Bean option recap from Jon Karmin

Beans were firm all day and closed near the highs.  With the exception of SX options vol remained steady.  Traders have all but given up on a move in SX before expiration.  It doesn’t appear that the October crop report will be announced before SX goes off the board or at all.  Option traders are looking to SZ and SF options to capture the next move.  This month’s chart shows trade in a very narrow range.  I expect next month to be quite different.  I believe yields will continue to impress and I believe there is ample room in this market on the downside even in the face of Chinese pricing.  SX vol 16 down 1.25, SZ vol 19.5 unch, SF vol 19.5 unch, SH vol 19.25 steady.

 

Straddles

SX 1270 25-27

SZ 1270 64-65

SF 1270 85-88

SH 1260 116-118

 

 

 

JP Morgan Bot 300 Nov 1260 Puts/ Sold 900 Nov 1200 Puts 3.75 db/ Bot 66 Nov futures 1273

Vision Bot 3000 Mch 1320 Calls 34/ Sold 1080 Mch futures 1260

Bache Sold 1500 Nov 1270 Puts 13.5-14.5/ Sold 750 Nov futures 1270

JP Morgan Sold 500 Jan 1260 puts 38.5/ Sold 225 Jan futures 1270

Merrick Bot 800 Jan 1340 Calls 18/ Sold 210 Jan futures 1270

Obrien Sold 300 Jan 1280/1040 Put spds 46.125-46.25 credit

Fimat Sold 500 Dec 1200 Puts/ Bot 1000 Dec 1150 Puts 1.125-1.25 credit

Tenco Sold 250 Nov 1280 Puts 15.5-17

Tenco Sold 700 Mch 1320 Calls 34/ Bot 252 Mch futures 1260

JP Morgan Sold 200 Nov14 1000 Puts 21.75/ Sold 34 Nov14 futures 1170

Fimat Sold 500 Nov14 1160 Calls 87/ Bot 275 Nov14 futures 1172

Macquarie Sold 250 Jan 1250 Puts/ Bot 250 Nov 1250 Puts 26.5 credit/ Sold 95 Jan futures 1275/ Bot 45 Nov futures 1277

Tenco bot 500 Nov 1320 Puts 45.25-45.375/ Bot 440 Nov futures 1277

Macquarie Bot 300 Nov 1300 calls 4.875/ Sold 55 Nov futures 1276

Rand Bot 500 Dec 1200 Puts/ Sold 1000 Dec 1120 Puts 4.5 db

 

Jon Karmin and Jeff Pogonitz Brokerage

 

Thank you,

 

Kate Rosenberg

Cunningham Commoditie