News From The Grain Floor 06/23/2015

Weather Highlights:

Yesterday’s crop progress saw a 2% decline in both corn and beans conditions (respectively 71% and 65% good to excellent). Soybeans are now 90% planted vs 95% five year average. Heavy rain coverage yesterday was mainly in the northeast half of the corn belt. The drop in conditions came mainly from wet areas in Illinois, Indiana and Ohio. Illinois corn was down 6% in the good to excellent category, Indiana corn down 15%, Ohio corn down 19%…In beans, Illinois was down 10% in the good to excellent category, Indiana down 13% and Ohio down 14%. The southeast 2/3 of the corn belt and delta will continue to receive showers through this weekend including the wettest states mentioned above. Temps will be cooler than normal starting at the end of the week in most of the Midwest with some normal rains in most areas. The current forecast past 4th of July weekend is for near to below average rainfall and near-average temps in the northern plains and corn belt.  See maps below.

Overnight closes

  • SX down 2 at 957 1/4
  • CZ up 1 at 374 1/2
  • WU up 3 at 509
  • KC WU up 3 1/2 at 524 1/2
  • MWU up 3 3/4 at 567 3/4
  • SMZ down 2.70 at 315.20
  • BOZ down 21 at 3310

Overnight volume

  • SX 30,719
  • CZ 35,182
  • WU 12,711
  • KC WU 1,384
  • MWU 286
  • SMZ 9,881
  • BOZ 7,101

Overnight option volume

  • Corn 8,417
  • Beans 12,141
  • Wheat 1,218
  • Soymeal 2,312
  • Bean oil 107

Active strikes in overnight trade

  • SX 900 put – traded 1,248
  • CN 350 put – traded 958
  • CN 365 put – traded 1,115

Significant OI changes from previous session

  • WQ 590 C decreased 13,726 (total 6,301)
  • WQ 570 C decreased 15,745 (total 4,328)
  • WQ 550 C decreased 4,953 (total 2,330)
  • WQ 520 C decreased 5,154 (total 5,427)
  • CN 360 C decreased 2,725 (total 17,483)
  • CN 355 P decreased 2,463 (total 10,550)
  • SMZ 250 P decreased 1,438 (total 7,667)

Total EOO’s cleared from previous session

Contract Year Month

Product Desc

P/C Ind

Strike Price

Ex Pit Volume – CME Group

201507

CORN OPTIONS C

380

1,928

201507

CORN OPTIONS P

380

670

201507

CORN OPTIONS P

400

640

201507

CHICAGO SRW WHEAT OPTIONS C

500

532

201507

CHICAGO SRW WHEAT OPTIONS P

590

490

201507

CHICAGO SRW WHEAT OPTIONS P

510

400

201507

CHICAGO SRW WHEAT OPTIONS C

510

393

201507

CHICAGO SRW WHEAT OPTIONS P

580

368

201507

CHICAGO SRW WHEAT OPTIONS C

540

293

201507

CHICAGO SRW WHEAT OPTIONS P

600

162

201509

CORN OPTIONS P

400

55

201509

CORN OPTIONS P

390

50

201509

CORN OPTIONS C

410

48

201512

CORN OPTIONS P

420

43

201507

CHICAGO SRW WHEAT OPTIONS C

530

32

201509

CHICAGO SRW WHEAT OPTIONS P

510

12

201507

CHICAGO SRW WHEAT OPTIONS C

520

2

Funds

COT

COT

COT

Current

9-Jun

16-Jun

to COT

17-Jun

18-Jun

19-Jun

22-Jun

Estimate

Corn

-128856

-186216

-57360

10000

-4000

-9000

8000

-181216

Wheat

-64619

-76997

-12378

0

-4000

0

7000

-73997

Soybeans

-64155

-44220

19935

9000

0

-2000

8000

-29220

Soymeal

-768

14258

15026

5000

4000

-1000

5000

27258

Soyoil

79811

45866

-33945

-1000

-6000

3000

3000

44866 

News

 Open interest as of Friday’s close

  • Total corn – 1,444,302 open, up 8,853
  • Total soybeans – 714,888 open, down 11,443
  • Total soymeal – 400,664 open, down 115
  • Total bean oil – 411,437 open, down 1,964
  • Total wheat – 443,946 open, down 2,654
  • Total KC wheat – 166,802 open, up 1,825

Upcoming reports/events.

  • Weekly API energy inventory report comes out today 330 pm CST
  • July options expire on Friday at 115 pm CST.
  • USDA acreage and quarterly stocks report Tuesday June 30th
  • USDA to restart monthly Census crush reports in July 2015.

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