol 19 ½ 1200 str 139-142

 

Wheat

K vol 23 ½ 680 str 28-31

M vol 27 ½ 690 str 58-59

N vol 28 ¾ 690 str 70-72

U vol 28 ½ 700 str 96-98

Z vol 27 ½ 710 str 121-123

 

Meal

K vol 25 480 str 21.5-23.5

M vol 24 470 str 32.5-34.5

N vol 23.5 470 str 39.5-41.5

Q vol 23 440 str 44-46

U vol 22.25 410 str 43.5-45.5

Z vol 20.5 380 str 49-51

 

Bean oil

K vol 19.5 42 str 135-155

M vol 19.5 4250 str 235-255

N vol 19.5 4250 str 285-305

Q vol 19.5 42 str 340-370

U vol 19.25 42 str 375-400

Z vol 18.5 4150 str 460-490

 

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