News From The Floor-An Afternoon Recap

News

 

Algeria bought 200-250K tons of durum wheat from Canada, EU, France , and possibly Mexico for Aug/Sept shipment

 

Brazil’s Trade Ministry May exports

  • 7.6 MMT of beans vs. 8.25 MMT in April and vs. 7.95 MMT in May 2013
  • 1.42 MMT of meal vs. 1.33 MMT in April and vs. 1.38 MMT in May 2013
  • 111,500 tons of bean oil vs. 115,900 tons in April and vs. 123,100 tons in May 2013
  • 126,500 tons of corn vs. 562,400 tons in April and vs. 275,700 tons in May 2013

 

Safras e Mercado said Brazil has sold 72% of their ‘13/14 bean crop vs. 71% a year ago and vs. 71% five year average

 

Safras e Mercado estimated Brazil’s ‘13/14 bean crop at 86.623 MMT

 

Safras e Mercado said Brazil’s ‘14/15 bean area will increase by 4% from ‘13/14 area.

 

Safras e Mercado estimated Brazil’s ‘14/15 bean crop at a record high of 93.45 MMT

 

Safras e Mercado said since the official announcement that Brazil’s mandatory use of biofuel will increase from 5% to 6% as of July 1st and from 6% from 7% as of Nov 1st

  • 2013 Brazil biofuel consumption based on soy totaled 1.952 MMT , they estimated 2014 at 2.239 MMT and they estimated 2015 at 2.734 MMT
  • Brazil usually exports about 1.3 MMT of bean oil annually , this number will sharply be reduced due to the new rules

 

Ukraine Ag Min said Ukraine exported 31,393,000 tons of grain between July 1st – June 2nd up 42% from a year ago (21,914,700 tons a year ago )

 

Ukraine Ag Min said Ukraine exported 1.84 MMT of grain in May vs. 2.20 MMT in April

 

Ukraine Ag Min estimated ‘13/14 grain exports at 32.0 MMT

 

July meal made a new contract high today of 509.40

 

Nov beans closed above the 50 day moving average of 1222 ½ . Nov beans settled at 1229 ¾

 

July KC wheat closed above the 100 day moving average of 716 ½ . July KC settled at 718 ¾

 

July Minneapolis wheat closed below the 100 day moving average of 700 . July Minneapolis settled at 697 ¼

 

Correction from this morning letter– Deutsche Bank WN’14 – WN’15 roll did not start today. It starts tomorrow. 487 July 2014 – July 2015 traded on the screen all day, only 39 contracts traded on the close at 64 ¾

 

Today was the last day of the Roger’s roll. In the last minute of trade

  • 5,294 July/Sept corn spreads traded at 6 ¼ on the electronic platform
  • 300 July / Sept corn spreads traded at 6 ¼ in the pit
  • 3,843 July/Sept wheat spreads traded at 11 on the electronic platform
  • 130 July/ Sept wheat spreads traded at 11 ¼ in the pit
  • 600 July/Sept KC wheat spreads traded at 8 ¼ on the electronic platform
  • 105 July /Sept KC wheat spreads traded at 8 ¼ in the pit
  • 2,624 July/ Nov bean spreads traded at 270 ¾ on the electronic platform
  • 50 July/Nov bean spreads traded at 270 ¼ in the pit
  • 600 July /Dec meal spreads traded at 103.80 on the electronic platform
  • 50 July/Dec meal spreads traded at 103.40 in the pit
  • 1800 July/Dec bean oil spreads traded at -44 -50 on the electronic platform

 

Weekly US Crop progress report comes out today at 3 pm CST

 

China and some European markets were closed today for holiday. Markets reopen tonight / tomorrow.

 

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

 

Estimated Fund Activity

  • Wheat sold 3K
  • Corn  bought 1K
  • Beans bought 2K
  • Meal bought 2K
  • Bean oil sold 2K

 

Open outcry option players

 

Corn:

Jefferies sold 5000 N 450 puts at 4 – 4 ¼

Tenco bot 2000 N 440 puts at 1 7/8 – 2

ICAP sold 1000 U 430 puts at 12 /sold 320 CU at 455 ½

JPM sold 1500 Z 390-400-420-460 put condor at 16 ¾ – 17 credit

JPM sold 1000 Z 470-420 put spreads

JPM sold 500 Z 460-420 put spreads

JPM sold 1000 Z 480-520 call spreads

JPM sold 500 week 4 465 puts

 

Beans:

JPM sold 1250 N 1500 puts at 26 ¾ -27 /sold 675 SN 1493

ADM sold 600 X 1200 puts at 47 ½ -47 ¾

ADM bot 500 N 1560 calls

ADM bought 500 N 1600 calls at 2

RJO sold 500 X 1100 puts at 18 /sold 100 SX at 1230

Rosenthal sold 500 N 1500 calls at 17 ½

XFA bot 800 X 1060 puts/sold 400 X 1140 puts at 5 ¼ credit

 

Wheat:

JPM sold 900 N 600 call conversions

ICAP sold 1000 N 630 puts

ADM sold 1400 U 560-530 put spreads

New Edge bot 500 N 650 calls at 3 ½

Bunge sold 400 Q 650 calls

 

Meal:

Rosenthal sold 200 N 480-490 call spreads

 

Oil:

New Edge sold 1000 N 39-38 put spreads at 60

New Edge bot 400 U 40 puts/sold 400 U 38 puts/sold 400 Z 42 calls at 5 debit

New Edge bot 300 U 40 puts/sold 300 U 39 puts/sold 300 Z 42 calls

Rosenthal sold 300 U 41 calls

 

 

Crush quotes

 

OPEN              CLOSE

JLY            30-32             33.5-34

AUG        41-43              41-42.5

SEP          96-1.00           98-1.00

OCT         86.5-87.5       85.5-86.5

DEC          81.5-82.5       81.5-82

JAN          74-75              73-74

MCH        72-73              71-73

MAY        70-71               69-71

JLY5          68-70.5          65-70

AUG5       69-76.75       69-76.75

 

Crush and oil share players

  • Tenco sold 60 Jan crush at 74.25 -74.5
  • RJO sold 60 Dec crush at 83
  • No oil share players in pit today

 

 

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