News From The Floor-An Afternoon Recap

News:

 

Correction from my morning wire – USDA announced 486,000 new crop beans sold to China I wrote they were all US origin , but 66,000 were optional origin and 420,000 tons were US origin

 

The USDA announced 101,000 tons of US wheat sold to Nigeria also for ‘14/15 delivery. 61,000 tons was hard red winter wheat and 40,000 tons was soft red winter wheat

 

Weekly US export inspections report

  • Wheat = 395,963 tons expecting 400-550,000 tons
  • Corn = 805,365 tons expecting 875,000 -1.05 M tons
  • Beans = 112,345 tons expecting 50-100,000 tons

 

United Grain Corp export terminal shut in PNW due to labor dispute

 

Russian Ag Min said as of July 25th Russia has harvested 33.2 MMT of wheat (36% of total area) with an average yield of 3.66 TPH. A year ago Russia harvested 27.8 MMT of wheat with an average yield of 3.04 TPH

 

Russia’s Ag Min said Russia has exported 2.0 MMT of grain between July 1-25th , including 1.6 MMT of wheat

 

CCC seeks 39,140 tons of sorghum for September shipment for donation to east Africa.

 

Hearing Argentine farmers sold 1.5 MMT of soybeans last week.

 

Midday weather said the 11-15 day was drier for the western Midwest, rain is needed for bean crops.

 

Reports/headlines from Doane’s eastern leg of the US Midwest crop tour

  • Just silking in NW Ohio. Lots of late fields.
  • NE Indiana corn and beans a step down from what we have commonly seen on trip. Latest corn stop only 137 bushels.
  • Generally noting NE Indiana on the dry side in need of rain soon. Crop development 1 to sometimes 3 weeks late.
  • Crops’ appearance improving as we go west into irrigated areas of NC Indiana. Latest corn stop est. over 200, first of day.
  • Narrow row soybeans in NC Indiana. Good early podding

 

Estimated Fund Activity:

  • Wheat sold 1K
  • Corn bought 3K
  • Beans bought 7K
  • Meal bought 3K
  • Bean oil bought 3K

 

Upcoming reports/events

  • Malaysian palm oil markets are closed tomorrow, trading resumes Wednesday
  • FOMC 2 day policy meeting begins tomorrow
  • Doane’s eastern leg of the Midwest crop tour will end tomorrow.
  • Second day of the Inaugural Canadian crop tour, ends Thursday
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST
  • Rogers roll begins on Wednesday . They will be rolling long Sept corn, wheat, and KC wheat positions to December . Rogers roll is 3 days long
  • Goldman Sachs roll begins August 7th and runs for 5 days

 

 

Open outcry option players:

  • Rosenthal Sold 750 Nov bean 900 puts 3 ¾
  • New Edge bought 600 Sept short dated soybeans 1140 calls and sold 600 Sept short dated 1140 calls and sold 600 Sept short dated soybean 1050 puts at a ½ debit and sold 336 Nov bean futures 1096.
  • Cunningham bought 1,000 Sept short dated soybean 1140/1100 put spreads at 23 ¾ and bought 220 Nov bean 1103
  • Macquarie sold 750 Nov bean 1150 calls at 27 ¼ -27 ½ and bought 246 Nov futures at 1104
  • RJO sold 700 Sept corn 360 puts at 7 5/8 -7 ¾
  • GFI sold 1,500 March corn 430 calls at 11 ¾ and sold 450 March futures at 389.
  • There were no wheat option players to speak of today
  • RJO sold 300 week 3 soymeal 370 puts at 7.25
  • RJO sold 300 Sept bean oil 37 puts at 85

 

 

 

Closing vols and ATM straddles:

 

Corn:

U vol 24 ¾ 370 str 19 ¾-20 ¼

V vol 23 ½ 375 str 28 ¾-29 ¼

X vol 23 ¼ 375 str 34 ½ -35

Z vol 22 ½ 380 str 38 ¼-38 ¾

H vol 22 390 str 51 ¼-51 ¾

K vol 22 400 str 59 ½-60 ½

 

Beans:

U vol 24 ½ 1140 str 59-61

V vol 23 ¼ 1110 str 82-85

X vol 21 ¾ 1110 str 94 ½-69 ½

F vol 19 ¼ 1120 str 111-115

H vol 19 ¼ 1120 str 128-132

K vol 18 ½ 1120 str 139-143

N vol 18 1120 str 146-151

 

Wheat:

U vol 26 535 str 28-30

Z vol 21 ¾ 560 str 54-56

H vol 20 ¼ 580 str 69-72

K vol 20 590 str 79-83

 

KC wheat:

U vol 25 625 str 32-34

Z vol 20 ½ 640 str 57-61

H vol 18 ¾ 650 str 70-75

K vol 18 ¾ 650 str 82-87

 

Minneapolis wheat:

U vol 22 620 str 28-31

Z vol 19 630 str 50-55

H vol 18 ¼ 640 str 65-71

 

Meal:

U vol 27.5 380 str 22.5-24.0

V vol 24.75 360 str 28-30

Z vol 23.5 360 str 37-38.5

F vol 20.5 350 str 38-40

H vol 18 360 str 43-45

 

Bean oil:

U vol 17.5 36.5 str 130-150

V vol 17.5 36.5 str 200-215

Z vol 17.25 37 str 275-290

F vol 17 37 str 310-325

H vol 16.75 37 str 355-380

 

Crush quotes:

 

OPEN           CLOSE

AUG         55-60           51.5-52.5

SEP           95-99            90-92

OCT          89-90            87-88

DEC           83-84           82.5-83

JAN           75-76           75-77

MCH         72-74           72-74

MAY         71.5-73        72-73

JLY             72-73.5        72-72.5

AUG5       73-79            75-77.5

 

Crush and oil share players:

  • ADM bought 300 Dec crush and sold 300 Jan crush paid 7-7.25
  • Rosenthal bought 200 Dec crush at 83-83.25
  • Oil share – Goldman Sachs bought 217 Dec oil sold 135 Dec meal at 34.20-34.25%

 

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