Bean option recap from Jon Karmin

Some trade in bean options today but nothing with a lot of passion.  Beans were lower overnight and looked to flush but rallied this morning.   Vol eased as we traded off the lows. Locals appear to have a put problem if there is a quick massive flush to the downside.  I believe the break will be orderly and not excessive if it happens which will suit the locals just fine.  An orderly break will maintain low vol levels and locals whom are short puts against futures should be able to liquidate without panic.  SX vol 20.5 down .75, SZ vol 19.5 down .75, SF vol 18.75 down .5, SH vol 19 down .5.

 

Straddles

SX 1270 51-53

SZ 1270 72-74

SF 1280 91-93

SH 1260 118-120

 

ABN Bot 200 Nov 1380 Calls 3.25

EDF Bot 200 Nov 1380 Calls 3.25

Vision Sold 2000 Jan 1400 Calls 12

ADM Sold 400 Nov 1300 Calls 15-17.25

Fimat Bot 1900 Dec 1310/1350 Calls spds 11.5 db

Fimat Bot 500 Jan 1200/1240 Call spds 28 db

Vision Sold 4500 Nov 1000 Puts .375

Fimat Sold 300 Jan 1400 Calls 12

ADM Sold 200 Jan 1250 Puts 32.5

Vision Sold 1800 Jan 1460 Calls 4.75-5.75

EDF Bot 400 Jan 1220 Puts/ Sold 400 Nov 1260 Puts 3 db

ABN Bot 500 Nov 1250 Puts 16.25 GFI Bot 2000 Nov 1260 Puts 20.5-21.5/ Bot 400 Nov futures 1273 Rosenthal Sold 700 Nov 1300 Calls 14

JP Morgan Bot 300 Jan 1560 Calls 1.5 FI Sold 500 Jan 1200 Puts 17.75/ Sold 120 Jan futures 1274 Macquarie Sold 250 Nov 1360 Calls 3.5/ Bot 25 Nov futures 1273

 

Jon Karmin and Jeff Pogontiz Brokerage

 

 

Thank you,

 

Kate Rosenberg