From The Floor-An Afternoon Recap-Partial 2/25/15

Talk continues – South American soymeal has been secured to be imported into the Southeast US – not confirmed

 

Israel bought 90,000 tons of optional origin corn

 

Israel bought 25,000 tons of optional origin feed wheat

 

Bangladesh seeks 50,000 tons of optional origin wheat for March –April shipment.

 

Japan received no offers in SBS tender for 120,000 tons of feed wheat and 200,000 tons of feed barley for May shipment

 

Japan seeks 120,000 tons of feed wheat and 200,000 tons of feed barley for June shipment.

 

Iraq canceled tender to import 50,000 tons of optional origin hard wheat for March shipment

 

Brazil’s Ag Min said government not open to altering fuel tax to appease striking truckers –Reuters

 

Brazil’s Ag Min said truckers showing flexibility in talks, confident solution to strike will be reached –Reuters

 

Analysts believe Brazilian truck strike will end by the end of the week.

 

India’s farm ministry said India’s 2015 wheat crop prospects look better than 2014. India’s 2014 wheat crop was 95.85 MMT

 

Ukraine Ag Min said Ukraine has exported 24.0 MMT of grain between July 1 –Feb 25th, up .4% from a year ago

 

Ukraine Ag Min estimated Ukraine’s ‘14/15 grain exports at 37.0 MMT vs. ‘13/14 exports of 32.8 MMT

 

Based on a Reuters poll South Africa’s 2015 corn crop estimated at 10.45 MMT vs. 2014 production of 14.25

 

Estimated Fund Activity

  • Wheat sold 3,000
  • Corn sold 4,000
  • Beans sold 5,000
  • Meal sold 3,000
  • Bean oil bought 2,000

 

Option players

  • JP Morgan bought 2,00 May bean 1060 calls at 14 ½ -16 3/8
  • ABN bought 1,600 May bean 850 puts at 1
  • FI bought 1,000 Nov bean 1000 straddles at 128 ¼ -128 ½
  • FI sold 1,000 Sept corn 400 straddles at 61 ¼ -61 ½
  • ICAP bought 1,000 May corn 385 puts at 14 ½
  • ADM bought 1,000 May corn 380-370 put spreads at 4 ¼
  • JP Morgan sold 2,000 Dec corn 310 puts at 3 tied to Dec futures at 409 ½
  • JP Morgan bought 1,000 May corn 395 calls at 9
  • ADM sold 1,200 May wheat 450-430 put spreads at 2 ¼
  • JP Morgan bought 1,000 July wheat 530-590 call spreads and sold 1,000 July wheat 470 puts at 2 ¾ -3 credit
  • FI bought 1,000 July wheat 530-630 call spreads at 15 ¼ tied to futures at 503.
  • Drax sold 1,000 May wheat 480 puts at 11 5/8 -11 7/8
  • ADM bought 1,300 July KC wheat 490 puts at 9 ½ -10
  • Tenco sold 600 May KC wheat 540 puts at 21 ¾ -22 ¼
  • Jefferies sold 500 May meal 300 puts at 2.30
  • Bunge bought 600 May meal 330 puts at 10.50-10.60
  • Tenco sold 500 May bean oil 30 puts at 35
  • RJO bought 500 April bean oil 3150 puts at 58

 

Upcoming reports/events

  • Tomorrow is position day for March futures. Traders should be out of long positions by tomorrow’s close or risk delivery. Delivery expectations for Thursday night are:
    • Beans 0- 1, as of yesterday afternoon there were 1 bean receipt registered
    • Meal 0, as of yesterday afternoon there were 0 meal receipts registered
    • Bean oil 500 -3,000 , as of yesterday afternoon there was 3,335 bean oil receipts registered
    • Wheat 0 -134 , as of yesterday afternoon there were 134 wheat receipts registered
    • KC wheat 0-168, as of yesterday afternoon there were 168 KC wheat receipts registered
    • Minneapolis wheat 0-110, as of yesterday afternoon there were 110 Minneapolis wheat receipts registered
    • Corn 500- 1,017, as of yesterday afternoon  there were 1,017 corn receipts registered
  • CEC estimates South Africa’s 2015 crops 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 200 -400,000 tons
    • Corn 900,000 -1.1 million tons
    • Beans 450 -650,000 tons
    • Meal 100 -300,000 tons
    • Bean oil 0-20,000 tons
  • Weekly EIA Nat Gas storage report comes out tomorrow at 930 am CST , expecting -236 BCF

 

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