News From The Grain Floor 07/06/15

Weather Highlights:

Recent weather saw decent rains yesterday in the northwest third of the corn belt…with some coverage as well in the Plains…temps were warmer overall. Looking at maps from today to July 14, temps are expected to be normal to below normal in most of the Midwest with precip above normal…moisture should stay more than adequate in the key growing states. There could be some heat this coming Friday to Saturday but it should be short lived. For beyond July 15, the best guess is for seasonable  to warm temps with near or below average.  See maps below.

 Overnight closes

  • SX down 20 3/4 at 1009 1/2
  • CZ down 9 1/4 at 428
  • WU down 16 at 574 1/2
  • KC WU down 16 1/2 at 575 1/4
  • MWU down 15 1/2 at 608 1/2
  • SMZ down 5.40 at 338.50
  • BOZ down 72 at 3320

Overnight volume

  • SX 28,287
  • CZ 37,310  
  • WU 14,730
  • KC WU 5,554
  • MWU 371
  • SMZ 9,252
  • BOZ 14,179

Overnight option volume

  • Corn 11,205
  • Beans 6,099
  • Wheat 3,341
  • Soymeal 646
  • Bean oil 119

Total EOO’s cleared from previous session

Contract Year Month

Product Desc

P/C Ind

Strike Price

Ex Pit Volume – CME Group

201509

CORN OPTIONS

P

400

1,155

201509

CORN OPTIONS

P

410

841

201509

CORN OPTIONS

C

400

309

201509

CORN OPTIONS

C

390

210

201509

CORN OPTIONS

C

410

145

201509

CORN OPTIONS

P

390

135

201509

CHICAGO SRW WHEAT OPTIONS

C

520

18

201509

CHICAGO SRW WHEAT OPTIONS

C

500

17

201509

CHICAGO SRW WHEAT OPTIONS

C

510

16

201509

CHICAGO SRW WHEAT OPTIONS

P

520

2

Funds

Enormous short covering in the last COT: corn saw 147k lots reduction in short, wheat 57k while beans added 49k (mainly short covering) to the existing long. As of this morning, funds are probably even in corn…short around 30k wheat and long about 65k soybeans.

 

COT

COT

COT

 

 

Current

COT Record

 

COT Record

 

 

23-Jun

30-Jun

to COT

1-Jul

2-Jul

Estimate

Long

 

Short

 

Corn

-156267

-9214

147053

4000

5000

-214

9/28/2010

372756

-240854

10/29/2013

Wheat

-79276

-22413

56863

-12000

2000

-32413

10/24/2006

30146

-110792

5/5/2015

Soybeans

20211

69632

49421

-8000

2000

63632

5/1/2012

224822

-92991

5/26/2015

Soymeal

27182

35423

8241

0

-2000

33423

11/11/2014

70115

-22711

4/14/2015

Soyoil

26528

38823

12295

-5000

3000

36823

4/10/2007

81193

-80562

1/21/2014

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