News From The Floor-An Afternoon Recap

News

 

China exported 280,303 tons of soymeal in April up 200% from a year ago – customs data

 

China exported 652,834 tons of soymeal between Jan – April up 44.6% from a year ago – customs data

 

Iraq bought 150,000 tons of Russian wheat for August shipment

 

Jordan bought 50,000 optional origin wheat for Sept shipment

 

Algeria seeks 50,000 tons of optional origin durum wheat for August shipment

 

Japan seeks 3,000 tons of feed barley via SBS tender for August shipment

 

Japan customs data showed Japan imported 1,936,678 tons of grain in April up 3.9% from a year ago . Including 1,381,276 tons from the US up 92.4% from a year ago

 

Japan customs data showed Japan imported 280,463 tons of beans in April up 20.2% from a year ago , including 242,156 tons from the US up 24.3% from a year ago

 

Manitoba spring grain plantings are delayed due to wet weather

Based on a Reuters poll of 12 analysts . EU 2014 soft wheat crop estimated at 137.5 MMT (six year high)

 

European Commission ‘14/15 European crop estimates

  • EU wheat crop (excluding durum) estimated at 135.9 MMT vs. 134.3 MMT a year ago
  • France wheat crop estimated at 37.4 MMT vs. 36.8 MMT a year ago
  • Germany wheat crop estimated at 25.0 MMT unchanged from a year ago
  • UK wheat crop estimated at 14.7 MMT vs. 11.9 MMT a year ago
  • EU wheat exports estimated at 22.0 MMT vs. 27.0 MMT a year ago
  • EU wheat domestic use estimated at 113.7 MMT vs. 107.6 MMT a year ago
  • EU wheat ending stocks estimated at 11.9 MMT vs. 9.5 MMT a year ago
  • EU barley crop estimated at 55.7 MMT vs. 59.5 MMT a year ago
  • Germany barley crop estimated at 10.2 MMT vs. 10.3 MMT a year ago
  • UK barley crop estimated at 5.9 MMT vs. 7.1 MMT a year ago
  • France barley crop estimated at 11.0 MMT vs. 10.3 MMT a year ago
  • EU barley exports estimated at 7.0 MMT vs. 7.5 MMT a year ago
  • EU barley domestic use estimated at 47.6 MMT vs. 48.7 MMT a year ago
  • EU barley ending stocks estimated at 8.2 MMT vs. 7.3 MMT a year ago
  • EU corn production estimated at 69.2 MMT vs. 64.9 MMT a year ago
  • France corn crop estimated at 17.2 MMT vs. 15.1 MMT a year ago
  • Germany corn crop estimated at 4.8 MMT vs. 4.4 MMT a year ago
  • Romania corn crop estimated at 9.3 MMT vs. 11.4 MMT a year ago
  • Italy corn crop estimated at 8.2 MMT vs. 8.5 MMT a year ago
  • Hungary corn crop estimated at 7.9 MMT vs. 8.7 MMT a year ago
  • Spain corn crop estimated at 4.9 MMT unchanged from a year ago
  • EU corn exports estimated at 2.1 MMT vs. 2.8 MMT a year ago
  • EU corn domestic use estimated at 71.3 MMT vs. 73.7 MMT a year ago
  • EU corn ending stocks estimated at 14.9 MMT vs. 13.7 MMT a year ago

 

Headlines from minutes of the Fed meeting from April 29-30

  • *FED SAW NO INFLATION RISK IN FUELING JOB GROWTH, MINUTES SHOW
  • *FOMC PARTICIPANTS EXPECTED GRADUAL GAINS IN LABOR MARKET
  • *MOST FOMC PARTICIPANTS EXPECTED INFLATION AT 2% IN A FEW YEARS
  • *FOMC PARTICIPANTS DIDN’T SEE SIGNIFICANT FINANCIAL SYSTEM RISKS
  • *SEVERAL FOMC PARTICIPANTS SAID LOW VOLATILITY MAY SIGNAL RISK
  • *A NUMBER OF FOMC PARTICIPANTS BACKED CLEARER POLICY SIGNALING
  • *FOMC, FED BOARD DISCUSSED TOOLS FOR `NORMALIZATION’ OF POLICY
  • *FOMC, FED BOARD MEETING DIDN’T IMPLY IMMINENT NORMALIZATION
  • *FOMC, FED BOARD DISCUSSED REVERSE REPO, IOER, TERM DEPOSIT PLAN
  • *FOMC, FED BOARD FAVORED TESTING OF TOOLS FOR NORMALIZATION
  • *FOMC, FED BOARD MADE NO DECISION ON POLICY NORMALIZATION
  • *FOMC PARTICIPANTS SAW `NEARLY BALANCED’ RISKS TO ECONOMY
  • *A NUMBER OF FOMC PARTICIPANTS SAW POSSIBLE RISK IN WEAK HOUSING

 

July corn closed below the 100 day moving average of 476 ¾. July corn settled at 474 ½

 

July corn closed above the 200 day moving average of 473. July corn settled at 474 ½

 

China to auction 1.0 MMT of corn from reserves  tonight/tomorrow

 

Flash May PMIs come out tonight/tomorrow from China, Eurozone, Germany, France and other countries.

 

Weekly US jobless claims report comes out tomorrow at 730 am CST

Weekly US export sales report comes out tomorrow at 730 am CST. Expecting

  • Wheat – old crop 50-250,000 tons, new crop 150-300,000 tons
  • Corn – old crop 325-525,000 tons, new crop 50-200,000 tons
  • Beans – old crop – 150,000 to + 100,000 tons , new crop 500-700,000 tons
  • Meal – old crop 25,000 – 150,000 tons, new crop 50 – 200,000 tons
  • Bean oil – old crop 0-20,000 tons, new crop 0-10,000 tons

 

Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST expecting +104 BCF

 

Estimated fund activity

  • Wheat sold 3K
  • Corn bought 1K
  • Beans bought 9K
  • Meal bought 4K
  • Bean oil bought 3K

 

Open outcry option players

Corn:

ADM sold 1000 Z 490-440 put spreads/bot 1000 Z 540 calls

ADM sold 1000 Z 500-440 put spreads/bot 1000 Z 500 calls

FI sold 1000 M 475 puts

ICAP sold 700 U 470 straddles

ICAP sold 1000 N 500 calls

FI sold 500 U 470 straddles

Deutsche Bank bought 3,575 July 485 puts at 18 ½-18 ¾ and bought 2,288 CN futures at 474 sold 2,500 July wheat 685 puts at 32 ½ and sold 1,600 July wheat at 665

 

Beans:

GFI sold 1000 X 1200-1160 put spreads

RJO bot 1000 N 1530 calls/sold 250 N 1490 straddles

RJO bot 600 Q 1440 calls

ADM sold 500 short dated N 1250 calls

Bunge sold 500 Q 1460 calls

Rand bot 500 X 1140 puts

 

Wheat:

Deutsche Bank sold 2500 N 685 wheat puts/bot 3500 N 485 corn puts

New Edge bot 500 N 655-640 put spreads

New Edge bot 400 N 650-620 put spreads

 

Meal:

ICAP sold 200 N’15 420 calls

 

Oil:

RJO bot 1800 Z 42 calls/sold 1800 Z 38 puts

Bunge sold 1500 Z 43 calls

FI bot 500 Q 41-44 call spreads

FI bot 500 Q 40 ½-43 call spreads/sold 500 Q 38 puts

Bache bot 300 U 40 puts

New Edge bot 250 M 40 calls

New Edge bot 200 Q 45 calls

 

Crush quotes

OPEN           CLOSE

JLY         41-42           35-36.5

AUG     50.5-51        49-50.5

SEP       94-97.5        93-97

OCT      84-85            84-86

DEC      78.5-79        78.5-79

JAN      72.5-73        72.5-73

MCH    71.5-72        71.5-72

MAY     71.5-72        70.5-71

JLY5      70.5-71        70-71

AUG5   70-76.75     70-76.75

 

Crush and oil share players

 

ABN sold 70 Dec crush at 79

 

ABN sold 70 May crush at 71.5

 

ADM bought 200 July crush at 41

 

ADM sold 200 Aug crush at 51.5

 

ADM bought Dec 69 oil / 42 meal at 33.72%

 

 

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