From The Floor-An Afternoon Recap 09/03/15

News:

Egypt GASC bought 170,000 tons of Russian wheat for October shipment

Informa came out today at 1030 am CST

  • US 2015 corn yield estimated at 168.8 BPA vs. previous estimate of 165.4 BPA and vs. USDA Aug estimate of 168.8 BPA
  • US 2015 corn crop estimated at 13.688 BB vs. previous estimate of 13.412 BB and vs. USDA Aug estimate of 13.686 BB
  • US 2015 bean yield estimated at 47.0 BPA vs. previous estimate of 45.4 BPA and vs. USDA Aug estimate of 46.9 BPA
  • US 2015 bean crop estimated at 3.924 BB vs. previous estimate of 3.789 BB and vs. USDA estimate of 3.916 BB

Yesterday USDA declared 8 more counties in Indiana as disasters areas, making the total now 61 counties

Russia’s Ag Min said Russia has no plans to change wheat exports mechanism

China and Hong Kong markets will be closed tomorrow, trading resumes Monday

Estimated fund activity

  • Wheat sold 8,000
  • Corn sold 8,000
  • Beans sold 3,000
  • Meal sold 2,000
  • Bean oil even

Upcoming reports/events:

  • US August unemployment comes out tomorrow at 730 am CST
  • Weekly COT report comes out tomorrow at 230 pm CST

Option players:

Corn:

RJO bot 1000 V 375-365 put spreads

ADM bot 900 V 390 calls/sold 900 V 370 puts

Rosenthal sold 500 K 460 calls/bot 120 CK

JPM bot 1000 Z 350 puts/bot 336 CZ

JPM bot 500 H 340 puts/sold 500 H 430 calls

Rand bot 400 X 360 puts-400 call strangles

Beans:

FI bot 1000 X 840 puts/sold 1000 H 780 puts

Rosenthal bot 600 V 910 calls

UBS sold 500 X 850 puts

Rosenthal bot 500 V 920 puts

Rosenthal bot 500 V 910 puts

Macquarie bot 500 X 900 calls/sold 175 SX

FCS bot 700 H 880 calls/sold 350 SH

Man sold 800 X 850 puts/sold 302 SX

Wheat:

RJO bot 1500 V 490 calls

RJO bot 400 V 470 calls

FI sold 500 Z 530-580 call spreads

FI bot 1000 H 430 puts/sold 500 H 460 puts

Man sold 750 V 465-440 put spreads/sold 210 WZ

Rosenthal bot 2800 X 440 puts/sold 1400 V 470 puts

Oil:

Man bot 300 N 26 ½ puts

RJO bot 200 Z 27 puts/sold 100 Z 30 ½ calls

Meal:

Bunge bot 500 Z 300 calls/sold 500 N 310 calls (did 1000 yesterday)

JPM sold 250 Z 310 straddles

Macquarie sold 200 V 310 straddles covered

Closing vols and ATM straddles:

Corn:

V15 360 18.25 / 19.25 25.75%

X15 360 28.5 / 29.258 26.75%

Z15 360 34.75 / 35.50 26.00%

H16 370 52.50 / 53.50 25.875%

K16 380 62 / 63.50 25.50%

N16 390 71.50 / 73 25.50%

Z16 390 78 / 80 23.25%

Beans:

V15 870 38 / 40 22.75%

X15 870 55 / 57 21.75%

Z15 880 65 / 67 20.50%

F16 880 75 / 77 19.50%

H16 880 89 / 92 19.00%

K16 880 100 / 104 18.25%

N16 880 111 / 115 18.00%

U16 880 120 / 126 17.75%

X16 880 127 / 133 17.50%

Wheat:

V15 470 23 / 25 26.50%

Z15 470 44 / 46 26.00%

H16 480 66 / 68 26.25%

K16 490 79 / 81 25.75%

N16 500 90 / 93 25.75%

KC wheat:

V15 470 22 / 24 25.00%

Z15 470 44 / 46 25.50%

H16 480 66 / 68 26 ¼

K16 480 77 / 80 26.00%

N16 500 90 / 93 25.75%

Minneapolis wheat:

Z15 500 40 / 42 21.75%

H16 520 60 / 64 22.25%

K16 530 71 / 76 22.50%

Meal:

V15 27.0 150 / 170 30.00%

X15 27.0 210 / 230 27.50%

Z15 27.0 260 / 280 27.00%

F16 27.0 280 / 320 24.75%

H16 28.0 330 / 370 22.75%

K16 28.0 370 / 410 22.00%

N16 28.0 410 / 450 21.50%

Q16 28.0 410 / 460 20.75%

U16 28.0 420 / 470 20.25%

Bean oil:

V15 27.0 150 / 170 30.00%

X15 27.0 210 / 230 27.50%

Z15 27.0 260 / 280 27.00%

F16 27.0 280 / 320 24.75%

H16 28.0 330 / 370 22.75%

K16 28.0 370 / 410 22.00%

N16 28.0 410 / 450 21.50%

Q16 28.0 410 / 460 20.75%

U16 28.0 420 / 470 20.25%

Crush quotes:

                Open                     Closes

Sep        110.0-115.0         108.0-112.5

Oct         109.0-110.0         107.0-108.0

Dec        107.5-108.0         105.5-106.5

Jan         101.5-103.0         100.0-101.0

Mch       97.5-99.0              95.0-97.0

May       90.5-91.0              89.0-90.0

Jly           89.5-90.0              87.0-89.0

Aug        89.5-90.0              88.0-91.0

Dec6      100.0-102.5         97.0-101.0

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