News From The Floor-An Afternoon Recap

News:

 

Concerns about Russian- Ukraine tensions after passenger plane crashes in the Ukraine. Some are saying the plane was shot down by pro-Russian militants.

 

South Korea bought 17,000 tons of rapeseed meal , 18,000 tons of palm kernel meal, and 4,000 tons of corn gluten feed. Rapeseed meal from India for Oct shipment, the palm kernel from South East Asia for Sept-Oct shipment, and the corn gluten feed from China for Sept shipment.

 

CWG estimated Illinois 2014 corn yield at 190.1 BPA  (record) previous record high was 180.0 BPA set in 2004

 

CWG estimated Iowa 2014 corn yield at 184.1 BPA (record) previous record high was 182.0 BPA set in 2009.

 

Malaysia seeking soymeal.

 

Argentine Ag Min estimated ‘13/14 bean crop at 53.0 MMT vs. previous estimate of 54.0 MMT

 

Argentina Ag Min estimated ‘13/14 corn crop at 33.0 MMT vs. 32.1 MMT previously

 

SovEcon estimated Russia’s July grain exports at 2.0 MMT vs. 800,00 tons in June

 

Argentina port workers lifted strike.

 

Dec bean oil made a new contract low of 3631 today.

 

Sept KC wheat made a new contract low today of 630 ¼ .

 

Sept Minneapolis wheat made a new contract low today of 624 ¼

 

Yesterday afternoon (forgot to add this to my morning email)

  • 5 corn receipts were canceled out of Cargill Burns Harbor, IN. Total corn receipts registered are 32.
  • 75 bean receipts were canceled. Total bean receipts registered are 62.
    • 11 out of ADM Ottawa-N, IL
    • 11 out of ADM Spring Valley , IL
    • 22 out of ADM Hennepin, IL
    • 31 out of CGB Hennepin, IL
  • 271 bean oil receipts were canceled out of Bunge Danville, IL. Total bean oil receipts registered are 7,960.
  • 57 meal receipts were canceled out of Incobrasa Industries LTD. There are 0 meal receipts registered.
  • 39 KC wheat receipts were canceled out of ADM Hutchinson Elev. I , KS. Total KC wheat receipts registered are 49.
  • 16 rice receipts were canceled yesterday afternoon . Total rice receipts are 341.

 

Estimated fund activity

  • Wheat bought 4K
  • Corn bought 4K
  • Beans sold 5K
  • Meal bought 1K
  • Bean oil sold 3K

 

Reports for tomorrow:

  • Weekly COT report comes out tomorrow at 230 pm CST.

 

Open outcry option players:

  • ABN bought 1,000 Nov bean 1080 puts at 34 ¾ – 37 ¼
  • ABN sold 1,000 Nov bean 1200 calls at 13 ½
  • FI sold 1,000 Sept short dated soybean 1200 puts at 99
  • RJO sold 1,000 Sept bean 1100/1000 put spreads at 17 ½ bought 280 Sept futures at 1130
  • FI sold 4,000 Sept short dated corn 400 puts at 19 ½ -21 ½ (From my option broker – this is a closing position, coming in this morning there were 17,855 contracts open , most of the open interest is Futures International)
  • New Edge bought 5,000 Sept corn 400 calls at 6 3/8 – 6 ½ and sold 1,500 Sept futures at 383 ½
  • New Edge bought 2,000 Dec corn 400 calls at 17 ½ and sold 840 Dec futures at 391 ½
  • Jefferies sold 3,000 Sept corn 360 puts at 5 ¼
  • ADM sold 1,000 Dec corn 370 puts/400 call strangles at 27 ¼
  • ICAP bought 1,000 March corn 400 straddles at 53 ¼
  • FI bought 2,000 Dec corn 300/350 put spreads at 4 7/8 – 5 ½
  • Rosenthal bought 1,000 Dec wheat 500 puts at 4-4 ¼
  • JP Morgan bought 1,000 Sept wheat 580 calls at 7-7 ½
  • ICAP sold 1,000 Dec wheat 600 calls at 12 ½ vs. Dec futures at  562
  • ICAP sold 1,000 Sept wheat 550 puts at 25 ¾ vs. Sept futures at 532
  • ICAP sold 1,500 Dec wheat 580/600 call spreads at 7 ¼ – 7 ½
  • Tenco sold 2,000 Sept wheat 520 puts at 4 ¾ – 5 ¼.
  • Rosenthal bought 800 Oct meal 400 calls at 3.70
  • RJO bought 500 Sept meal 390 calls at 5.00
  • JP Morgan sold 600 Dec bean oil 39.50 calls at 50 and bought 144 Dec futures at 3694
  • JP Morgan sold 500 Dec bean oil 40 calls at 40 and bought 100 Dec futures at 3695.
  • Bunge sold 500 Oct bean oil 37 puts at 110

 

Closing vols and ATM straddles

 

Corn:

Q vol 27 380 str 11 ½-13

U vol 25 ¾ 380 str 24-25

V vol 24 390 str 32 ½-33 ½

Z vol 23 ¼ 390 str 42-42 ¾

H vol 23 3/8 400 str 55-55 ¼

K vol 22 ¼ 410 str 62 ½-64

N vol 22 ¼ 420 str 70 ½-72

Z15 vol 21 ¼ 420 str 83-84 ½

 

Beans:

Q vol 24 ½ 1170 str 35-37

U vol 23 1110 str 64-66

X vol 20 ¼ 1100 str 92-94

F vol 18 ½ 1100 str 108-109

H vol 18 ½ 1100 str 123-127

K vol 17 ¾ 1120 str 135-139

N vol 17 1120 str 141-145

 

Wheat:

Q vol 26 550 str 16-18

U vol 24 ½ 550 str 33-35

Z vol 20 ¾ 570 str 55-57

H vol 19 ¾ 590 str 70-73

K vol 19 ½ 610 str 80-85

 

KC wheat:

Q vol 24 ½ 650 str 19-21

U vol 23 ½ 650 str 37-40

Z vol 19 ½ 660 str 58-63

H vol 18 670 str 70-76

K vol 17 ½ 670 str 80-86

 

Minneapolis wheat:

U vol 20 ¼ 640 str 31-34

Z vol 18 ½ 650 str 52-57

H vol 18 ¼ 660 str 70-75

 

Meal:

Q vol 30 390 str 13-15.50

U vol 25 370 str 22-25

V vol 23 360 str 28-31

Z vol 22 360 str 37-40

F vol 20.25 360 str 38-41

 

Bean oil:

Q vol 17.25 36.5 str 70-85

U vol 17 36.5 str 140-165

V vol 16.5 36.5 str 200-210

Z vol 16 36.5 str 255-275

F vol 16 36.5 str 290-310

 

Crush quotes:

Open                     Close

Aug        62.0-64.0              61-63.5

Sep        92.0-96.5              92.0-95.0

Oct         92.0-93.5              95.0-96.0

Dec        89.5-90.0              92.5-93.25

Jan         80.0-81.0              81.5-82.5

Mch       77.25-78.0           78.0-79.0

May       76.0-76.75           76.5-77.5

Jly           75.0-76.0              76.0-76.5

 

Crush and oil share players:

  • No crush pit players today
  • Drax sold 248 Dec bean oil, bought 176 Dec meal at 33.45%

 

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