News From The Grain Floor-An Afternoon Recap

News

 

Some reports that US may have bought South American soymeal

 

Israel bought 35,000 optional origin corn (possibly from US or South America) for May/June shipment

 

Israel canceled tender for 20,000 optional origin feed wheat for May/June shipment

 

Ukraine Ag Min said as of today Ukraine has planted 2.385 MH of spring grains vs. 678,000 hectares a year ago

 

May meal did make a new contract high this morning of 486.00

 

May beans made a new contract high overnight of 1496

 

Argentina is back from holiday 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 old crop 200-400K new crop 200-400K
  • Corn old crop 850K – 1.15 MMT , new crop 0-200K
  • Beans old crop 0-200K , new crop 350-550K
  • Meal 100-200K , new crop 0-150K
  • Bean oil 0-30K , new crop 0-10K

 

Weekly  EIA Nat Gas storage report comes out tomorrow at 930 am CST expecting – 74 BCF

 

Estimated fund activity

  • Wheat sold 6K
  • Corn sold 12K
  • Beans sold 7K
  • Meal sold 2,500
  • Bean oil sold 3K

 

Reuters article – U.S. Senate panel to vote on biodiesel tax package

CHICAGO, April 2 (Reuters) – The U.S. Senate Finance Committee will begin work on Thursday on a package to extend tax credits for biodiesel production as part of its markup of the so-called tax extenders legislation.

Under the proposed bill, the $1.00 per gallon tax credit for biodiesel producers will be extended through 2015. It also includes a small agri-biodiesel producer credit of 10 cents per gallon and the $1.00 per gallon tax credit for diesel fuel created from biomass.

These extensions are expected to cost $2.6 billion over 10 years, the Committee said.

The industry has been operating without the credits since the fiscal year ended in September.

“The extension of the biodiesel tax credit is huge,” The American Soybean Association said in a statement.

“We’ve seen the biodiesel industry’s production dip and progress stall in the absence of this tax credit in the past, so this proposal is a welcome first step toward putting the industry back on track for the next two years.”

 

 

Open outcry option players

  • Tenco bought 1,400 Nov bean 1100/1000 put spreads at 16-17
  • JP Morgan sold 1,400 July bean 1460/1500 call spreads at 15 ¾ – 17
  • RJO bought 1,000 May bean 1450/1380 put spreads at 11
  • Bunge bought 1,000 week 1 beans 1450 puts at 4-6
  • Rosenthal bought 1,000 May bean 1400 puts at 6
  • Rand bought 1,000 July corn 420 puts sold 1,000 Dec corn 420 puts at 8 ½
  • FI sold 1,250 Dec corn 600 calls at 16 ½ and bought 300 Dec corn at 505
  • JP Morgan sold 1,000 July corn 490 puts at 7 1/8 and sold 190 July corn at 510
  • New Edge bought 1,500 CSO corn May/July 5 straddles and sold 1,500 CSO corn May/July 10 straddles at 1 ¼ – 1 3/8
  • Jefferies sold 1,000 July corn 490/520 call spreads at 14 ½
  • ICAP sold 1,000 July corn 485 puts at 14 5/8 and sold 330 July corn  at 509
  • JP Morgan bought 1,000 July 550 corn calls at 11 ¾
  • ICAP bought 1,000 July corn 500/505 strangles at 47 ¾ – 48
  • ADM sold 1,500 July corn 450 puts at 6
  • JP Morgan sold 1,000 June wheat 730 calls at 11 ¾ tied to July futures at 679
  • Merrill bought 1,500 July wheat 680/750 call spreads at 23 ½ tied to July futures at 682
  • Rosenthal bought 2,000 May wheat 660/640 put spreads at 6 3/8 tied to futures at 673
  • ADM sold 1,400 May wheat 610 puts at 2-2 1/8
  • Rand sold 500 July KC wheat 650/740 call spreads at 59 ¾ -60
  • JP Morgan sold 300 July meal 490 calls at 10.25
  • RJO sold 300 July bean oil 40 puts at 80 tied to futures at 4165
  • Rosenthal bought 500 June/May bean oil 42 put calendar at 35

 

Closing vols and ATM straddles

 

Corn

K vol 25 500 str 24 ½ -25 ½

M vol 26 500 str 38-39 ½

N vol 26 ¾ 500 str 49 ¼ -50 ¼

U vol 29 ¾ 500 str 73 ½ -74 ½

Z vol 27 ½ 500 str 85 ½ -86 ½

H vol 25 500 str 93-95

 

Beans

K vol 19 ½ 1460 str 57-59

M vol 20 ½ 1440 str 88-89

N vol 20 ¼ 1440 str 108-110

X vol 19 1200 str 136-138

 

Wheat

K vol 27 670 str 35-37

M vol 29 670 str 5759

N vol 29 ½ 670 str 72-75

U vol 28 680 str 93-97

Z vol 27 690 str 115-120

 

Crush quotes

 

OPEN               CLOSE

MAY         35-36                34.5-36

JLY             33.5-34.5        31.5-32

AUG         42-45.5            43-44.5

SEP           85-90                85-90

OCT          82.5-83            81-83

DEC          75.5-76            73.5-75

JAN          70-71                68-70.5

MCH        68-70                67.5-70

MAY5      69-70                66-70

JLY5          67-70                65-70

 

Crush players

 

JP bought 120 May at 34

 

Tenco sold 50 XUU at 1.43

 

 

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