Bean Option Comment

SK beans broke through the 1/15 low and appeared to be heading to the year low made a day earlier of 1344 before bouncing back. There has been a thorough housecleaning of longs in the nearby contracts of corn and beans. Anyone long the cheap vols in nearby options hedged have been rewarded in the recent days as long as adjustments were not made along the way. Vol is very cheap and looks like it may hang in there for the time being. SK vol 16.5 up.25, SN vol 17.5 up .25, SX 20 down .25.

Straddles
SK 1370 44-46
SN 1360 86-88
SX 1240 147-149

ICAP Bot 500 Jul 1580 Calls 2.375
Tenco Sold 300 Jul 1420 Calls 18
Fimat Bot 250 Jul 1300/1360 Call spds 33/25 db
Tenco Bot 300 Jul 1480 calls 7.75/ Sold 36 Jul futures 1348
Tenco Sold 500 Nov 1000 Puts 8.5/ Sold 40 Nov futures 1225
Goldenberg Bot 250 May 1430 Calls 3.875
Rosenthal Bot 600 Jul 1300 Puts/ Sold 600 Jul 1500 Calls 18.75 db/ Bot 250 Jul futures 1343
ADM Bot 400 May 1430 Calls 3.875
ADM Sold 650 Nov 1280/ 1240 Put spds 24.75 credit
ADM Bot 400 May 1440 Calls 3.25
ADM Bot 300 May 1420 Calls 5.25-6
Macquarie Sold 250 Jul 1400 Calls 21.25/ Bot 80 Jul futures 1344
Tenco Bot 500 Nov 1500 Calls 12.75-13
ADM Bot 1000 Jul 1400 calls 23-25
ADM Sold 500 May 1420 Calls 6.5

Straddles> May 1370 44-46/ July 1360 86-88/ Nov 1240 147-149
Vols> May 16.5 up .25/ July 17.5 up .25/ Nov 20 down .

– Jon Karmin/Jeff Pogonitz Brokerage (Bean option brokers)