From The Floor-An Afternoon Recap 11/23/15

News:

Ag Canada estimated Canada’s ‘15/16 wheat crop at 26.061 MMT unchanged from previous estimate

Ag Canada estimated Canada’s ‘15/16 canola crop at 14.3 MMT , unchanged from previous estimate and vs. ‘14/15 crop of 16.4 MMT

Egypt FIHC seeks 10,000 tons of sunflower oil , 25,000 tons of soybean oil , and 5,400 tons of palm oil for Jan-March shipment

Algeria seeks 75,000 tons of feed barley for December shipment

Russia exported 2.2 MMT of grain between November 1-20 , including 1.5 MMT of wheat

MARS said weather conditions in the EU have been mostly favorable for winter wheat plantings

Weekly US export inspections  report came out today at 10 am

  • Wheat at 271,335 tons ,expecting 200-400,000 tons
  • Corn at  494,689 tons , expecting 350-550,000 tons
  • Beans at 1.85 million tons, expecting 1.9-2.3 million tons

Estimated fund activity:

  • Wheat bought 7,000
  • Corn bought 8,000
  • Beans bought 5,000
  • Meal bought 5,000
  • Bean oil bought 500

Upcoming reports/events:

  • Weekly US crop progress report comes out today at 3 pm CST , expecting winter wheat conditions to be up 1% from a week ago
  • Weekly API energy inventory report comes out tomorrow at 330 pm CST

Option players:

  • ICAP sold 1,000 March bean 860 puts at 35 ½ tied to March futures at 848 ½
  • FI bought 800 Jan bean 830 puts at 10
  • FI sold 500 Jan bean 860 puts at 17 ½ -18
  • EDF Mann sold 1,000 March corn 350p / 400 c strangles at 9 5/8 -9 ¾ tied to March futures at 371
  • Macquarie sold 500 March corn 370 straddles at 27 ¾ tied to March futures at 373.
  • EDF Mann sold 500 March wheat 480 puts at 16
  • Drax bought 1,000 March KC wheat 470 puts at 19 ½ tied to March KC futures at 471.
  • TJM bought 1,000 March meal 260-250 put spreads at 1.70-1.80
  • TJM bought 1,000 March meal 280-270 put spreads at 4.80
  • TJM sold 1,000 March meal 280 puts at 9.75-10.25
  • JP Morgan bought 500 Jan meal 290 calls at 3.75
  • Goldman Sachs bought 600 Jan meal 300 calls at 1.95-2.05
  • FI sold 5000 Jan bean oil 27.50 puts at 40-43
  • Rosenthal bought 500 Jan bean oil 27.50 puts at 40

Closing vols and ATM straddles:

Corn:

F16 370 13.50 / 14 15.75%

G16 370 22.25 / 22.75 18.75%

H16 370 27 / 27.50 18.75%

K16 380 38 / 38.75 19.50%

N16 380 48.50 / 49.50 21.00%

U16 390 61 / 62.50 23.00%

Z16 390 66 / 67.50 21.50%

Beans:

F16 860 31 / 33 16.00%

G16 860 48 / 50 17.00%

H16 860 56 / 58 17.00%

K16 880 73 / 75 16.50%

N16 880 89 / 91 17.00%

U16 880 104 / 108 17.25%

X16 880 113 / 118 17.00%

Wheat:

F16 500 22 / 23 19.50%

H16 500 43 / 44 22.25%

K16 500 59 / 61 22.50%

N16 500 73 / 74 24.50%

U16 510 84 / 86 24.50%

KC Wheat:

F16 480 21 / 23 19.50%

H16 480 40 / 42 22.00%

K16 490 56 / 58 23.00%

N16 500 70 / 72 23.50%

U16 510 81 / 83 23.00%

Minneapolis wheat:

H16 510 38 / 42 20.00%

K16 520 55 / 59 21.50%

N16 530 68 / 72 22.50%

Meal:

F16 285 12.0 / 13.0 19.00%

H16 290 21.5 / 22.5 19.25%

K16 290 27.5 / 28.5 19.00%

N16 290 32.5 / 33.5 18.75%

Q16 290 34.0 / 36.0 18.50%

U16 290 36.5 / 38.5 18.50%

V16 290 37.5 / 39.5 18.25%

Z16 290 40.5 / 42.5 17.75%

Bean oil:

F16 28.5 130 / 150 20.50%

H16 28.5 215 / 235 20.50%

K16 29.0 290 / 310 20.25%

N16 29.0 340 / 370 20.25%

Q16 29.0 360 / 400 20.00%

U16 29.0 380 / 420 20.00%

V16 29.0 400 / 440 19.75%

Z16 29.0 430 / 470 19.50%

Crush quotes:

                Open                     Closes

JanDec  72.5-73.5             70.5-71.5

Jan         76.5-77.5              75.0-76.0

Mch       77.5-78.5              77.5-78.0

May       79.0-80.0              79.0-79.5

Jly           79.5-80.0              79.5-80.0

Aug        80.0-81.5              80.0-81.5

Sep        81.0-84.0              80.5-84.5

Oct         76.0-80.0              77.5-79.0

Dec6      80.5-83.0              81.5-82.5

Jan7       75.0-82.0              75.0-83.0

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