News From The Floor-An Afternoon Recap

News

 

Jordan canceled tender for 100,000 tons of optional origin hard milling wheat for Dec/Jan shipment

 

Japan received no offers on SBS tender for 120,000 feed wheat and 200,000 feed barley for Sept shipment

 

Japan seeks 120,000 feed wheat and 200,000 feed barley via SBS tender for Oct shipment
Algeria seeks 25,000 optional origin corn for July-Aug shipment

 

USDA attaché in China estimated ‘14/15 wheat crop at 124.0 MMT (record high)  unchanged from USDA estimate

 

USDA attaché in China estimated ‘14/15 wheat imports at 3.0 MMT unchanged from USDA estimate and vs. previous estimate of 7.0 MMT

 

USDA attaché in China said ‘14/15 corn crop expected to reach record high

 

USDA attaché in China estimated ‘14/15 corn imports at 3.0 MMT unchanged from USDA estimate and vs. previous estimate of 4.0 MMT

 

Surveyor SGS estimated Malaysia’s June 1-25th palm oil exports at 1,096,146 tons up .4% from a month ago

 

Surveyor Intertek estimated Malaysia’s June 1-25th palm oil exports at 1,126,927 tons up 3% from a month ago
Germany’s Ag Min will propose a draft law regulating cultivation of crops with genetically modified organisms – Reuters

 

Russia’s Ag Min said Russia has finished their spring crop planting .

  • 2014 spring wheat area is 13.0 MH vs. 12.8 MH a year ago
  • 2014 corn area is 2.7 MH vs. 2.4 MH a year ago
  • 2014 bean area is 1.9 MH vs. 1.5 MH a year ago
  • 2014 sunflower area is 6.8 MH vs. 7.2 MH a year ago
  • 2014 rapeseed area is 928,000 hectares vs. 1.1 MH a year ago

 

Kazakhstan Ag Min said Kazakhstan has exported 8.33 MMT of grain by rail between July 1st – June 10th  vs. 6.69 MMT a year ago

 

Kazakhstan Ag Min estimated ‘13/14 grain exports at 9.0 MMT vs. ‘12/13 exports of 7.1 MMT

 

FO Licht estimated 2014 EU barley crop at 53.0 MMT vs. 59.6 MMT in 2013

 

France Farm Ministry estimated France 2014 winter barley crop at  7.9 MMT up 8% from 2013

 

German Farm Coop estimated Germany’s 2014 barley crop at 10.5 MMT up 2.3% from 2013

 

ADAS estimated UK’s 2014 barley crop at 5.9 MMT vs. 7.1 MMT in 2013

 

SAGIS said South Africa’s ‘13/14 corn ending stocks were at 589,028 tons

 

SAGIS said South Africa’s ‘13/14 corn exports were 2.232 MMT

 

SAGIS said South Africa’s May’s corn stocks were 1.667 MMT

 

SAGIS said at the end of May South Africa has exported 66,957 tons of ‘14/15 corn

 

South Korea seeks 60,369 tons of optional origin rice for Oct-Dec shipment

 

Iraq seeks 15,000 tons of Indian rice

 

Vietnam Food Association said  Vietnam exported 2.68 MMT in the first half of 2014 down 23.48% from a year ago

 

Dec corn contract low is 435. The low of Dec corn today was 437 ¾

 

Nov beans closed/settled at the 50 day moving average of 1229 .

 

Dec bean oil closed below the 200 day moving average of 4107. Dec bean oil settled at 4083

 

Estimated fund activity

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

 

China to auction 2.29 MMT of corn tonight/tomorrow.

 

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 –  ‘14/15 300,000 – 450,000 tons
  • Corn – ‘13/14 150,000 – 300,000 and ‘14/15 200,000 -300,000 tons
  • Beans – ‘13/14 50,000 – 150,000 tons and ‘14/15 200,000 – 400,000 tons
  • Meal – ‘13/14 0-100,000 tons and ‘14/15 0-150,000 tons
  • Bean oil – ‘13/14 0-20,000 tons and ‘14/15 0-10,000 tons

 

Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST expecting +105 BCF

 

Stats Canada comes out on Friday with their Canadian 2014 acreage estimates. Based on a Reuters survey expecting

  • All wheat average estimate 24.5 MA vs. April estimate of 24.9363 MA and vs. 2013 acreage of 26.2565
  • Durum average estimate 4.7 MA vs. April estimate of 4.2 MA and vs. 2013 acreage of 4.965 MA
  • Canola average estimate 19.9 MA vs. April estimate of 19.801 MA and vs. 2013 acreage of 19.9358 MA
  • Oats average estimate 3.2 MA vs. April estimate of 3.1876 MA and vs. 2013 acreage of 3.1676 MA
  • Barley average estimate 6.5 MA vs. April estimate of 6.3106 MA and vs. 2013 acreage of 7.0825 MA
  • Flax average estimate 1.7 MA vs. April estimate of 1.715 MA and vs. 2013 acreage of 1.035 MA
  • Corn average estimate 3.3 MA vs. April estimate of 3.3688 MA and vs. 2013 estimate of 3.6893
  • Soybeans average estimate 5.1 MA vs. April estimate of 5.2644 MA and vs. 2013 estimate of 4.5189 MA

 

Open outcry option players

  • ADM sold 1,000 Nov bean 1060 puts at 9 – 9 1/8
  • RJO bought 1,000 Sept short dated soybean 1250 calls at 33 ½
  • FI bot 5,000 Sept short dated bean 1160/1100 put spread at 10 ¾ -11 ½
  • JP Morgan sold 1,000 Sept corn 480 calls at 5 ½ and bought 200 Sept futures at 435 ½
  • ICAP bought 1,000 May corn 450p/470c strangles at 71 ¾ -72
  • ICAP bought 1,000 Sept corn 450 straddles and sold 1,000 Dec corn 450 straddles at 16 3/8 credit. They bought 260 Sept futures at 435 and sold 120 Dec futures at 439
  • Macquarie sold 1,200 Sept corn 490 calls at 5 1/8 and bought 168 Sept futures at 435
  • Macquarie sold 1,000 Sept corn 500 calls at 10 5/8 and bought 220 Dec futures at 440
  • Mizuho bought 700 Sept wheat 550 puts and sold 350 Aug wheat 600 puts at 8 5/8 credit
  • New Edge bought 300 Sept KC 700 puts and sold 300 Dec KC 750 calls at even
  • FI bought 200 Oct meal 360 puts at 7.25
  • Mizuho  sold 300 Sept meal 410 straddles at 33.5
  • Rosenthal bought 3,000 Sept bean oil 41 calls at 120-140 ( My broker believes this is a new position)
  • Mizuho sold 500 Dec bean oil 39 puts at 105
  • As a package Rosenthal bought 700 Oct meal 360 puts (at 7.25) and bought 700 Sept bean oil 41 calls (at 135)

 

Closing vols and ATM straddles

 

Corn

Q vol 28 ¾ 435 str 28 ½-29 ½

U vol 27 ¼ 435 str 37 ½-38 ½

V vol 26 400 str 46-47

Z vol 24 ¾ 440 str 55 ½-56 ½

H vol 24 ½ 450 str 70-71 ½

K vol 24 ½ 460 str 80 ½-82

K vol 24 ½ 460 str 80 ½-82

N vol 24 ¼ 470 str 89-91

Z15 vol 21 460 str 89-91

 

Beans

Q vol 22 ¾ 1360 str 71-73

U vol 22 ½ 1260 str 89 ½-91 ½

X vol 21 1220 str 117 ½-119

H vol 17 ¾ 1240 str 140-144

K vol 16 ¾ 1240 str 147-152

N vol 16 ½ 1240 str 155-158

 

Wheat

Q vol 23 580 str 34-36

U vol 25 580 str 45-47

Z vol 22 ¾ 600 str 70-72

H vol 21 ¾ 630 str 87-92

 

KC wheat

Q vol 27 ¼ 710 str 44-46

U vol 25 ¼ 710 str 56-59

Z vol 22 ¼ 720 str 79-83

H vol 21 ½ 720 str 96-102

 

Minneapolis wheat

U vol 21 ½ 685 str 43-49

Z vol 20 ½ 700 str 68-74

H vol 18 ½ 710 str 80-86

 

Meal

Q vol 26 440 str 26.5-28

U vol 25.25 410 str 33-34

V vol 23.75 390 str 37-39

Z vol 22 390 str 45.5-47

F vol 20.75 390 str 46.5-48

 

Bean oil

Q vol 22 41 str 195-210

U vol 21.75 41 str 270-300

V vol 19.5 41 str 310-330

Z vol 18 41 str 365-385

F vol 17.75 41 str 400-420

 

Crush quotes

OPEN              CLOSE

July         23-25              24-26

Aug         45-47              47.5-48

Sept        85-91              84-89

Oct          84-85               82-84

Dec          81-81.5           79.5-80.5

Jan           72.5-73           70.5-73

March     70.5-71.5        69.5-70.5

May         70-70.75          69-70

July 15     68-69.5            66-69

Aug15      71-78                71-78

 

Hybrids crush closing quotes

  • July / Aug / Aug -9 to -8
  • July/Sept/Sept -67 to -65.5
  • July/Oct/Oct -106 to -104

 

Crush and oil share players

  • Jefferies sold 100 July/Aug/Aug crush at -8
  • Rand sold 200 Dec oil/ Dec meal at 34.38% (oil share)

 

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