Bean option recap from Jon Karmin

Per yesterday’s comments it appears rallies should be sold.  Beans were up nicely overnight but faded into the close.  Seasonals are very negative in addition to early yields looking decent.  I believe it will be very difficult for any rally to gain traction.  Vol was firm as traders are looking to downside puts.  SX vol 21.25 up .25, SF vol 19.5 up .25, SH vol 19.5 up .25.

 

Straddles

 

SX 1320 66-67

SF 1320 103-105

SH 1300129-131

 

ADM Bot 300 Mch 1320/1380 Call spds 21.25 db

Bache Bot 400 Jan 1320 Puts 53-53.5

Bache Bot 200 Mch 1300 Puts / Sold 200 May 1260 Puts 2.5 db

Tenco Sold 200 Nov 1320 Straddles 65

Cunningham Bot 200 Nov 1250 Puts/ Sold 400 Nov 1200 Puts 1.25 db

FI Sold 250 Nov 1350 Calls 18.25-18.5/ Bot 100 Nov futures 1315

JP Morgan Bot 1500 Nov 1380 Calls 12.5/ Sold 375 Nov futures 1320

ABN Sold 200 Jan 1220 Puts 16.25

ADM Sold 300 Jan 1320 Puts 53

EDF Bot 300 Nov14 1160 Puts 73-75

JP Morgan Bot 1200 Nov 1380 Calls 11.625/ Sold 285 Nov futures 1315

JP Morgan Bot 1400 Jan 1260 Puts 26.75-27/ Bot 420 Jan futures 1320

Fimat Bot 2400 Nov 1180/1170 Put spds .5 db

Fimat Bot 2000 Nov 1200/1180 Put spds 1 db

Fimat Bot 500 Nov 1240 Puts/ Sold 1000 Nov 1200 Puts .625 credit

JP Morgan Bot 1200 Nov 1380 Calls 11.625/ Sold 285 Nov futures 1315

JP Morgan Bot 1400 Jan 1260 Puts 26.75-27/ Bot 420 Jan futures 1320

Fimat Bot 2400 Nov 1180/1170 Put spds .5 db

Fimat Bot 2000 Nov 1200/1180 Put spds 1 db

Fimat Bot 500 Nov 1240 Puts/ Sold 1000 Nov 1200 Puts .625 credit

ABN Bot 250 Nov 1340/1380 Call spds 10.5 db

 

Jon Karmin and Jeff Pogonitz Brokerage

 

 

Thank you,

 

Kate Rosenberg

Cunningham Commodities