News From The Floor-An Afternoon Recap

News

 

Brazilian government confirmed it will scrap the usual 10% import tax applied to wheat originating outside the Mercosur trade block for a quota of up to 1 MMT through August 15th –Reuters

 

Algeria bought 200,000 tons of durum wheat optional origin (possibly from Canada, Mexico , and or France) for Oct-Nov shipment

 

Hearing Cordonnier left his 2014 US corn yield estimate unchanged at 165.0 BPA

 

Hearing Cordonnier left his 2014 US bean yield estimate unchanged at 45.0 BPA, but said he could lower his estimate.

 

Jordan canceled tender for 100,000 tons of optional origin barley for Dec/Jan shipment

 

Jordan retendered for 100,000 tons of optional origin barley for Dec/Jan shipment

 

Egypt has bought 3.7 MMT of local wheat so far this season

 

Egypt supplies minister said Egypt has enough grain stocks to last for six months

 

Based on a Reuters poll Russian 2014 wheat crop estimated at 53.0 MMT up 2% from a year ago

 

Russia’s Ag Min said Russia has exported 25.7 MMT of grain between July 1 – June 20th , including 18.2 MMT of wheat

 

Nov beans closed below the 50 day moving average of 1228 ¾. Nov beans settled at 1224 ½

Dec bean oil closed above the 50 day moving average of 4056, and above the 100 day moving average of 4061 and above the 200 day moving average of 4108 . Dec bean oil settled at 4117

 

Dec meal closed below the 50 day moving average of 392.50 . Dec meal settled at 387.10

 

Estimated fund activity

  • Wheat sold 5K
  • Corn sold 4K
  • Beans sold 4K
  • Meal sold 2K
  • Bean oil bought 3K

 

Weekly API energy inventory report comes today at 330 pm CST.

 

China to auction corn from reserves over the next 2 days. They will offer a total of 4.99 MMT of corn on Wednesday and Thursday

 

Surveyors SGS and Intertek Agri Services will come out tomorrow with their June 1-25th Malaysian palm oil export estimates

 

Weekly DOE energy inventory report comes out tomorrow at 930 am CST

  • Crude expecting a draw of 1.4 MB
  • Gas expecting a build of 1.5 MB
  • Distillates expecting a build of 700,000

 

Open outcry option players

Corn:

JPM bot 4000 Q 410 puts

JPM bot 1000 Z 390 puts

JPM sold 500 Z 440 calls/bot 240 CZ

ABN bot 1000 short dated U 440-480 call spreads

ICAP bot 1000 H 470 calls/430 put strangles

ICAP bot 500 U 430 puts/sold 1000 U 400 puts

 

Beans:

ABN Sold 1000 Nov 1180 Puts/ Sold 1000 Nov 1280 Calls 73-74.25/ Bot 1000 Nov futures 1223

JP Morgan Bot 500 Aug 1300 Puts/ Sold 500 Aug 1400 Calls 5.25-6 db

Goldman Bot 300 Nov 1200/1100 Put spds 31.5 db

New Edge Bot 800 SDFU 1170 Puts/ Sold 800 Sep 1200 Puts .5-.625 credit

Obrien Bot 300 Nov 1120/1060 Put spds 11 db/ Bot 33 Nov futures 1219

ADM Bot 500 SDFU 1240 Calls 32.5-33

ADM Bot 500 Aug 1460 Calls 6.375-6.5

GFI Bot 1400 Aug 1400 Calls 17-18.25

Rosenthal Sold 700 Aug 1400 Calls 17-19.125

Rosenthal Bot 300 Aug 1400 Puts 14

ABN Bot 400 Aug 1400/1500 Call spds 14.25-15.75

JP Morgan Sold 1500 Aug 1450 Calls 8-8.125/ Bot 25 Aug futures 1353

ICAP Sold 200 Aug 1350 Puts 30

Rand Bot 500 Nov 1180 Puts 38.25

New Edge Bot 200 Aug 1320 Puts/ Sold 200 Sep 1220 Puts 7.75 credit

 

Wheat:

New Edge bot 400 Q 59 puts/sold 400 Z 540 puts/sold 400 Z 700 calls

 

KC Wheat:

New Edge bot 500 KCZ 710-670 put spreads/sold 500 KCZ 760 calls

 

Meal:

Rosenthal bot 3200 Z 340-320 put spreads

Rosenthal sold 1000 Z 360-340 put spreads

Rosenthal sold 800 Z 380-400 call spreads

Bunge sold 500 Q 440 calls

New Eedge bot 200 U 410 puts/sold 200 Z 420 calls-350 put strangles

JPM sold 100 each of the V 410 calls, Z 410 calls, F 410 calls, H 410 calls

 

Oil:

Bunge sold 2000 Q 40 ½ calls/bot 2000 U 42 calls

JPM bot 500 Z 43 calls/sold 1000 Z 45 calls

FI sold 500 Z 43 calls/bot 1000 Z 45 calls

RJO bot 500 V 42-45 call spreads

Rosenthal bot 400 Q 42 calls

FI sold 350 Q 41 ½ calls

Tenco bot 200 V 38 puts

 

Closing vols and ATM straddles

 

Corn

Q vol 28 ¾ 435 str 30-30 ½

U vol 27 ½ 435 str 38 ¾-39

V vol 26 ¼ 440 str 46 ¾-47 ¾

Z vol 25 440 str 56 ¼ -56 ¾

H vol 24 ½ 450 str 71-71 ½

K vol 24 ¼ 460 str 80 ½-81 ½

N vol 24 470 str 89-90

Z15 vol 21 460 str 89-90

 

Beans

Q vol 22 ½ 1360 str 71 ½-73

U vol 22 ½ 1260 str 90-92

X vol 21 1220 str 117-119

F vol 19 1220 str 131-134

H vol 17 ¾ 1240 str 141-145

 

Wheat

Q vol 26 ½ 580 str 35-37

U vol 25 580 str 46-47

Z vol 23 600 str 70-71

H vol 21 ¾ 630 str 88-91

K vol 21 ½ 640 str 97 ½-100 ½

 

KC wheat

Q vol 26 ¼ 700 str 42-44

U vol 24 ½ 700 str 54-57

Z vol 21 ¾ 710 str 77-82

H vol 21 720 str 95-100

 

Minneapolis wheat

U vol 21 690 str 43-48

Z vol 20 700 str 67-73

H vol 18 710 str 80-86

 

Meal

Q vol 24.5 430 str 26.5-28

U vol 23.75 410 str 33-34

V vol 22.75 390 str 37-39

Z vol 22 390 str 45-47

F vol 20.25 390 str 46-48

 

Bean oil

Q vol 20 41 str 185-200

U vol 20 41 str 255-270

V vol 18.75 41 str 300-320

Z vol 17.75 41 str 355-375

F vol 17.5 41 str 385-415

 

Crush quotes

OPEN             CLOSE

JLY           25.5-28          24-25.5

AUG       45-47              47.5-48

SEP         89-94              87-90

OCT        83.5-85           82-85

DEC        79.5-80           79.5-81

JAN        71-71.5           71-73

MCH      69-70.5            68-71

MAY      68-71.5            68.5-71.5

JLY5        65-68.5           68.5-69.5

AUG5     71-78              71-78

 

Crush and oil share players

  • FC Stone sold 10 Dec crush at 80.5
  • Jefferies sold 70 July/Sept/Sept crush at -66.5
  • No oil share players in pit today

 

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