News From The Floor-An Afternoon Recap 7/21/2014

News:

 

Weekly US export inspections report came out this morning at

  • Wheat at 515,823 tons expecting 350,000-475,000 tons
  • Corn at 939,791 tons expecting 850,000 – 1.05 M tons
  • Beans at 96,915 tons expecting 40,000 – 120,000 tons

 

Algeria bought 200,000 tons of feed barley optional origin for Nov-Dec shipment

 

Algeria seeks 50,000 durum wheat optional origin for Nov shipment

 

1 corn receipt was canceled Friday afternoon out of CIRM Chicago IL. Total receipts remaining is 31.

 

Heavy rains this weekend in France may have damaged some of the soft wheat crops.

 

CFTC report from Friday showed managed money is still long corn.

 

Dec corn made a new contract low of 370 ½

 

Sept wheat made a new contract low of 523 ¾

 

KC Sept wheat made a new contract low of 624 ¼

 

Minneapolis Sept wheat made a new contract low of 621

 

Dec bean oil low of the day was 3622 , one tic above the contract low

 

Nov beans low of the day was 1065 ½, ½ cent above the contract low.

 

Some reports from the Doane’s crop tour from western belt.

  • Corn in dough with heavy population. Potential 200 in Greene . Adjacent soy podding. Big, pop hvy. Yield easy plus 60.
  • First stop in WSW Illinois est 180-200 bu/a. Population a little light. Ear size large. Blister stage.
  • Corn on corn stressed near McComb. Yield 160s. Exception for what we are seeing.
  • Outstanding heavily podded soy WC Ill. Uniformly excellent. Potential 60 plus here.

 

Estimated fund activity:

  • Wheat sold 1K
  • Corn sold 6K
  • Beans sold 5K
  • Meal sold 2K
  • Bean oil sold 3K

 

Upcoming reports/events

  • Doane’s 31st annual crop tour started today 7/21 – 7/24 they will tour the western route (Western IL, IA, Southern Minnesota, East Nebraska , and Eastern Missouri) 7/27- 7/29 will tour the eastern route (the rest of IL, IN , and western OH)
  • Weekly US crop progress report comes out today at 3 pm CST. Expecting
    • Bean good to excellent conditions to be unchanged to 2% higher than a week ago
    • Corn good to excellent conditions to be unchanged to 2% higher than a week ago
    • Spring wheat conditions to be 1% lower to 1% higher than a week ago
    • Winter wheat harvest expecting 80% complete.
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST

 

Open outcry option players:

  • Rand bought 5,000 Nov bean 1000 puts and sold 1,000 Nov bean 1200 puts at 32 ½-34 credit
  • Rand bought 4,800 Oct bean 1000 puts and sold 600 Nov bean 1200 puts at even -2 credit
  • FI sold 1,500 Nov bean 1100/1140 put spreads at 26-26 1/8
  • Rosenthal bought 1,000 Nov bean 1040/940 put spreads at 23 ¾ -24
  • RJO bought 1,000 Sept short dated bean 1040 puts at 16-17
  • ADM bought 2,000 Dec corn 470 calls at 2
  • Rand bought 1,000 Sept short dated corn 350 puts and sold 200 Dec corn 370 straddles at 19 credit
  • FI bought 2,000 Dec corn 400/350 put spreads at 27 3/8 an bought 760 Dec futures at 372
  • JP Morgan sold 2,000 Dec corn 400 calls at 9 7/8 and bought 640 Dec futures at 372
  • FI bought 1,000 Oct corn 350 puts at 6 ¾
  • ADM sold 1,000 Dec corn 350/380 call spreads at 16
  • Rosenthal bought 1,000 Dec corn 350 puts at 9 7/8
  • ICAP bought 2,000 Dec wheat 560/580 call spreads at 7 ½
  • Rosenthal sold 700 Dec wheat 550 puts at 8
  • ADM sold 1,200 Dec wheat 490/470 put spreads at 2 ½-2 ¾
  • Rand sold 500 Dec KC wheat 650 puts at 34 ½-35
  • RJO sold 3,000 Dec meal 330 puts at 10.30-10.50
  • FI bought 1,000 Dec meal 360 calls (tied to 349.00) and sold 1,000 Oct meal 330 puts (tied to 351.00) at 7.00-7.25 debit
  • Rosenthal bought 1,000 Dec oil 35 puts and sold 1,0000 Dec bean oil 38.50 calls at 10 debit tied to futures at 3650.
  • RJO bought 500 Dec bean oil 38 puts at 250
  • Jefferies sold 300 Aug bean oil 37-36 put spreads at 57

 

Closing vols and ATM straddles

 

Corn

Q vol 27 ¼ 365 str 9 ¾ -10 ¾

U vol 26 365 str 22 ½-23 ½

V vol 24 370 str 30 ½-31 ½

Z vol 23 ¼ 370 str 30 ½-31 ½

H vol 22 ½ 380 str 52 ½-53 ½

K vol 22 ¼ 390 str 59 ½-53 ½

N vol 23 ¼ 400 str 67 ½ -68 ½

Z 15 vol 21 ½ 410 str 80-81

 

Beans

Q vol 25 1180 str 27-28

U vol 24 ¾ 1090 str 64-65 ½

X vol 21 ¾ 1080 str 95-96

F vol 20 1080 str 111-112 ½

H vol 18 ¾ 1080 str 124-127

K vol 18 ¾ 1080 str 138-142

N vol 17 ¾ 1100 str 144-148

 

Wheat

Q vol 30 530 str 14-16

U vol 25 ¾ 530 str 32-33

Z vol 21 ¾ 550 str 55-56

H vol 20 580 str 70-72

K vol 19 7/8 590 str 80-83

 

KC wheat

Q vol 29 ¼ 630 str 16-18

U vol 25 630 str 36-39

Z vol 20 640 str 58-61

H vol 19 650 str 73-77

K vol 18 ½ 650 str 81-87

 

Minneapolis wheat

U vol 20 620 str 29-33

Z vol 18 630 str 50-56

H vol 18 650 str 67-763

 

Meal

Q vol 30 380 str 10-12

U vol 26 360 str 22-24

V vol 23.5 350 str 28-30

Z vol 22.25 350 str 36-38

F vol 20.5 350 str 38-40

 

Bean oil

Q vol 17.25 36 str 50-65

U vol 17 36 str 145-165

V vol 17 36.5 str 200-215

Z vol 16.5 36.5 str 265-285

F vol 16.25 36.5 str 290-315

 

Crush quotes

OPEN              CLOSE

AUG            57-60.5            58-59

SEP              98-1.015          98-1.00

OCT             97-98                95.5-96.5

DEC             92.5-93.5         90-90.5

JAN             82.5-84             80-83

MCH           79-80                 78-79

MAY            77-78.5             76-77

JLY               76.5-77.5          76-77

AUG5         77-80                  77.5-80

 

Crush and oil share players

  • Rosenthal sold 30 Dec bean oil /24 Dec meal at 34.55%
  • No crush players in the pit today

 

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