News From The Floor-An Afternoon Recap

News

 

Market talk China canceled 2 cargoes of Brazilian beans . Analysts said as many as 6-8 cargoes could be canceled

 

Philippines bought 105,650 tons of optional origin feed wheat for July/August shipment

 

Weekly US export inspections report came out this morning

  • Wheat at 507,888 tons expecting 450-575K
  • Corn at 1,160,147 tons expecting 900,000 – 1.125 M
  • Beans at 89,269 tons expecting 75-175K

 

Dr. Cordonnier weekly crop estimates

  • 2014 US corn yield estimated at 162.0 BPA unchanged from previous estimate
  • 2014 US bean yield estimated at 44.5 BPA unchanged from previous estimate
  • ‘13/14 Brazilian corn crop estimated at 74.5 MMT vs. previous estimate of 73.5 MMT
  • ‘13/14 Brazilian bean crop estimated at 86.5 MMT unchanged from previous estimate
  • ‘13/14 Argentine corn crop estimated at 24.0 MMT unchanged from previous estimate
  • ‘13/14 Argentine bean crop estimated at 55.0 MMT unchanged from previous estimate

 

China said they have imported a small amount of corn from Brazil since official approval for the purchases went into effect on March 31st – Reuters

 

Jordan canceled tender for 100,000 tons of optional origin feed barley for Oct / Nov shipment

 

Japan’s government aid agency seeks French origin wheat for donation to Togo.

 

Ukraine Ag Min said as of May 26th Ukraine exported 31.3 MMT of grain

 

Toepfer estimated German’s 2014 wheat crop at 24.77 MMT vs. previous estimate of 23.95 MMT and vs. 2013 crop of 24.87 MMT

 

Toepfer estimated German’s 2014 rapeseed crop at 5.72 MMT vs. 2013 crop of 5.67 MMT

 

Toepfer is expecting to see above average grain and rapeseed yields

 

Toepfer estimated EU 2014 wheat crop at 139.15 MMT vs. 136.0 MMT in 2013

 

Toepfer estimated Romania’s 2014 wheat crop at 8.26 MMT vs. 7.99 MMT a year ago

 

Toepfer estimated Bulgaria’s 2014 wheat crop at 5.17 MMT vs. 5.06 MMT a year ago

 

Toepfer estimated Britain’s 2014 wheat crop at 15.06 MMT vs. 11.921 M a year ago

 

FO Licht estimated EU 2014 corn crop at 66.4 MMT vs. 2013 crop of 64.3 MMT

 

Kazakhstan Ag Min estimated 2014 spring grain area at 15.9 MH including 12.8 MH of wheat

 

Kazakhstan Ag Min said as of May 27th spring crops were planted on 9.4 MH

 

Kazakhstan exported 7.91 MMT of grain by rail between July 1st – May 20th vs. 6.27 MMT a year ago

 

CEC estimated South Africa’s 2014 corn crop at 13.548 MMT vs. previous estimate of 13.029 MMT and vs. Reuters estimate of 13.27 MMT

 

SAGIS said South Africa’s end of April corn stocks at 594,245 tons vs. 985,155 tons at the end of March

 

SAGIS said South Africa exported 2.23 MMT of corn at the end of April

 

Alberta, Canada crop progress as of May 20th 47.3% of their spring crop has been planted vs. five year average of 63.3%. 49% of the canola crop has been planted and 53.9% of the spring wheat crop has been planted.

 

Farmers made good progress last week due to good weather in Manitoba Canada

 

Vietnam general statistics office estimated Vietnam’s May rice exports at 650,000 tons unchanged from April exports.

 

Vietnam Food Association said Vietnam exported 309,974 tons of rice between May 1st – May 22nd

 

July corn closed below the 200 day moving average of 472 ¾ . July corn settled at 469 ¾

 

Weekly US crop progress report comes out today at 3 pm CST. Analysts expecting corn planting to be 80-90% complete, bean planting to be 50-65% complete, winter wheat good to excellent to be steady to 1% higher than a week ago and expecting spring wheat planting to be about 70% complete

  • Reuters survey – corn planting average estimate 88% complete, range of estimates 85-91% complete
  • Reuters survey – bean planting average estimate 55% complete, range of estimates 51-63% complete
  • Reuters survey – spring wheat planting average estimate 65% complete
  • Reuters survey – winter wheat good to excellent condition up 1% from a week ago

 

Effective after the close today. CME to lower margins (see attachment for complete details)

  • CME LOWERS CORN FUTURES © INITIAL MARGINS FOR SPECS BY 18.5 PCT TO $1,650 PER CONTRACT FROM $2,025
  • CME LOWERS LIVE CATTLE FUTURES (LC) INITIAL MARGINS FOR SPECS BY 18.6 PCT TO $935 PER CONTRACT FROM $1,148
  • CME LOWERS SOYBEAN FUTURES (S) INITIAL MARGINS FOR SPECS BY 18.5 PCT TO $3,300 PER CONTRACT FROM $4,050
  • CME LOWERS WHEAT FUTURES (W) INITIAL MARGINS FOR SPECS BY 18.5 PCT TO $1,650 PER CONTRACT FROM $2,025

 

China to hold weekly wheat auction tomorrow

 

Weekly API energy inventory report comes out tomorrow at 330 pm CST

 

Estimated fund activity

  • Wheat sold 3K
  • Corn sold 5K
  • Beans sold 7K
  • Meal sold 2,500
  • Bean oil sold 2,500

 

Open outcry option players

  • ABN bought 1,000 July bean 1400 puts at 3-3 ¾
  • JP Morgan bought 1,000 July 1500/1460 put spreads at 17 5/8 and bought 200 July futures at 1495
  • ICAP sold 500 week 5 soybean 1490 puts at 8
  • ABN bought 500 Nov bean 1160 puts at 33 ¾ -34
  • ADM bought 1,500 Dec corn 470/420 put spreads and sold 1,500 Dec corn 500 calls at even to a ¼ credit
  • ICAP sold 1,000 Sept corn 480 calls at 20 1/8 and bought 430 CU futures at 467 ½
  • FI bought 1,000 Dec corn 380 puts at 4
  • FC Stone bought 1,000 Sept corn 380 puts at 1 3/8
  • FI bought 1,000 Sept short dated corn 420 puts at 6 5/8
  • ABN sold 1,500 July wheat 660/600 put spreads at 23 ¾ and sold 750 July wheat at 643
  • ABN sold 1,500 July wheat 660/620 put spreads at 19 ¼ and sold 540 July futures at 643
  • FC Stone sold 800 July wheat 640 calls at 18-18 ¼
  • Tenco bought 1,000 July wheat 630 puts and sold 500 July wheat 650 puts at 1 debit
  • RJO bought 1,000 Dec wheat 670p/770c combos at 27 debit
  • Macquarie bought 250 July meal 490 calls and sold 250 July 2015 410 calls at 5.75 credit
  • ICAP bought 400 July meal 470 puts at 5.50 and bought 88 July meal futures at 495.00
  • New Edge sold 500 July bean oil 41/40 put spreads at 60
  • New Edge bought 500 July bean oil 41.5 puts and sold 500 Dec bean oil 43c/37p strangles at 10 debit

 

 

Closing vols and ATM straddles

 

Corn

N vol 21 ½ 470 str 21 ½ -22

Q vol 27 ½ 465 str 41 ¾ -42 ¼

U vol 27 ½ 465 str 50 ¼ -50 ¾

Z vol 25 ¾ 470 str 696 ¾ -37 ¼

H vol 24 480 str 77-78

K vol 23 ¾ 480 str 85 ½ -87

 

Beans

N vol 19 ¼ 1500 str 59-61

Q vol 22 1420 str 99-102

U vol 22 ¼ 1290 str 110 ½ – 113 ½

X vol 21 ½ 1240 str 135-138

F vol 19 ¾ 1240 str 148-152

 

Wheat

N vol 24 ½ 640 str 32-33

Q vol 25 ¼ 650 str 52-54

U vol 25 ¾ 650 str 65-66

Z vol 24 ½ 670 str 90-91

H vol 23 ½ 690 str 108-110

 

KC wheat

N vol 24 ½ 740 str 37-39

Q vol 24 ¾ 750 str 59-61

U vol 24 ¾ 750 str 71-75

Z vol 23 760 str 95-99

H vol 22 760 str 112-117

 

Minneapolis wheat

N vol 23 720 str 31-37

U vol 23 730 str 62-68

Z vol 22 ¾ 740 str 89-95

 

Meal

N vol 27 490 str 29-30.5

Q vol 25.5 470 str 40-42

U vol 25.25 430 str 44-46

V vol 24.25 400 str 45-47

Z vol 23.75 400 str 53-56

 

Bean oil

N vol 16.75 40 str 130-150

Q vol 17.5 40 str 210-230

U vol 17.75 40 str 260-285

V vol 17.75 40 str 305-325

Z vol 17.5 40 str 370-395

 

Crush quotes

 

Open                                     Closes

July        35.25-37.5                            37-38

Aug        45-47.75                               46-47.5

Sep        96-99                                     94-99

Oct         85-86                                     85-86

Dec        80.25-80.5                            80.5-81.0

Jan         73.5-74                                  73.5-74.0

Mch       72.25-72.75                         72.5-73.0

May       70.5-71.5                              71-72

 

No crush or oil share players in the pit today

 

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