News From The Floor-An Afternoon Recap

News

 

Egypt GASC is in for wheat for June shipment

 

Reports of Brazilian beans headed to the US

 

Reports of Argentine meal headed to the US

 

Reports of the possibility of more bean acres in the US due to delays in corn planting.

 

Fund liquidation.

 

Warmer US temps in Midwest next week

 

Today was the last day of the US HRW wheat tour . Final estimates from the tour will come out sometime this afternoon

 

Southwest Kansas (271 fields surveyed) average yield 30.8 BPA (worst in over 10 years) vs. 37.1 BPA a year ago

 

Today was the last day of the US HRW wheat tour . Final estimates from the tour will come out sometime this afternoon

 

Argentina is on holiday tomorrow.

 

US April unemployment report comes out tomorrow at 730 am CST.

 

Informa comes out tomorrow at 1030 am CST with ‘14/15 US winter wheat estimates and world production estimates. Previous estimates from Informa last month were

  • ‘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
  • ‘13/14 Brazilian corn crop estimated at 68.0 MMT
  • ‘13/14 Argentine corn crop estimated at 23.0 MMT
  • ‘13/14 Brazilian bean crop estimated at 86.75 MMT
  • ‘13/14 Argentine bean crop estimated at 54.5 MMT

 

Weekly COT report comes out tomorrow at 230 pm CST

 

Estimated Fund Activity

  • Wheat sold 4K
  • Corn sold 9K
  • Beans sold 13K
  • Meal sold 5K
  • Bean oil sold 4K

 

Open outcry option players

  • GFI sold 1,000 July bean 1500 calls and sold 1,000 Nov bean 1200 puts at 88 ¼ -90 ½
  • Rosenthal sold 1,000 July bean 1200 puts at 7/8
  • FI bought 1,600 Nov bean 1100/1060 put spreads at 7 7/8
  • EDF Mann sold 1,500 July bean 1540 calls at 25 ½
  • GFI sold 1,400 June corn 550 calls at 1 5/8 – 1 7/8
  • New Edge bought 2,100 July wheat 600/650 call spreads and bought 2,100 July wheat 650/600 put spreads at 50 -50 1/8 debit
  • FC Stone sold 1,000 July wheat 720 calls at 22-28
  • Bunge sold 1,000 July meal 500 calls at 11.25-12.75
  • JP Morgan bought 1,500 July bean oil 42 calls at 110 and sold 690 July futures at 4157
  • JP Morgan sold 1,300 July bean oil 41 puts at 95-98

 

Closing ATM straddles and vols

 

Corn

M vol 23 ½ 510 str 24 ¼ -24 ¾

N vol 25 ¾ 510 str 39 ¼ -39 ¾

Q vol 29 ½ 505 str 57 ½ -58

U vol 29 ½ 500 str 65 ½ -66 ½

Z vol 26 ¾ 500 str 79 ½ -80 ½

H vol 25 510 str 90-91 ½

 

Beans

M vol 21 ¼ 1460 str 61-63

N vol 21 ¼ 1460 str 92-94

Q vol 22 1400 str 117-121

U vol 21 ¾ 1280 str 122-126

X vol 20 ½ 1220 str 137-140

 

Wheat

M vol 25 ¾ 710 str 37-38

N vol 26 ½ 710 str 55 ½-57

Q vol 27 ½ 715 str 75 ½ -77

U vol 27 ¾ 720 str 88 ½ -90

Z vol 26 ½ 730 str 114-116

 

 

Crush quotes

 

OPEN          CLOSE

MAY        38-41            46-49

JLY           34.5-36         40.5-41

AUG        43-45            44-45

SEP          1.00-1.01     98-1.00

OCT         84-85.5         83-84.5

DEC         79.5-80         77.5-78.5

JAN         73-74            71.5-73

MCH       72-73            71.5-72.5

MAY5     71.5-72         71-72

JLY5         70-71            70-71

 

Crush player

  • Tenco sold 200 July crush at 36-39.5

 

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