News From The Floor-An Afternoon Recap

News

 

Wall Street Journal article said China has rejected 1.45 MMT of US corn and US corn products since November 2013 . National Grain and Feed Association said exports of US corn and corn products to China between January – April is down 85%

 

Egypt GASC bought 230,000 tons of Romanian, Russian, and Ukrainian wheat for May shipment

 

Argentina’s Ag Min said as of April 11th Argentine farmer have harvested 93% of their sunflower vs. 96% a year ago

 

FranceAgriMer said as of April 7th French farmers have planted 12% of their corn crop vs. 10% the week earlier and vs. 11% a year ago

 

FranceAgriMer said as of April 7th French farmers had finished their spring barley planting vs. 97% a week earlier and vs. 99% a year ago

 

FranceAgriMer said as of April 7th 75% of the soft wheat crop is rated good to excellent unchanged from a week earlier

 

From Brazilian contact – Brazil’s April 1-10th shipments

  • Shipped 2.43 MMT of beans
  • Shipped 332,000 tons of meal and pellets
  • Shipped 133,000 tons of corn
  • Shipped 55,000 tons of vegoils

 

Canadian Oilseed Processors Association –weekly Canadian crush production for the week ending April 9th .

  • Canola crush for the week ending April 9th at 139,888 tons down 1.4% from a week ago
  • ‘13/14 canola crush so far this season at 4,730,399 tons vs. 4,910,301 tons a year ago
  • Canola crush capacity utilization for the week ending April 9th at 78.4%
  • ‘13/14 canola crush capacity utilization so far this season at 80.8% vs. 87.8% a year ago
  • Soybean crush for the week ending April 9th at 28,620 tons up 1.9% from a week ago
  • ‘13/14 soybean crush so far this season at 1,133,471 tons vs. 1,121,044 tons a year ago
  • Soybean crush capacity utilization for the week ending April 9th at 43.5%
  • ‘13/14 soybean capacity utilization so far this season at 51.2% vs. 50.7% a week ago

 

Commodity Weather Group said US corn belt will be dry and warm tomorrow , but then rains and cooler temps (some areas near freezing) next week

 

May wheat closed above the 200 day moving average of 657 ½ . May wheat settled at 660 ¼

 

May bean oil closed above the 200 day moving average of 4197. May bean oil settled at 4210

 

Today was the last day of the index fund roll. They were rolling long May positions into July.

 

Weekly US export inspections report comes out on Monday at 10 am CST

 

Weekly US crop progress report comes out on Monday at 3 pm CST expecting corn planting to be 3-5% complete.

 

NOPA March crush report comes out on Tuesday at 11 am CST. Based on a Reuters poll , expecting

  • Crush – average estimate 146.1 MB (biggest March crush in four years) , range of estimates are 140.0-153.0 MB. In February 2014 crush was 141.612 MB. In March 2013 crush was 137.080 MB
  • Bean oil stocks – average estimate 1.917 billion lbs. , range of estimates are 1.798-2.025 billion. In February 2014 bean oil stocks were 1.893 billion and in March 2013 bean oil stocks were 2.765 billion.
  • Meal exports – no estimate is given for meal exports. In February 2014 meal exports were 714,231 tons and in March 2013 meal exports were 638,327 tons

 

Markets are closed Friday April 18th for Good Friday. Reports are scheduled as follows

  • Monday April 14th
    • Weekly US export inspections report at 10 am CST
    • Weekly US crop progress report at 3 pm CST
  • Tuesday April 15th
    • NOPA March crush report at 11 am CST
    • API energy inventory report at 330 pm CST
  • Wednesday April 16th
    • Weekly DOE energy inventory report at 930 am CST
    • Weekly US ethanol plant production at 930 am CST
  • Thursday April 17th
    • Weekly US jobless claims report at 730 am CST
    • Weekly US export sales report at 730 am CST
    • EIA Nat Gas storage report at 930 am CST
  • Friday April 18th
    • Closed – weekly COT report will come out on Monday April 21st and May options will expire Friday April 25th

 

EIA to release January biodiesel report on April 29th

 

Weekly COT supplemental report came out today at 230 pm CST . Large spec positions as of April 8th , futures and options combined

  • Wheat long 1,156
  • KC wheat long 16,900
  • Corn long 195,161
  • Beans long 138,509
  • Meal long 35,320
  • Bean oil short 2,200

 

Estimated fund activity

  • Wheat sold 2K
  • Corn sold 5K
  • Beans sold 6K
  • Meal sold 3K
  • Bean oil sold 3K

 

Option players

 

Corn:

Tenco bot 1300 K 520 calls at 2 ¼ -2 ½

ICAP sold 1000 N 470 puts/sold 240 CN

ICAP bot 1000 Z 600 calls at 16 1/8 /sold 240 CZ 504 ½

ICAP sold 700 U 500 straddles

FCS bot 1000 Z 600 calls at 15 ½ /sold 240 CZ at 502

Macquarie bot 1000 H 550 calls/sold 1000 H 470 puts at 4 ½ credit /sold 740 CH at 509

JPM sold 500 K 520 calls

 

Beans:

ADM Sold 200 May 1450 Straddles 48.75-49.25

ADM Sold 250 Jul 1480 Puts/ Sold 250 Jul 1500 Calls 104 credit

JP Morgan Sold 400 Jul 1500 Calls 35.25-36

GFI Sold 250 June 1550 calls 12.25

Tenco bot 1000 June 1400 Puts 21-23.5

FI Sold 200 Jul1 440 Straddles 108

ADM Sold 300 Jul 1400 Puts 31.875-32.75

ABN Bot 500 Jul 1400/1300 Put spds 24.125 db

ADM Sold 300 SDFN 1160 Puts 14.75

Bache Bot 400 Jul 1380/1300 Put spds 17-17.25 db

FI Sold 200 Nov 1200 Puts/ Bot 500 Dec Corn 450 Puts 17 credit

Rand Bot 1000 Jan 1160 Puts 48/ Bot 320 Jan futures 1223

GFO Bot 250 Jul 1500 Calls/ Sold 250 June 1500 Calls 11.25 db

Rosenthal Sold 500 May 1400 Puts 4.125-4.25

Bunge Bot 1000 June 1420 Puts 30.5-31.5

ABN Bot 1000 Jul 1450 Puts 54/ Bot 480 Jul futures 1454

FI Bot 300 Aug 1280 Puts 2

ABN Sold 300 May 1440 Puts 13.25

Rosenthal Sold 500 Jul 1330 Puts 14.5

Fimat bot 200 SDFK 1170 Puts 2.5/ Bot 24 Nov futures 1213

Rand Bot 1000 May 1400 Puts 4.5-4.75

Rand Bot 1,000 May 1440 puts 13.5-13.75

Rand Bot 1,000 May 1420 Puts 8.5

Rosenthal Bot 250 WK3 1430 Puts 5.75

ADM Sold 500 May 1450 Puts 16.5-17

ABN Sold 300 May 1450 Puts 17.25

Obrien bot 200 may 1420 Puts 8.5

 

Wheat:

ABN bot 400 K 640 puts 5 ¼ and bought 80 K futures at 660

 

KC Wheat:

Rosenthal bought 800 May 710 puts and sold 200 May 720 straddles at 3 ½ -4 ½

 

Meal:

JPM bot 200 Q 460-500 call spreads at 8.50

 

Oil:

Rosenthal sold 300 N 38 puts at 20

Newedge bot 300 N 41-46 call spreads/sold 300 M 41 calls

RJO bot 200 N 42-43 call spreads

RJO bot 200 M 42 calls/sold 200 N 43 calls

 

Crush:

Rosenthal bought 10 Dec 70 puts at 6.5

 

Crush quotes

 

OPEN           CLOSE

MAY         43-43.5        39.5-40.5

JLY            35.5-36         35-36

AUG         46-47            45-47

SEP           95-99            95-1.00

OCT          83.5-84        84.5-85

DEC          79-79.5        79.5-80

JAN          71-72            71.5-73

MCH        70-71            70-71

MAY5      68.5-70         67-69

JLY            67-69.5         67.5-69

 

Crush player

 

RJO sold 10 Dec 2015 at 82

 

Closing vols and ATM straddles

 

Corn

K vol 20 500 str 15-16

M vol 23 500 str 30 ½ -31 ½

N vol 26 ¼ 500 str 45 ¼ -45 ¾

U vol 29 ¼ 500 str 70-71

Z vol 27 500 str 83 ¾-84 ¾

H vol 25 510 str 93-94

 

Beans

K vol 20 1460 str 46-48

M vol 22 ½ 1450 str 88-90

N vol 22 ¼ 1450 str 112-114

Q vol 22 1380 str 129-132

U vol 21 ¾ 1260 str 131-134

X vol 20 ½ 1220 str 142 ½ -144

F vol 19 1220 str 153-156

 

Wheat

K vol 24 660 str 22-25

M vol 26 ¼ 670 str 46-48

N vol 28 ¼ 670 str 64-68

U vol 28 ¾ 680 str 92-94

Z vol 27 ½ 690 str 116-118

 

KC Wheat

K vol 21 720 str 23-25

M vol 24 ¾ 720 str 48-50

N vol 26 ¼ 720 str 65-68

U vol 26 ½ 730 str 91-96

Z vol 25 ½ 740 str 115-120

 

Minneapolis wheat

K vol 18 ½ 700 str 19-25

M vol 22 ½ 710 str 40-47

N vol 24 ½ 710 str 59-65

U vol 23 ½ 720 str 72-84

Z vol 22 ½ 730 str 95-105

H vol 20 ½ 740 str 104-114

 

Meal

K vol 24.5 480 str 18-20

M vol 24 470 str 30-33

N vol 23.5 470 str 38-40

Q vol 23 440 str 43.5-45.5

U vol 22.25 410 str 44-46

Z vol 20.5 380 str 49.5-51.5

 

Bean oil

K vol 21.75 42 str 130-150

M vol 21.5 4250 str 235-250

N vol 21 4250 str 300-320

Q vol 20.25 42 str 350-380

U vol 20.25 42 str 390-420

Z vol 19.25 4150 str 480-500

 

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